Kopi Kenangan

Kopi Kenangan: The brand that made premium coffee accessible to Indonesia. Or as some call it, the Luckin Coffee of Southeast Asia. Understanding that premium coffee was out of reach for most of Indonesia, Edward Tirtanata, James Prananto and Cynthia Chaerunnisa founded Kopi Kenangan in 2017. After its early success, funding flooded in. Early investors Alpha JWC , Sequoia Capital, and celebrity stars; Serena Williams and Jay-Z, coming on board in 2018 and 2019. Piqued the interest of Facebook co-founder Eduardo Saverin. Saverin’s firm B Capital, in Series B 2020, joined a massive $109M round with Saverin personally taking a seat on the board. In 2021, Series C, the company was valued above $1B. But Kopi Kenangan wasn’t always profitable. They suffered several years of decline after becoming too "resource-rich," funding massive distractions like Cerita Roti bakery, Chigo fried chicken, and Flip Burger, which pulled the group away from its core business, coffee. However in 2025, the group’s net profit finally turned positive for the first time, bringing in $17M on $184M in revenue (up 45% YOY), with a $29M target and 550 new stores planned for 2026. Now IPO-ready, Kopi Kenangan isn’t rushing to reward its shareholders. As Tirtanata said, "Many companies go public too early... For us, this is a once-in-a-lifetime opportunity, so it is better to do it properly." Now we know, Kopi Kenangan’s discipline made it profitable but will it last?