Sequoia Capital India Advisors has invested $109 million (approximately Rs 823.23 crore at current exchange rates) in Series B funding in Kopi Kenangan, an Indonesian beverage retailer.
The managing Director of the company, Shailendra Singh has comfirmed this news over a tweet. Facebook co-founder Eduardo Saverin’s B Capital, Horizons Ventures, Verlinvest, Kunlun, Sofina and Alpha JWC Ventures also participated in the round.
As part of this transaction, Saverin will join Kopi Kenanan’s Board of Directors.
The Indonesian beverage company will utilize this fund to fortify its business operations in its home market, will launch new products, invest in its technological backend and extend protections for employees due to the COVID-19 pandemic.
It is for the third time that Kopi Kenangan has received fund from Sequoia India. In June last year, the coffee-focussed company raised $20 million from the VC firm. Then, in December, it raised an extension of its Series A round.
The extension round saw participation from Sequoia India, as well as Serena Williams’ Serena Ventures, Arrive, American basketball professional Caris LeVert and Jonathan Neman, the co-founder and CEO of the healthy food-focused Sweetgreen.
Kopi Kenangan began operations in 2017 and has been focusing on filling a gap between premium coffee chains and instant coffee brands. The company also employs an online-to-offline retail model, wherein customers place an order on an app and then go to one of the brand’s outlets to pick up their products.
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