Cambodia Investment Review
Chhundara Khorn is widely regarded as one of Cambodia’s most influential F&B and lifestyle operators, helping to build and managed a multi-brand portfolio that now spans beverages, restaurants, pest control, real estate, and software development. A decade after opening the country’s first KOI Thé outlet, Chhundara Khorn is using his experience to create homegrown brands that speak directly to Cambodia’s rising middle class—customers who value great prices, convenience, and excellent customer service.
In a wide-ranging conversation on Episode 148 of the Rising Giants Podcast, hosted by Max Thornton, Dara shared his journey from Phnom Penh to the U.S. and the UK, and back again. The discussion explored his early career decisions, the founding of iconic brands like TUBE Coffee and Belly Burger, the challenges of operating during COVID-19, and his growing ambitions in software and regional expansion.
“When I came back to Cambodia in 2011, the gap between what was available here and what I had seen overseas was massive,” Dara recalled. “It felt like there were opportunities everywhere.”
Spotting the Gaps: Building for the Underserved
Chhundara’s return to Cambodia coincided with a moment of rapid urbanization—but also unmet demand. After studying management in California and later in Bristol, UK, he felt that the domestic market lacked basic consumer experiences that were already considered standard abroad. Rather than wait for multinationals to arrive, Dara decided to help build them from scratch.
Read More: Leader Talks – Khorn Chhundara on KOI Thé’s Ten-Year Evolution in Cambodia
He tested multiple ideas in the early 2010s—from rice and rubber trading to construction materials—before realizing his comparative advantage was in affordable food and beverages. Unlike capital-intensive sectors, F&B allowed him to start small, iterate fast, and draw upon global service ideas adapted to the Cambodian context.
His first major breakthrough came with the Taiwanese bubble tea brand KOI Thé, which he launched in Phnom Penh in 2013. At the time, KOI Thé was still a niche offering in Singapore. The market in Cambodia was unproven—but that worked in his favor.
“We saw that ChaTime had just three stores at the time, and we thought, wow, three stores is a lot. That’s a signal,” Dara explained.
Soon after, he co-founded TUBE Coffee, a London Underground-themed brand that positioned itself between the café culture of Starbucks and local street vendors. Focusing on affordability, speed, and quality, TUBE capitalized on the growing demand for takeaway coffee by offering consistent drinks at accessible price points.
“We knew we couldn’t beat Starbucks on brand or Brown Coffee on design. But we could win on consistency, speed, and value,” he said. “That’s where we focused.”
The strategy worked. Today, TUBE operates over 45 locations nationwide and plans to hit 100 stores by 2027. Dara’s firm also introduced other fast-growing F&B ventures, including:
- Belly Burger, offering fresh, never-frozen Australian beef burgers—cooked daily and smashed in-house.
- Yellow Cab Pizza, a New York-style pizza chain launched in 2020.
- KYŌ Shabu, KYŌ Wagyu, and KYŌ Omakase a trio of Japanese restaurants, including Cambodia’s leading shabu-shabu chain, now poised to expand to Vietnam.
- GēGē Kitchen, a modern Chinese hotpot brand, focusing on quality and affordability with meals under $10.
Navigating COVID-19: Resilience and Reinvention
Like all operators in the food sector, Dara’s business faced unprecedented disruption during the COVID-19 pandemic. But where others paused or downsized, his team leaned into adaptation. Staff voluntarily moved into stores to continue operations under lockdown, and delivery was ramped up significantly.
“I don’t want to overstate how difficult it was—because everyone was going through it,” he said. “But our staff were incredible. They chose to live and work in-store to keep things going. It was a voluntary decision, and it showed their loyalty and our shared sense of purpose.”
Complying with hygiene standards, maintaining staff morale, and transitioning to delivery-first models were all part of the challenge—but the result was an organization more agile and cohesive than ever.
Diversifying Beyond Hospitality
With his F&B operations maturing, Dara turned his attention to other industries that he felt were underdeveloped but essential. One such sector was pest control.
He secured the Cambodian franchise rights for Orkin, the largest pest control brand in the United States, and built a team that would go on to outperform Orkin franchises across the globe. Orkin Cambodia has received multiple accolades, including being named the world’s fastest-growing franchise and winner of the Eagle Award for Best Franchisee.
“The U.S. headquarters even sent the Singapore team to observe us,” he shared. “That was a proud moment—not just for the business, but for Cambodia.”
The service segment now also includes FumX, which handles fumigation for agricultural exports like rice and corn, and IFS, a cleaning company offering janitorial and deep-cleaning services to commercial and residential clients.
In property, Dara’s team has completed a commercial office building that is fully leased out—a rare achievement in Phnom Penh’s current commercial real estate market.
The Leap to Tech: From Operator to Innovator
Perhaps his most ambitious new venture is in technology. Dara recently launched Monakom Technology—a SaaS company named after the Khmer word for “magic”—to build software that makes operational decision-making easier for business owners.
The firm’s flagship product will offer voice-activated analytics and AI-powered business reports for SMEs, starting with F&B and retail clients.
“Imagine asking, ‘Show me February 2023 sales vs February 2024,’ and the system does it. Then you ask, ‘Why did we underperform?’ and it suggests reasons,” he explained. “That’s what we’re building—real-time insights at your fingertips.”
While Cambodia’s SME tech adoption remains in its infancy, Dara believes this is exactly why now is the right time to enter.
“Most SMEs still use Excel—or even pen and paper,” he said. “We’re at the very beginning. In 5–10 years, the brands that get in early and help educate the market will be the ones that lead.”
Cautious Optimism for 2025
Looking ahead, Dara remains measured in his outlook for Cambodia’s economic recovery. While manufacturing and agriculture are showing signs of growth, discretionary spending in areas like F&B remains under pressure due to slowdowns in tourism and construction.
“It’s a grey year,” he noted. “There’s no clear signal—things could pick up, or they could get worse. But at least there’s movement.”
Still, he believes Cambodia remains a charming launchpad for startups, offering low regulatory hurdles, affordable costs, and less competition from large international players.
“If you’re a founder, Cambodia is forgiving. You don’t burn as much capital. You have space to learn,” Dara said. “And when you get it right, you build confidence for the next level—Vietnam, Thailand, maybe even beyond.”
Advice for Aspiring Entrepreneurs
For those considering starting their own venture in Cambodia or the region, Dara’s advice is refreshingly simple.
“There’s never a perfect time. You’ll never feel 100% ready. Just do it,” he said. “Start solving problems one by one. Surround yourself with good people. And be humble enough to ask questions along the way.”
