Insignia Ventures Partners is excited to back Se’Indonesia in its latest Series A round as it breathes new life into Indonesia’s beef rice bowl scene. Founded in 2022 by Kopi Kenangan alum Rinaldi Utama, this fast-growing brand is redefining the quick-service restaurant (QSR) experience with its focus on high-quality, affordable smoked beef rice bowls. Here’s why we believe Se’Indonesia is poised for significant growth:

(1) Tackling a Relevant, Long-Standing Market Gap

Indonesia’s per capita beef consumption is relatively low (< 3kgs annually as of 2024) compared to neighbours, yet there’s a growing appetite for accessible, quality protein. Se’Indonesia directly addresses this by offering delicious beef bowls at a price point that resonates with a broad consumer base, particularly as economic shifts drive demand for value.

(2) Declining Middle-Income Population in Indonesia

The ongoing economic and demographic changes are driving an increase in preference for affordable dining options. This shift is contributing to the more rapid expansion of large limited-service food and beverage outlets compared to full-service restaurants.

(3) High-Growth and Capital Efficient Emerging F&B Brand

Se’Indonesia isn’t just promising; it’s delivering. The brand sells over 2 million meals monthly, demonstrating significant market penetration and consumer acceptance in a short time. 

(4) Proven Unit Economics and Profitability

Strong growth is backed by solid fundamentals. Se’Indonesia reports achieving payback on its outlets in less than 9 months, showcasing remarkable operational efficiency and a sustainable business model. Its unit economics has contributed to the company maintaining monthly profitability for the past 15 months (as of April 2025), indicating effective management and cost control even during expansion.

(5) Brand Resonance Beyond Jakarta

The brand’s popularity extends significantly beyond the capital, proving its appeal to a wider Indonesian audience. This strong demand in diverse regions underscores its potential for nationwide scalability.

Despite Se’Indonesia’s low price-point, this emerging F&B brand has grabbed a significant share of voice, across all income-classes. The company’s rapid growth on online platforms, coupled with its high return rate, reflects the appeal of its high-quality, affordable products that aligns with the evolving economic needs in Indonesia.