Yenny Yusra Journal

Mandiri Capital Indonesia (MCI) has made its first investment in the food and beverage sector through DORÉ by LeTAO, marking the return of the corporate venture capital firm after nearly two years of strategic review and the first investment under its new “mini private equity” approach.

The partnership brings together MCI, DORÉ by LeTAO, Kotobuki Spirits Group and the wider Mandiri Group around a shared focus on building a sustainable business. The collaboration was formally highlighted at a media gathering and panel discussion in Jakarta on 13 August under the theme “Building Trust Across Borders: How Investment, Partnership, and Shared Vision Create Sustainable Growth.”

The event opened with welcome remarks from Ronald S. Simorangkir, Direktur Utama Mandiri Capital Indonesia (MCI), who welcomed the guests, partners, media and audience and officially marked the beginning of the ceremony. The opening was followed by a partnership presentation video featuring MCI and DORÉ by LeTAO, using strong visual storytelling to highlight the businesses, the partnership and the shared vision behind the investment.

“DORÉ by LeTAO’s journey of more than a decade shows that a strong business is built through consistency, discipline, and the ability to remain relevant to consumers. For MCI, this partnership is not simply about capital. It is about strengthening the business foundation, creating opportunities for synergy within the Mandiri Group ecosystem, and supporting DORÉ by LeTAO in growing in a healthy and sustainable way without losing the character that has earned the trust of its consumers,” said Ronald S. Simorangkir, Direktur Utama Mandiri Capital Indonesia.

The event then continued with a panel discussion exploring the MCI and DORÉ by LeTAO partnership, including the strategic considerations behind the investment and how the collaboration can support DORÉ by LeTAO’s next stage of growth.

The panel featured Putra Nasir from Bank Mandiri, Shintaro Kawagoe, Executive Director of KCC Co., Ltd., Andy Pangestu, Co-founder & CEO of DORÉ by LeTAO, and Wisnu Setiadi, Direktur Keuangan Mandiri Capital Indonesia.

Why MCI Chose DORÉ by LeTAO

For MCI, the decision to invest in DORÉ by LeTAO was not simply about entering the F&B sector. It was part of a broader shift in how and where the firm invests. After reviewing its strategy and strengthening its internal processes, MCI began looking beyond early-stage technology companies toward established businesses with proven fundamentals, strong corporate governance, operating discipline and the ability to navigate different economic conditions.

“We saw a level of commitment, focus, and resilience that DORÉ by LeTAO has demonstrated through more than 10 years in the F&B industry, having gone through various stages of the business cycle. DORÉ by LeTAO not only offers products with unique positioning, but also embodies Japanese cultural values, including Shokunin Kishitsu, or the spirit of craftsmanship the desire to continuously perfect what they do, not because of a reward, but because of passion and pride in their work,” said Wisnu Setiadi, Direktur Keuangan Mandiri Capital Indonesia.

DORÉ by LeTAO stood out to the investment team because of the way the business operates. The appeal went beyond the popularity of its products. The company’s lean store model and efficient team structure help support strong margins and healthy operating profits, giving the company a solid operating foundation for its next stage of growth.

Founded more than a decade ago, DORÉ by LeTAO has grown to 19 stores across Jakarta, Bandung, Surabaya and Bali. For MCI, the business offered an established operating base while still having opportunities to expand its retail presence, strengthen production capabilities and develop its product offering. The investment also fits MCI’s broader focus on sectors connected to everyday consumer needs, including retail, consumer, F&B and healthcare.

“DORÉ by LeTAO already has quality products. Now it is about how we can collaborate to develop them further. We have various channels, branches, and customers spread across different cities in Indonesia. This is the collaboration we need to continue strengthening to create something exceptional for our customers,” said Putra Nasir, Retail Transaction and Funding Head, Bank Mandiri Regional V / Jakarta 3.

Supporting DORÉ by LeTAO’s Next Stage

MCI’s role does not stop at providing capital. The firm sees the partnership as an opportunity to support DORÉ by LeTAO’s next stage while allowing the founder and management team to remain responsible for running the business. This includes supporting areas such as financial management, governance, operational capabilities and preparation for further expansion.

For Andy Pangestu, Co-founder & CEO of DORÉ by LeTAO, the partnership was never simply about raising capital. The more important consideration was whether MCI and DORÉ by LeTAO shared the same long-term vision for the business.

“When I first met with the MCI team, I had a very positive impression and felt that we shared the same perspective. From that meeting, I saw that we had a shared vision to grow together, as well as real opportunities for synergy through the Mandiri ecosystem,” said Andy Pangestu, CEO DORÉ by LeTAO.

With the investment, DORÉ by LeTAO plans to expand its retail footprint, increase production capacity through new equipment and centralised facilities, and introduce more Japanese products and brands to Indonesia.

A Partnership That Brings Japan and Indonesia Closer

The DORÉ by LeTAO partnership also brings together MCI, DORÉ by LeTAO and Kotobuki Spirits Group, the Japanese group behind LeTAO. Shintaro Kawagoe, Executive Director of KCC Co., Ltd., travelled to Jakarta for the ceremonial launch of the partnership with MCI.

His perspective offers another dimension to the partnership, particularly around the differences between the Japanese and Indonesian markets. Shintaro has been coming to Indonesia for almost 10 years, and one thing that has stayed with him is the optimism he sees among Indonesian entrepreneurs.

“Tomorrow will be better,” he recalled, referring to a phrase he first heard from a friend when he began coming to Indonesia. “So, I think this is one of the words that represents the Indonesian economy and mentality in general.”

That optimism, he noted, is reflected in the way Indonesian entrepreneurs approach their businesses.

“Everyone is very positive and energetic, and I feel that people believe that tomorrow will be better. So, people are working hard.”

That spirit also connects with LeTAO’s approach to customer experience. The brand’s philosophy is centred on creating happiness, with its day-to-day mission being to “make one enthusiastic fan today.”

“So basically, make one enthusiastic fan by greeting or by treating you as a special customer. So everyone thinks that way when they do the customer service,” Shintaro added.

He believes that philosophy is reflected in the atmosphere of LeTAO stores, where customers are meant to feel welcome.

Adapting the Japanese Model to Indonesia

One of the interesting aspects of the DORÉ by LeTAO partnership is how the Japanese brand’s approach has been adapted to the Indonesian market. Shintaro noted that LeTAO originally focused on a single strong product, its fromage cheesecake. The approach made sense in Japan, where customers have a wide range of specialised dessert shops to choose from.

“If you have one really strong item, you can fight,” he said.

Indonesia, however, has a different market dynamic. After spending more time in the country, Shintaro came to understand that Indonesian consumers tend to look for greater variety.

“On the other hand, in Indonesia, I think diversity is more,” he observed. “So people have different preferences.”

That difference helped shape DORÉ by LeTAO’s product offering. While Shintaro initially expected the Indonesian business to focus on the fromage cheesecake, Andy Pangestu pushed for the introduction of chocolate as well. For Shintaro, the experience demonstrated the importance of allowing the local team to understand its own market rather than simply replicating the Japanese model.

Looking Beyond New Products

Kotobuki Spirits Group has 18 companies in Japan and more than 70 brands. The decision to introduce brands to Indonesia begins with the local team’s understanding of what the market needs.

Shintaro recalled that the process started when the Indonesian team approached the Japanese side with requests to bring additional brands to Indonesia. At the time, he was responsible for overseeing the development of the wider group.

“I trust the team. So, okay, if Andy and the team say they want to import, let’s try. That’s how it started,” he said.

The partnership with MCI now gives the companies more opportunities to invest in the business, particularly in its production capabilities. Shintaro stressed that the focus is not on short-term growth alone. Instead, he is looking forward to seeing how investment in facilities and production can improve the quality of DORÉ by LeTAO’s existing products.

“To be honest, we don’t look for short-term growth. Especially after the collaboration with MCI, we have more options to improve and invest in our facilities. The essential thing for our business is the quality of our existing products. I mean, keep making them more tasty,” he said.

That focus aligns closely with what MCI sees in DORÉ by LeTAO: an established business with a proven operating model that still has room to improve, expand and strengthen its foundations. Shintaro’s role will remain focused on supporting the Indonesian team from Japan, reflecting his position at KCC Co., Ltd. and his experience with the wider Kotobuki Spirits Group.