You're Invited: Kopi Kenangan's Playbook for the Funding Winter

Dear readers,

Let me cut straight to the chase.

If you are a founder, operator, or investor in Indonesia’s startup ecosystem, you already know the numbers. They are not pretty.

Southeast Asian startup funding in 2025 reached just US$5.4 billion, roughly a quarter of what it was at the 2021 peak. Indonesia’s share cratered from approximately 39% to a mere 6%.

The era of easy money is over. The old raise, burn, raise again playbook is dead.

Yet, in this exact climate, one company wrote a different story. Not a story of survival. A story of resurrection.

That company is Kopi Kenangan.

Founded in 2017 with IDR 200 million and a single outlet in Kuningan, Kopi Kenangan became Southeast Asia’s first F&B unicorn in 2021. Then came the crash.

Three consecutive years of deepening losses post-pandemic. Revenue per outlet dropped 27%. General and administrative costs swelled to 27% of revenue, double the industry benchmark of 12–13%.

But instead of waiting for the next funding round to save them, Edward Tirtanata and his team did something radical. They executed a hard reset. They cut costs. They froze non-core expansions, even good ideas like fried chicken and burger concepts. They overhauled leadership. And they introduced Kenangan 3.0, a program that brought management back to the outlets.

The results speak for themselves.

In FY25, Kopi Kenangan posted USD 184 million in revenue, up 45% year-on-year. EBITDA margin climbed from minus 8% to 13.5%. They opened 388 new outlets – all funded by internal operating profits, not new venture capital. And they achieved this while maintaining eight years of clean Big 4 audits, a governance standard that has become a beacon of trust in Indonesia’s startup scene.

This is not another theoretical keynote about “resilience” or “grit.” This is a raw, unfiltered breakdown of the painful decisions that turned a failing unicorn into a profitable enterprise.

Edward Tirtanata will walk us through the anatomy of the crisis, the winter playbook that guided the turnaround, and the governance overhaul that restored investor confidence. He will answer the questions every founder asks when runway is shrinking and the next round is not guaranteed.

We are honored to host Edward for a special edition of #SelasaStartup, our regular sharing and networking program organized by DailySocial.id in partnership with the Ministry of Communication and Digital through the GarudaSpark Innovation Hub.

This is a curated session designed for founders, operators, and investors who are navigating capital constraints and building toward profitability. Only 50 seats are available, and registration is free.

• The anatomy of a crisis: How hypergrowth led to a 27% drop in revenue per outlet and G&A costs double the industry benchmark.

• The winter playbook: Unit economics before growth. Default alive discipline. Raising only from a position of strength. And the courage to kill good ideas for focus.

• Governance like a public company: How eight years of clean Big 4 audits and anti-fraud controls rebuild investor trust.

• The 2030 vision: Exporting Indonesian coffee as a brand, not a commodity, with a target of 3,900 outlets across 11 countries.

Who Should Attend

This session is curated for:

• Early-stage to growth-stage founders navigating capital constraints.

• Operators and startup executives facing operational headwinds.

• Investors seeking a deeper understanding of resilience and turnaround strategies.

Edward once said, “What are you too comfortable with today?” is the question he asks himself every morning.

If you are building in this ecosystem, ask yourself the same question. And if the answer makes you uncomfortable, this session might be exactly what you need.

P.S. If your runway is 12 months or less, bring your toughest questions. Edward will dedicate a full 30 minutes to a Q&A session. This is your chance to get direct, actionable advice for your specific situation. Register now before the 50 seats fill up.