ZUS Coffee: Malaysia's Local Challenger Raises RMB 394M and Eyes an IPO

This is an English adaptation of a FoodBud historical article originally published on December 31, 2024.

For operators watching Southeast Asian coffee, ZUS Coffee is Malaysia's fast-rising local challenger — a directly-operated, value-positioned chain that raised major capital and signaled an IPO.

The company

Founded in 2019 and run by Zuspresso (M) Sdn Bhd (HQ in Shah Alam, Selangor; founder-CEO Ian Chua Seng Yee), ZUS built on localized taste and high value-for-money to become one of Malaysia's largest home-grown coffee brands. As of August 2024 it operated ~600 stores — 550 in Malaysia and 50 in the Philippines — all company-operated for service consistency. Ownership is led by The Concierge Sdn Bhd (35.48%, controlled by Janica Lao, daughter of Filipino billionaire Frank Lao), with the founder at 21.27%.

Funding and IPO plan

In 2024 ZUS closed a MYR 250 million (~RMB 394M) private-equity round led by Singapore's KV Asia Capital, with Malaysia's KWAP pension fund and Indonesia's Kapal Api Group participating: MYR 50M in new shares (balance-sheet, expansion, operations) and MYR 200M via secondary share transfers (shareholder liquidity), with EY Malaysia as M&A adviser. The capital supports the core coffee business, an FMCG push and international expansion. ZUS was also preparing a Bursa Malaysia IPO at a targeted MYR 1.0–1.5 billion (~RMB 1.58–2.36 billion) valuation, with Maybank IB and CIMB as potential underwriters.

Financials and expansion

FY2023 (to June 30, 2023): revenue MYR 204.12M (~RMB 322M), net profit MYR 10.15M (~RMB 16M). Store count jumped from 200+ (FY2023) to 470+ by 2024. Beyond Malaysia and the Philippines (entered 2023, aiming to lead within three years), ZUS planned to enter Singapore and Brunei in late 2024 and more international markets via partners in 2025, plus an FMCG line.

Competitive context

The piece notes ZUS benefited as some consumers boycotted Starbucks over the Middle East conflict, while new competition loomed (Luckin planning Malaysia entry via a local listed partner; Taiwan's HWC Coffee expanding). ZUS's edge is localized taste, value pricing, all-company-operated consistency and rapid regional rollout. Funding/IPO figures and forward targets are historical (end-2024).