The Indonesian coffee chain is aiming to enter a third market later this year and will likely pursue a new investment round to fund further international expansion in 2024
Kopi Kenangan plans to reach 50 outlets across Malaysia by the end of the year | Photo credit: Kopi Kenangan
Kopi Kenangan CEO Edward Tirtanata has said the coffee chain is seeking further international expansion following the success of its Malaysian debut last year.
The Indonesian coffee chain, which will operate as Kenangan Coffee in global markets, opened its first international outlet in Malaysia in October 2022 and said it would explore wider expansion across Southeast Asia within two years.
Kopi Kenangan currently operates eight stores across Malaysia and plans to reach 50 outlets in the country by the end of the year and 100 locations in 2024. The coffee chain has more than 850 stores across Indonesia.
Speaking to DealStreetAsia, Tirtanata said he is seeking to take the Kopi Kenangan brand to at least five new markets and may open stores in a third country before the end of 2023 if restrictions on foreign investments and funding levels permit.
The coffee chain will reportedly consider a new funding round to help finance expansion to new markets and could explore ‘a pre-IPO round’.
Tirtanata told the news agency that the Kopi Kenangan concept, which featires Indonesian design motifs in its café design and a sweeter coffee menu with syrups and flavoured milks, should prove ‘interesting’ in markets such as Australia, the UK and the US.
Founded in 2017, Kopi Kenangan attained coveted unicorn status in January 2022 following a $96m Series C investment round.
The coffee chain achieved 44% revenue growth in 2022 and is exploring opening its own roastery to improve efficiency and streamline logistics costs.