Kopi Kenangan’s CEO is willing to be Paid IDR 1 during the Pandemic
Coffee beverage retailer in Indonesia, Kopi Kenangan, has allocated IDR 15 billion to support efforts to deal with the coronavirus pandemic. The funds will be distributed to medical personnel, Kopi Kenangan employees who are forced to not work, and a number of parties affected by Covid-19.
“Kopi Kenangan is aware that the Covid-19 pandemic ‘forces’ us to adapt by making various changes while changing the way of daily life. Following our vision, ‘From Indonesia to the World,’ Kopi Kenangan wants to work with the people of Indonesia and face the times. this challenging time,” Kopi Kenangan CEO, Edward Tirtanata said, through written statements.
Not only that, but Kopi Kenangan also launched a number of strategies to deal with difficult situations with the community. Starting from the distribution of 50 thousand cups of free Kopi Kenangan for medical personnel, ensuring no layoffs against baristas and permanent employees of Kopi Kenangan, up to a salary of IDR 1 for the leaders.
Kopi Kenangan’s CEO Makes Sure No Employees will be Laid-off
The corona pandemic hit almost all businesses, including coffee sales, which was becoming a trend before the virus broke out. CEO and Co-founder of Kopi Kenangan Edward Tirtanata is even willing to be paid only Rp 1 so the company can survive and there is no need to terminate employment with employees.
“As a leader in Kopi Memories, I will sacrifice first by only taking a salary of Rp. 1 from now until the crisis is over. Employees’ salaries and THR will be safe,” CEO of Coffee and Co-founder Edward Tirtanata quoted from his Linkedin page, Thursday (9/4).
The same thing was done by two other leaders. He also made sure he would try not to lay off barista and other permanent employees. “Austerity must be our last resort,” Edward said.
The Company Provides IDR 15 Billion to Cope with Covid-19
The company has also allocated a budget of Rp 15 billion to prevent the corona pandemic. Rp 13 billion was allocated to protect the health and safety of customers, baristas and Kopi Memangan products.
This is done through the purchase of sterilization machines, hand sanitizers, temperature checking devices, gloves, and non-medical masks. “The remaining Rp 2 billion will be donated directly to several partners who work together with Kopi Memories to overcome the impact of this pandemic,” Edward said in a press release on Wednesday (8/4).
Edward continued, the company has also distributed 50 thousand cups of Kopi Kenangan for free to several hospitals for medical personnel in charge of handling the virus from Wuhan, China.
“We hope these donations and efforts can make a positive contribution to our common struggle against Covid-19 while helping to face the challenges we are facing,” he said.
Kopi Kenangan Previously Had Planned to Expand Overseas
Previously, Kopi Kenangan had planned to expand overseas this year in one of the countries in Southeast Asia. Southeast Asia was chosen because it has considerable potential and following the company’s vision to dominate the Southeast Asian coffee market. “Want slowly, local players who become champions in ASEAN,” said Edward in Jakarta on Monday (24/2).
For the expansion plan, Edward said it would seek funding. In addition, they plans to offer an initial stake or IPO in 2022. “This year there may be new funding,” he said.
Last year, they received series A funding of US $ 20 million or equivalent to Rp 280 billion. Funding was led by Sequoia India with several other participating investors including rapper Jay-Z and tennis player Serena Williams.
Founded in 2017, this coffee culinary startup that carries the concept of grab and go has more than 300 outlets and sells more than 3 million cups every month.