Indonesian coffee chain Kopi Kenangan secures US$20m from Sequoia India
The startup plans to open 150 outlets in the country by end-2019.
Indonesian brewed coffee-chain startup Kopi Kenangan announced that it acquired US$20 million in a series A round from Sequoia India.
With the fresh fund, the company plans to expand the serving of Indonesian style coffee across the Southeast Asia region. In Indonesia, the startup plans to open up 150 outlets by the end of 2019, and down the pipeline in 2021, a total of 1000 outlets.
Currently, there are 80 Kopi Kenangan outlets in the country spanning 8 cities, compared to 16 outlets back in 2018.
“Our mission is to bring high-quality coffee, made with the freshest local ingredients to consumers across Indonesia – and the rest of Southeast Asia, too,” said Kopi Kenangan co-founder and CEO Edward Tirtanata said in a statement.
“Indonesia is the world’s fourth-largest coffee exporter yet has the lowest coffee consumption per capita in the region because there is no large, affordable coffee chain with localized taste.”
Focusing on providing a personalized experience, the company launched a Kopi Kenangan app back in April. Incorporating tech into their business model, customers can order a coffee for pick-up via their app, forgoing the queue time at their coffee kiosks. The coffee chain has also teamed up with food delivery services such as GrabFood and Go-food.
