Indonesian coffee chain Kopi Kenangan obtains unicorn status

JAKARTA: Kopi Kenangan, one of Indonesia’s fastest growing food and beverage (F&B) retail chains, officially became a unicorn in the F&B category, the first from South Asia -East.

This was after recently raising US $ 96 million (US $ 1 = RM 4.20) in the first closing of a Series C financing, giving the company well-known for its delicious-tasting coffee a valuation of over US $ 1 billion by investors.

“With the latest round of funding, we will accelerate the expansion of the network across Indonesia and internationally,” Managing Director Edward Tirtanata said in a statement today.

Founded in 2017, it has raised over $ 240 million to date.

Kopi Kenangan has served 40 million cups of coffee in the past 12 months and is expected to serve 5.5 million per month in the first quarter of 2022.

It targets a gap in the Indonesian market between the high-priced coffee served in international coffee chains and the instant coffee sold in the country’s many street stalls.

Kopi Kenangan now joins the elite Indonesian unicorns including Traveloka, Tokopedia, OVO, Xendit, Bukalapak, J&T Express, OnlinePajak and Ajaib.

The GoTo Group, formed in May 2021 through a merger between ride-sharing giant Gojek and e-commerce platform Tokopedia, is the country’s first and only decacorn, with a valuation of over $ 10 billion. -Bernama

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