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Daily Digest | Big bean business

Written by The Uptake Published on     2 mins read

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Meet Indonesia’s latest F&B unicorn.

Hey. Brady here.

Kopi Kenangan is the latest unicorn to be minted in Indonesia. The coffee chain has come a long way. It was founded in 2017 with five hired staff and less than USD 17,000 from angel investors. On its first day of business, Kopi Kenangan sold 700 cups of coffee.

Within three months, the operation broke even.

There’s a lot that needs to go right for an F&B establishment to become successful—steady sourcing for ingredients, consistent quality for every item on the menu, proper staff training to ensure service is up to par, and for people to actually like what you’re selling.

More than that, the chain slipped into a unique position, offering beverages that are more refined than those from street vendors, but at a price point that is lower than Starbucks. Plus, it has a social media clout, which brings in plenty of business from young people.

Brandon, one of our newest team members, wrote about the funding that transformed Kopi Kenangan into a billion-dollar company. You can read his report here.

Daily Roundup

The Indonesia Stock Exchange relaxes regulations to entice tech companies for IPOs.

Investors offload stakes in Zhihu after regulator issues directive to “rectify” business.

Tencent reduces its stake in JD.com by distributing most of its holdings to shareholders as dividends.

CeriTech Indonesia uses IoT to improve coffee production.

Indonesia’s digital banking sector sees rapid development in 2021.

Five thoughts from Eureka Robotics co-founder on robot technology.

Four takeaways from 2021 from Harsha Kumar of Lightspeed Venture Partners.

Emerging sectors that shined in India in 2021.

Unexpected things that defined the Indian startup ecosystem in 2021.

Japan to create a legal framework for Level 4 self-driving cars.

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