Kopi Kenangan 的平价咖啡赌注奏效：2025年首次盈利，2026年筹备IPO

做的是什么生意

Grab-and-go coffee chain selling local-bean espresso drinks at about Rp22,000 through small kiosks and an ordering app across six countries.

启动资金：Started with Rp150M (~US$10K) in 2017; US$109M Series B (2020) and US$96M Series C (2021) pushed valuation past US$1B

起因

Founder Edward Tirtanata's earlier tea chain failed, and he saw a gap between expensive international coffee chains and low-quality street instant coffee. In August 2017 he, James Prananto and Cynthia Chaerunnisa pooled Rp150M and opened the first grab-and-go stall in Jakarta's Kuningan district.

经过

Growth was fast: 324 stores by mid-2020, a US$109M Series B led by Sequoia Capital, then a US$96M Series C in 2021 led by Tybourne Capital at a valuation above US$1B — Southeast Asia's first F&B unicorn. The group then diversified into bread, fried chicken, burgers and premium and value brands, and its net loss widened 70% to Rp452.2B in 2022. From 2022 it cut peripheral projects and refocused on core coffee, expanding abroad: Malaysia 2022, Singapore 2023, the Philippines 2024, and India and Australia 2025 — reaching 1,324 stores across six countries by end-2025.

结果

In 2025 Kopi Kenangan posted its first full-year group profit: US$17M net on US$184M revenue, up 45%, with 1.5 million monthly transacting app users. In July 2026 it was in early IPO talks with banks, weighing a Singapore listing at a valuation of up to US$1B.

可借鉴之处

精准的价格和形式楔子可以胜过现有玩家，但容易获取的资本会导致过度扩张；复苏来自削减外围品牌和让应用成为增长引擎。