The results reflect an improved cost control strategy.
The coffee upstart is expanding aggressively across product categories and markets.
Users can locate the nearest coffee machine and place an order through the Luckin app.
Luckin’s expansion to the Middle East and India extend its competition with Starbucks to more markets.
The funding is raised at a valuation of $2.9 billion, up from $2.2 billion in December.
Coffee chains in China like Starbucks and Luckin face growing competition from the likes of the offline retail giant.