Kopi Kenangan Ready to Expand to Malaysia in Q4 2022

After reaching the milestone unicorn, Memories Coffee will add milestone new this year. Startup coffee chain The company is ready to expand into Southeast Asia by opening its first outlet in Malaysia.

"Malaysia is the first country for expansion in Southeast Asia. Actually, expansion plans have been prepared since 2020, but at that time we postpone due to the Covid-19 pandemic," said Kopi Kenangan Co-Founder & CEO Edward Tirtanata while talking to the media at the 2022 Nexticorn International Summit.

Edward is reluctant to elaborate further regarding the readiness for this expansion. However, he said the expansion would be accompanied by product launches or brand new, depending on the country to be addressed. "The word 'coffee' is only understood in Indonesia and Malaysia, while in other countries it is not. Branding [new] Kopi Kenangan will be releasedannounce later," he added.

In the early days of its establishment, Kopi Kenangan still used the concept of zero marketing. Remembering this moment awareness consumers against brand Kopi Kenangan has woken up, it will prepare budget, whether for product launches or overseas markets.

According to him, expansion This became Kopi Memories' strategy to introduce and at the same time promotesets reintroducing the concept of Indonesian coffee in the international market. He wants Indonesian coffee to be enjoyed not as a commodity, but as a commodity brand.

This year, Kopi Kenangan also entered the FMCG sector with its first product, Kopi Kenangan Just For You. Meanwhile, Kopi Kenangan has sold 40 million cups throughout 2021. Now, the company has 672 outlets spread across 45 cities in Indonesia.

According to records DailySocial.id, Memories Coffee has been raised funds from investors about $240 million as of the end of 2021. This is included with the latest funding of $96 million or equivalent to Rp. 1,3 trillion was obtained last year.

Responding to the economic turmoil, including inflation in Indonesia, Edward admitted that the company had predicted the situation. Indeed, this situation has resulted in an increase in the price of some raw materials. However, the situation prompted him to integrate from the side upstream.

"Gross margin we have Improve about 7% year-to-date, this year alone. Of course it's because we increased the price, but we also do a lot upstream integration," he added.

Based on reports The report of Statista, income from coffee business (roast coffee) this year is projected at $10,6 billion in 2022 with an estimated CAGR growth of 9,27% ​​in 2022-2025. Meanwhile, revenue from the coffee business last year was estimated at $9,5 billion.