Investors explore partial stake sales in Indonesia’s Kopi Kenangan valued at up to US$1.4B 

INDONESIA – Investors in Indonesian coffee chain Kopi Kenangan are reportedly considering selling portions of their stakes in the company, according to Bloomberg. 

Singapore’s GIC and Peak XV Partners, formerly Sequoia Capital India and Southeast Asia, are among those exploring partial exits and have engaged a financial adviser to guide the process. 

The discussions are at an early stage, with no certainty on whether transactions will occur or the size of stakes to be sold. The valuation of Kopi Kenangan in any potential deal could range between US$1.2 billion and US$1.4 billion, though figures may shift as negotiations progress. 

Founded in 2017, Kopi Kenangan has built a network of more than 800 grab-and-go outlets across 45 Indonesian cities, supported by offices in Jakarta, Singapore, and Malaysia. The company offers a wide menu, including coffees, frappés, manual brews, shakes, teas, and refreshers. 

In April 2025, the coffee chain opened its first store in India at the Pacific Mall in New Delhi. It plans to establish at least ten outlets in the country by the end of 2025, aiming for 50 stores over the long term.  

Known globally as Kenangan Coffee, the company has committed up to US$4.6 million to support its retail growth and develop a local coffee sourcing initiative in India. 

The company also launched operations in Australia and Taiwan in April, opening its first Australian store at Sydney’s Westfield mall, with a second location planned for Melbourne by year-end. 

Kopi Kenangan has attracted significant investment since its inception. It raised $109 million in 2020 in a round led by Sequoia Capital, followed by US$96 million in 2021 led by Tybourne Capital Management, which pushed its valuation above US$1 billion at the time. 

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