Backers of coffee unicorn Kopi Kenangan consider stake sales: sources

[JAKARTA] Backers of Kopi Kenangan are considering selling some of their holdings in the Indonesian coffee chain, people familiar with the matter said.

Singaporean sovereign wealth fund GIC and Peak XV Partners, which was formerly Sequoia Capital India and South-east Asia, are among those exploring partial stake sales and working with a financial adviser, according to the people, who asked not to be identified because the deliberations are private.

Kopi Kenangan could be valued at US$1.2 billion to US$1.4 billion in a transaction, the people said, though that may change as considerations are still only at an early stage. The sizes of possible stake sales also have not been decided and there’s no certainty any will take place, the people said.

Representatives for GIC, Peak XV and Kopi Kenangan declined to comment.

Founded in 2017, the grab-and-go coffee chain has more than 800 stores in 45 cities in Indonesia, as well as offices in Jakarta, Singapore and Malaysia, its website shows.

In 2020, Kopi Kenangan raised US$109 million in a funding round led Sequoia Capital, with other backers including Alpha JWC Ventures, B Capital, Horizons Ventures, Chinese Internet firm Kunlun and Belgium’s Sofina and Verlinvest. It raised US$96 million the next year in a round led by Tybourne Capital Management that lifted its valuation above US$1 billion, the company said at the time. BLOOMBERG