The results reflect an improved cost control strategy.
Users can locate the nearest coffee machine and place an order through the Luckin app.
Michael Norris discusses Luckin Coffee’s IPO and how much of the business actually makes sense.
More and more fast-growing startups are headed to IPO while hemorrhaging money.
The news also immediately comes after a delivery partnership between Luckin and Meituan was announced in December 2018.
A web of CAR Inc and UCAR personnel, resources and investors are behind Luckin’s expansion.
Coffee Box seeks to regain profitability amidst heightened competition and a cooling capital market.
If China’s coffee market continues to expand, there may be room for two, possibly even more, big coffee purveyors.
The funding is raised at a valuation of $2.9 billion, up from $2.2 billion in December.
Coffee Box began by offering delivery services from coffee chain brands including Starbucks.