Indonesian startup, Kopi Kenangan raised USD 20 million from Sequoia India in June 2019. Previously in October 2018, the company raised USD 8 million in seed funding in a round led by AlphaJWC. Founded in 2017 by Edward Tirtanata and James Pranato, the start-up aims to claim the market space between street hawkers and higher priced drinks from international chains, offering high quality local beverages such as sweet Indonesian coffee with palm sugar at affordable prices. Ingredients are sourced locally, including four different coffee blends and organic palm sugar.
The company already has a network of 80 stores across 8 cities and is a pioneer in the digital customer experience, having launched an app in 2019 through which customers can pre-order and get deliveries. The combination of online shopping and offline experience appeals to Indonesia’s young and technologically adept population, For deliveries, which amount to around 30% of Kopi Kenangan’s orders, the company collaborates with on-demand platforms like GoFood and GrabFood, the food delivery arms of Go-Jek and Grab respectively. The company has focused on using technology to reduce wastage and manage inventory.
With the new funding, Kopi Kenangan is anticipating to grow to 150 outlets by the end of 2019 and expand to 1,000 stores across Indonesia by 2021. Furthermore, the start-up is in talks to expand its operations across Southeast Asia, potentially entering two overseas markets next year.
(Sources: KrAsia; Tech Crunch)
