HA

Hangry Financial Model

• Portfolio of 6 owned F&B brands (as of deck date, ~Mar 2022):
• Ayam Koplo (Indonesian fried chicken rice)
• San Gyu (Japanese-inspired beef bowl; 92% recommendation rate, NPS 52)
• Dari Pada (Indonesian comfort food)
• Moon Chicken (Korean fried chicken; NPS 60)
• Accha Indian Soul Food (Indian cuisine localised for Indonesian palate; NPS 48, acquired)
• Pizza Gang (soft-launched Feb 2022)
• Multi-channel distribution: GrabFood, GoFood, Hangry app (H!), ShopeeFood, Traveloka Eats, dine-in.
• Capital-light expansion model: mix of company-operated outlets, partner-funded outlets, and equity crowdfunding (LandX, CrowdDana platforms).
• Vision: "Becoming a part of global citizens' daily lives".

• Indonesia F&B total revenue: $23B (2021) → $41B (2025F) at ~16% p.a. - source: Momentum Works, Bain, Euromonitor.
• Indonesia F&B Delivery GMV: $4.6B (2021) → $9.3B (2025F) at ~19% p.a..
• No SAM or SOM figures stated in deck. No cloud kitchen-specific share numbers given.
• Competitive context: global cloud kitchen players cited (SmartCity Kitchens $15bn, Kitopi >$1bn, Rebel Foods $1.7bn, Reef Kitchens >$1bn) but "no dominant player in SEA yet".

• Primary: food product sales via third-party delivery aggregators; Hangry earns net revenue after aggregator commissions.
• Secondary channels: dine-in at flagship stores (e.g. Moon Chicken Station Senopati); Hangry-owned app (H!).
• Expansion funding: franchisee-like partnership scheme (individuals fund entire outlet) and equity crowdfunding (retail investors from ~$100) - Hangry retains full operations.
• No ASP (average selling price), order volumes, GMV, or net revenue figures disclosed in deck.

• Outlets: 1 outlet (Nov 2019 launch) → 84 outlets (Apr 2022) → 132 outlets projected by end-2022.
• Time elapsed: ~30 months to 84 outlets.
• Cities: Jakarta → Bandung (Dec 2020) → Surabaya + Semarang (Dec 2021–Jan 2022) → Medan + Makassar (Mar 2022).
• Brand NPS:
• San Gyu: NPS 52, 92% recommendation rate (survey n>150)
• Moon Chicken: NPS 60
• Accha: NPS 48
• No revenue, GMV, order count, AOV, or retention figures disclosed.

• Claimed "first multi-brand virtual restaurant and House of Winning Brands in Indonesia".
• No domestic direct comp named; indirect infrastructure enablers are Shopee/GoTo/Grab/Traveloka.
• Global cloud kitchen comps cited as evidence of category size, not as direct threats.
• Moat sources implied: brand portfolio breadth, multi-channel reach, VC-backed network, experienced founding team with prior exits.

Team (all from slide 13):

• Abraham Viktor, CEO - serial entrepreneur, founder of Taralite (acq. OVO); food influencer (@hungrybram, Asia 50 Best voter).
• Andreas Resha, President - former VP Cermati (acq. Djarum), CFO Jurnal (acq. Sleekr).
• Robin Tan, CTO/CMO - former CTO Taralite (acq. OVO), Product Lead OVO; NTU LKY Gold Medal.
• Arlene Sutjiamidjaja, CBO - ex-Shopee Indonesia (early BD team, Seller Management head).
• Sari Dewi Lauda, COO - serial F&B entrepreneur; co-owner of 40+ outlet restaurant groups, 10+ years F&B ops.
• Wenyou Tan, CFO - former OVO exec team (fundraising + M&A), COO Taralite, SBI Investments.

Funding history:

• Jan 2020: US$3mn Seed (Sequoia Surge)
• Apr 2021: US$13mn Series A (Alpha JWC)
• Mar 2022: US$22mn Series A2 (JCP / Journey Capital Partners)
• Total raised: ~US$38mn

Use of funds / ask: Not explicitly stated in deck. Implied: national expansion (132 outlets by end-2022), new brand launches, and potential further acquisitions.

Archetype + why: Multi-brand cloud kitchen / virtual restaurant outlet roll-up P&L. Similar to a restaurant chain roll-up model but with delivery-first economics (aggregator commissions, no FOH labour). Closest archetype: unit-economics-driven outlet expansion model with brand-level P&L aggregation. NOT a SaaS or marketplace model.

Forecast horizon & granularity:

• Monthly for Year 1 (2022), quarterly for Years 2–4 (2023–2025).
• Outlet-level unit economics flow up to brand-level, then company consolidated P&L.
• Match to market forecast horizon of 2025F.

Key drivers & assumptions:

*Outlet roll-out:*

• Outlets at Apr-22: 84
• Outlets target end-2022: 132 - implies ~48 net new opens in ~8 months
• Outlet opening rate post-2022: 60–80 per year, decelerating as cities saturate; rationalize against funding runway
• Outlet closure / churn rate: 5% p.a.; cloud kitchen outlets have lower fixed costs but also lower switching costs

*Revenue per outlet:*

• Average Monthly Revenue per Outlet (AMRO): IDR 60–100mn (~$4–7k USD/month); no figure in deck. Benchmarked against Indonesian F&B delivery norms.
• Aggregator commission take rate: 25–30% of GMV (standard GrabFood/GoFood rate in Indonesia)
• Hangry net revenue = GMV × (1 – commission rate)
• Blended ASP per order: IDR 50–70k (~$3.5–5 USD); Indonesian fast-casual delivery price point
• Orders per outlet per day: 30–60 based on single kitchen serving multiple brands simultaneously

*Outlet economics (per outlet per month):*

• Food COGS: 35–40% of net revenue (typical Indonesian F&B; no deck data)
• Kitchen labour: 15–20% of net revenue
• Outlet rent / kitchen fee: IDR 10–20mn/month depending on city tier
• Partner/crowdfunding-funded outlet capex split: assume 30–40% of new outlets are partner-funded (lower cash capex for Hangry)
• Outlet-level EBITDA margin: 10–20% after above; target breakeven within 6–12 months per outlet

*Corporate overhead:*

• HQ costs (tech, brand management, central ops): scale at ~15% of net revenue
• Marketing / brand building: 5–10% of net revenue; aggregator in-app promotions
• Acquisitions (e.g. Accha model): treat as one-off capex items with step-up in brand revenue

*Funding:*

• US$22mn Series A2 (Mar 2022) is the base liquidity assumption
• Runway model: test against monthly cash burn to determine Series B timing

Scenarios (Base / Bull / Bear - variables that flex):

• Base: 132 outlets end-2022 as stated; AMRO IDR 75mn; food COGS 38%; partner-funded share 35%
• Bull: 150 outlets end-2022; AMRO IDR 90mn (higher order density in new cities); faster Accha/Pizza Gang ramp
• Bear: 110 outlets end-2022 (execution delays); AMRO IDR 60mn; aggregator commissions rise to 32%; single-city concentration risk

Required sheets / outputs:

1. Assumptions - all drivers consolidated, colour-coded inputs
2. Outlet Roll-out - monthly new opens, closures, total active by city and brand
3. Revenue Build - GMV → net revenue per outlet cohort × brand
4. Unit Economics - per-outlet P&L (food COGS, labour, rent, contribution margin)
5. Consolidated P&L - brand-level → company; EBITDA bridge
6. Cash Flow & Runway - capex per outlet, partner/crowdfund offset, operating cash flow, Series B timing
7. Funding Sources - history + implied use of A2 proceeds
8. Sensitivity - AMRO × outlet count × food COGS margin matrix
9. Dashboard - KPI summary (outlets, net revenue, EBITDA margin, cash runway)