Amatil X invests in cloud kitchen startup Yummy Corp

Coca-Cola Amatil today announced its corporate venture capital platform Amatil X had completed a strategic investment in Indonesian startup, Yummy Corp.

Coca-Cola Amatil today announced its corporate venture capital platform Amatil X had completed a strategic investment in Indonesian startup, Yummy Corp as part of its USD12m Series B capital raise.

Yummy Corp is the largest cloud kitchen management company in Indonesia. Its rapidly expanding network of 70 cloud kitchens services more than 50 food and beverage brand partners in Jakarta, Bandung, and Medan.
A cloud kitchen, also known as a dark kitchen, is a restaurant that does not provide dine-in or takeaway services to customers. It is primarily virtual and relies on food delivery apps, websites, or calls to generate sales.

Coca-Cola Amatil Indonesia President Director, Kadir Gunduz, said Amatil X’s investment in Yummy Corp supports its broader business strategy to be a leading beverage supplier on Indonesia’s fast-growing food delivery platforms.

“Consumer habits have changed rapidly since emergency measures were implemented in mid-March to slow the spread of COVID-19, prompting retailers to introduce new ways to engage with their customers.
“Consumers are increasingly turning to food and beverage delivery services in Indonesia, fuelling rapid growth in the market,” Mr. Gunduz said.

Mr. Gunduz said he first met Yummy Corp in October last year and had been impressed with the company’s rapid growth trajectory.

“We are excited to support Yummy Corp as it scales the business to take advantage of the market opportunity,” he said. “As consumers go online more frequently for their food and beverages, our teams will work together to help ensure the perfect pairing of beverages with food orders.”

Yummy Corp is Amatil X’s third startup investment in Indonesia. It follows investments earlier this year in the Indonesian freight logistics marketplace, Kargo Technologies, and a B2B app for ‘warung makan’, Wahyoo.
Mr. Gunduz said Coca-Cola Amatil Indonesia is a leading beverage sales, manufacturing, and distribution company, operating in Indonesia since 1992. It operates eight manufacturing facilities with a vast distribution network reaching all corners of the country. Amatil Indonesia has been on a digital transformation journey since 2015, investing heavily in state-of-the-art systems and technology to support its nation-wide operations.
“Indonesia’s strong economic growth in recent years has led to a flourishing digital economy. Startups in Indonesia are setting the pace of innovation, reaching a large population and tapping into new markets. We believe working with the right partners will help create many possibilities and capture growth opportunities for the future,” Mr. Gunduz said.

Mario Suntanu, Founder and CEO of Yummy Corp, said the opportunity for cloud kitchens in Southeast Asia is enormous given its high population, growing GDP per capita, and established food delivery market.

“Indonesia is the largest food delivery market in Southeast Asia (more than 50%) and is growing at 35.2% annually. COVID has rapidly accelerated Yummy Corp’s cloud kitchen business, growing 40% month on month,” he said.

“With this round of financing, we will focus on our mission to take an active role in helping the food and beverage industry grow their delivery business, especially during this pandemic. We invite all food and beverage entrepreneurs, both large and small, to partner with us, so that together we not only survive this pandemic but can also expand rapidly.”

“We are looking forward to working more closely with the team at Coca-Cola Amatil as we expand our offer across Indonesia,” Mr. Suntanu said.