JAKARTA - Kopi Kenangan has closed a US$ 20-million funding round from Sequoia India. The grab-and-go coffee startup plans to use the fresh funds accelerate growth and possibly expand across Southeast Asia, DealStreet Asia reported.
“Most food retail businesses struggle despite high gross margins due to operating costs like rent, manpower and wastage etc. Kopi Kenangan has implemented robust backend systems to track inventory in real-time and moves excess items across stores, cutting wastage to almost zero,” wrote Sequoia Capital investment advisor Rohit Agarwal in a LinkedIn post, Tuesday (25/6).
“Its stores are 10-20% of the size of a normal café, significantly cutting cost per store.”
Kopi Kenangan currently has 80 outlets in eight cities in Indonesia. It targets to open 150 outlets by the end of this year and expand to 1,000 by 2021.
“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 Edward Tirtanata in an official statement. (MS)