Indonesian coffee chain Kopi Kenangan has recently closed a $96.1 million Series C funding round from investors including Tybourne Capital Management, Falcon, and B Capital Group.

The round consisted of both primary and secondary transactions. According to industry sources, this Series C round is very likely to be Kopi Kenangan’s last financing before an initial public offering.

The coffee chain raised $50.2 million in primary capital as part of the round, per its filings with Singapore’s Accounting and Corporate Regulatory Authority.

Tybourne Capital that is based in Hong Kong contributed $20.7 million, while Falcon Edge invested $16.6 million. The rest of the funding came from Kunlun Group, B Capital and British Virgin Island-registered Kostal Investments and Bravo Castle.

Investors bought the startup’s preference shares at $3858.56 apiece. Based on its fully diluted capitalization, including its employee share option plan, the coffee chain is now valued at $1 billion and considered a unicorn.

The Series C investors also bought shares worth $45.9 million from existing shareholders as part of the round. Sellers include co-founder Edward Tirtanata, Cynthia Chaerunnisa, James Pranant0, and early investor Alpha JWC Ventures.

Tirtana who is the company’s CEO, got nearly $5 million from the secondaries, while chief development officer Prananto got $6 million. Chaerunnisa who is their chief marketing officer earned $12 million. Venture capital firm Alpha JWC received almost $23 million for paring its stake in Kopi Kenangan.

In November, DealStreetAsia reported the company’s plans to raise about $100 million in a Series C round backed by Falcon Edge at a near unicorn valuation.

Kopi Kenangan was launched in 2017 by Tirtanata and Prananto and currently operates over 560 coffee outlets in 32 cities across Indonesia. The company plans to expand to Thailand, the Philippines and Malaysia.

They have also branched out into other ventures, owning Chigo fried chicken, Cerita Roti bread and Kenangan Manis cookie chains. It also operate the Rumah Kenangan eatery and Kenangan Heritage, a premium coffee shop.

Kopi Kenangan launched its food delivery app in 2019 and claim to have more than 1.8 million monthly active users. The company reported a revenue of $22.08 million and a profit of $130,000 in 2019.

There have been rumours of a potential listing in Hong Kong, an exchange that has reportedly been attracting attention from several Chinese tea brands, including ChaBaiDao, Gu Ming, Heytea and Lelecha, after bubble tea chain Nayuki Holdings’ $654 million IPO in June.

Due to some amendments to the rules for the Indonesia Stock Exchange that aims to attract local startups, Kopi Kenangan might also consider their home market as a potential listing destination.