Indonesia is the fourth largest coffee producer in the world. However, coffee is generally sold in its original form, even though the diversification products of coffee, such as decaffeinated coffee, have a higher selling price. One of the coffee-producing areas in Indonesia is Malang-East Java which has superior coffee commodities and does not yet have diversified products, such as Arjuno coffee (Arabica and Robusta) originating from the Mount Arjuno area. In this work, the decaffeination of Arabica and Robusta Arjuno coffee was conducted through anaerobic fermentation by Rhizopus oligosporus. An analysis of the business feasibility and production risk was also carried out. The results showed that caffeine content in the coffee significantly decreased with fermentation time. The caffeine content in Arabica and Robusta Arjuno coffee beans after 72 hrs of fermentation declined by 19.9% and 57.8% to 2.3% and 1.7%, respectively. Fermentation did not significantly change the physical of the beans but enriched the taste of coffee, where the flavor was strongly affected by the fermentation time. The analysis of the business feasibility and production risk showed that the decaffeinated Arabica and Robusta Arjuno coffee business provides a profit seven times higher than the existing coffee business.