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Jofie Yordan · · 3 min readKopi Kenangan turns EBITDA positive in Malaysia, eyes new markets
Indonesian coffee chain Kopi Kenangan has turned EBITDA positive in Malaysia, three years after it first expanded into the country.
Speaking to Tech in Asia at the sidelines of this year’s TIA Conference in Jakarta, Kopi Kenangan co-founder and CEO Edward Tirtanata said he expects the firm to become Malaysia’s second-largest coffee chain by 2026.
The company currently has around 130 stores in the country. It plans to close the year with 150 outlets before expanding to 200 in 2026.
As of March 2025, Zus Coffee was the largest coffee chain in Malaysia with 610 outlets, followed by Gigi Coffee with 160. The country is also home to major coffee chain Starbucks and China-based Luckin Coffee, which opened earlier this year.
Edward Tirtanata, co-founder and CEO of Kopi Kenangan at TIA Conference 2025 in Jakarta / Photo credit: Tech in Asia
As the Kopi Kenangan ramps up its international expansion, it plans to enter Taiwan and a Gulf Cooperation Council (GCC) country by the first half of 2026, Tirtanata says.
Kopi Kenangan, which goes by the name Kenangan Coffee in overseas markets, currently operates over 1,200 outlets in six countries including Singapore, the Philippines, India, and Australia.
The firm is backed by investors such as Peak XV, Alpha JWC, and B Capital, and it has raised US$233 million to date.
According to Tirtanata, Kopi Kenangan’s revenue rose by 40% year on year in Q3.
He also pointed out that despite growing competition, consumer demand is shifting from instant to freshly brewed coffee.
Kopi Kenangan is operating at a US$200 million revenue run rate, an annualized figure based on its Q3 performance, he added.
Localization is key
From 2026 onwards, the company plans to enter two new markets per year.
“We’ve been opening more than one store per day so far this year. Next month alone, we’ll be opening around 70 stores,” Tirtanata shares.
The coffee chain has been aggressively expanding its footprint overseas. Kopi Kenangan opened its first store in India this April and now has seven outlets in the country.
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The Indonesian coffee chain plans to enter Taiwan and a Gulf Cooperation Council country by the first half of 2026, said CEO Edward Tirtanata.
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