Indonesian grab-and-go coffee brand Kopi Kenangan is in early discussions with investment banks about a potential initial public offering (IPO), with a valuation target of up to $1 billion (approximately 17.96 trillion Indonesian rupiah), according to sources familiar with the matter. Singapore is being considered as one of the listing venues.
The company, which operates over 1,300 stores globally, plans to add roughly 550 new outlets in 2026. Co-founder and CEO Edward Tirtanata disclosed in a LinkedIn post in January 2026 that the company's net revenue rose 45% year-on-year to $184 million in 2025, with a net profit of $17 million. This marks the company's first full-year profit after five consecutive years of losses during the pandemic.
Founded in August 2017, Kopi Kenangan was launched by Tirtanata, his high school friend James Prananto, and Cynthia Chaerunnisa, who had marketing experience at a startup. The trio pooled 150 million Indonesian rupiah (about $10,000) to open the first outlet in Kuningan, Jakarta. Tirtanata, who grew up in Jakarta, previously traded Pokemon cards in middle school and later studied finance and accounting at Northeastern University in Boston. He compressed a four-year program into two and a half years due to family financial difficulties. After graduating, he returned to Indonesia to work in the coal trading business with his father, but the price crash of coal between 2014 and 2015 convinced him to pivot to a business where he could control pricing power.
In 2015, he first opened a high-end tea shop selling cups for 40,000 to 60,000 Indonesian rupiah, but quickly realized it was out of reach for ordinary consumers. At the time, the Indonesian coffee market was polarized: international chains like Starbucks were too expensive for the average worker, while street stalls and instant coffee were cheap but lacked quality. "I saw the gap between instant coffee and Starbucks," Tirtanata said. "So I founded this company to fill it." The brand name "Kopi Kenangan" means "Coffee Memories" in Indonesian. Its signature drink, "Kopi Kenangan Mantan," translates to "Ex-Lover's Coffee," featuring a logo of a bleeding heart.
Often called the "Indonesian Luckin Coffee," Kopi Kenangan differs significantly in its business model. About 85% of its stores are grab-and-go kiosks with no seating, operating on a light-asset, high-turnover model. A signature coffee costs 22,000 Indonesian rupiah (about $1.30), while an Americano is 20,000 rupiah. This pricing is far above street stall instant coffee (8,000 rupiah) but well below international brands like Starbucks, which charge 35,000 to 50,000 rupiah in Indonesia. The "high quality, affordable" positioning precisely targets the gap between mass-market and premium coffee. The company uses 100% Indonesian-grown coffee beans and employs a data-driven strategy to create flavors tailored to local tastes.
In terms of operations, Kopi Kenangan uses a wholly-owned store model in core markets like Indonesia, Singapore, Malaysia, and India, while adopting a franchise model in the Philippines and Australia (under the overseas brand name Kenangan Coffee). The company's shareholder list is star-studded, including Serena Williams through her venture capital firm Serena Ventures, which invested in 2019; Jay-Z through Roc Nation's venture arm Arrive, also in 2019; Li Ka-shing's Horizons Ventures; B Capital, co-founded by Facebook co-founder Eduardo Saverin; Sequoia Capital India (Peak XV Partners); Singapore's sovereign wealth fund GIC; and Tybourne Capital Management. To date, the company has raised $234 million through at least five funding rounds, achieving a $1 billion valuation after its Series C round in 2022, making it the only food and beverage unicorn in Southeast Asia.
As of the end of 2025, Kopi Kenangan had opened 1,324 stores across six countries: Indonesia, Singapore, Malaysia, India, Australia, and the Philippines. Its 2026 expansion plan is ambitious, targeting approximately 550 new stores for the year. It opened 178 new stores in the first half, with plans for another 300 to 400 in the second half. The company aims to grow its store count to 4,000 by 2030. Internationally, it has about 130 stores in Malaysia, with plans to expand to 150 by year-end and 200 by 2026. In April 2026, Kopi Kenangan opened its first store in Taipei, officially entering the Greater China market.
2025 was a pivotal year for Kopi Kenangan. After five years of losses following the pandemic, the company achieved its first full-year profit in 2025, with a net profit of $17 million. Net revenue for the year was $184 million, up 45% year-on-year. In comparison, 2024 revenue was $119 million, up 24%, and 2023 revenue was $106 million. Lee Jun Xian, Vice President of Corporate Finance and Development, stated that it is "normal practice for the company at this stage to regularly communicate with financial institutions, investors, and advisors." He added that the company has not made any decisions regarding the IPO, including timing, listing venue, or valuation targets. Tirtanata noted in a LinkedIn post that companies don't need to wait for the IPO bell to operate with the standards of a listed company.
Bloomberg previously reported that some investors were considering selling part of their holdings at a valuation of $1.2 billion to $1.4 billion. The current IPO valuation target of $1 billion represents a discount to that secondary market range. From a small kiosk in Jakarta in 2017 with $10,000 in startup capital to a coffee chain with $184 million in revenue across six countries by 2025, Kopi Kenangan has completed a growth trajectory in Southeast Asia's food and beverage industry in eight years. Tirtanata's insight into the gap between instant coffee and Starbucks has proven accurate. With profitability achieved and global expansion accelerating, an IPO is a natural next step for the company's development. The IPO plan is still in its early stages, with no finalized timeline, fundraising size, or formal appointment of underwriting banks, sources say. From initial discussions to a formal listing, the company's capital market journey still faces hurdles such as regulatory approvals and market pricing.
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