Yummy Corp

Yummy Corp is a Jakarta-based food and beverage services company that provides end-to-end food facility management for corporates, office buildings, schools, hospitals and cloud kitchen partners. Its services span daily food catering (on-site or delivered, with employee meal customization through the Yummybox mobile app), food court management for building and facility managers, custom branded outlets and corporate cafes, event and meeting catering packages, and F&B technology management covering in-house ordering, pre-orders, vouchers and payments. Supporting work ranges from recipe ideation and menu planning to kitchen layout design, equipment procurement and food safety implementation. The company states it is HACCP and Halal certified and operates across four major Indonesian cities.

A second line, Yummykitchen, launched in 2019, is a cloud kitchen operation that rents shared kitchen space to F&B brands and, unlike space-only providers, also supplies trained staff to handle preparation and cooking so that partner brands need only supply ingredients for their menus. Yummykitchen works on a revenue-sharing basis and, as of 2020, had more than 70 kitchens in Jakarta, Bandung and Medan and partnerships with over 50 brands including Ismaya Group, Sour Sally Group, Padang Merdeka, Dailybox and Hong Tang. During pandemic work-from-home policies, which suspended much of the corporate catering business, Yummykitchen accounted for about 75% of company income.

The company was formed through a collaboration between digital entrepreneurs and the catering division of Ismaya Group, and states its team carries more than 20 years of experience. Documented clients include Unilever (Grha Unilever in BSD City), Trinity Tower in Kuningan, LINE Indonesia, Wings Group, Facebook, Ascott Jakarta, Shopee and the United States Embassy in Jakarta.

Founding story

Mario Suntanu, then a general partner at Sinar Mas-affiliated venture firm SMDV, concluded in 2016 that restaurants could not survive on offline service alone and would need to move online. He started a catering company with his brothers Marius and Marbio, joined by friends Edward Kumar and Juan Chene, and secured backing from Indonesian F&B conglomerate Ismaya Group, whose catering division supplied Yummy Corp's early staff. The company was formally established in January 2017 and began with corporate catering facility management aimed at giving office employees quality meals without leaving the workplace. Suntanu studied at Stanford University and Harvard University and previously worked on building Zalora and Lazada with Rocket Internet before spending four years as a general partner at SMDV from 2014.

Business model

Yummy Corp sells outsourced food facility management to organizations rather than operating consumer-facing restaurants. It runs daily catering contracts for corporate, school and hospital clients; manages food courts on behalf of building and facility managers, curating tenant brands; builds and operates custom-branded cafes and outlets for corporate clients; supplies event and meeting catering; and provides F&B ordering technology covering pre-orders, vouchers and payments. In the cloud kitchen line, Yummykitchen differs from space-only operators by also supplying trained kitchen staff who handle preparation and cooking, with partner brands responsible for their own ingredients; the arrangement uses revenue sharing whose terms have not been disclosed. Some Yummykitchen locations are themselves rented from Grab, Everplate Kitchens and independent operators, with Yummy Corp acting as the operator and using delivery platforms' channels for orders.

Revenue comes from B2B catering and food service contracts priced per meal or per service scope (showcased projects list per-portion price ranges of roughly IDR 25,000-75,000), food court and outlet management fees, event catering, and revenue sharing with brands using Yummykitchen cloud kitchens. In 2019 management described a stable profit margin of about 20%, comparable to F&B industry averages, aided by a cost base limited largely to labor and ingredients because physical facilities are provided by partners.

Traction

Yummy Corp reported cooking around 18,000 meals per day at its peak and, in late 2019, more than 7,000 portions daily from a catalog of over 3,000 menu items, with sales growing four-fold between January and October 2019. By September 2020 Yummykitchen operated more than 70 kitchens in Jakarta, Bandung and Medan with over 50 partner brands, and cloud kitchens contributed about 75% of company income. Corporate B2B services represented 75-80% of sales in 2019. Client references include Grha Unilever in BSD City (1,000+ daily pax), Trinity Tower in Kuningan (140,000 sqm food court) and LINE Indonesia in Sudirman (70-80 daily boxed meals).

Latest developments

The most recent funding reported is the September 2020 US$12 million Series B led by SoftBank Ventures Asia, earmarked for expansion into more major Indonesian cities and for technology development in artificial intelligence and analytics. The company's current website describes an expanded services portfolio covering daily catering, food court management, custom branded outlets, event and meeting packages and F&B technology management, with operations across four major Indonesian cities and HACCP and Halal certification.