Kopi Kenangan, an Indonesia-based coffee tech startup, has picked Malaysia as its first market to operate in outside its home country. It plans to open around five to 10 stores in Kuala Lumpur and Bandar Sunway by the fourth quarter of the year, the company told Tech in Asia.
Kopi Kenangan shop at a gas station / Photo credit: Kopi Kenangan
Edward Tirtanata, CEO and co-founder of Kopi Kenangan, first announced these expansion plans while speaking at Nexticorn International Summit 2022. However, the company didn’t disclose the amount of investment it would put into the venture.
Kopi Kenangan added that along with the expansion plans, it looks to launch a new brand or product – which would depend on which country it’s eyeing to enter. The plans come as the word “Kopi” in its brand name, which translates to “coffee,” is understood only in Indonesia and Malaysia.
In May, Tirtanata had told Tech in Asia that the firm plans to open its first store outside Indonesia this year. He further said it aims to enter two or three countries in Southeast Asia soon.
The company didn’t give out other country names in its regional expansion plan when asked about it again. “We are still focused on our expansion in Malaysia and our domestic dominion in Indonesia,” said Tirtanata.
“We anticipate that consumer behavior in Indonesia will be similar to Malaysia, where online is as important as offline. We will leverage our tech capability that we have built (back-end and front-end), so that we could understand consumers’ behavior better and replicate our success in Indonesia,” he added.
See also: Kopi Kenangan’s return to profits after a year in the red
In December 2021, Kopi Kenangan achieved unicorn status after it raised US$96 million in the first close of its series C round.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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