Luckin responded Monday to fraud allegations from an anonymous report publicized by short seller Muddy Waters on Friday.
Naixue’s Tea, one of China’s largest tea beverage chains, is reportedly looking to raise $400 million in a US IPO as early as this year.
The results reflect an improved cost control strategy.
Users can locate the nearest coffee machine and place an order through the Luckin app.
The news also immediately comes after a delivery partnership between Luckin and Meituan was announced in December 2018.
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.
China’s fast-growing “new retail” startup and purveyor of coffee Luckin has announced it has completed its A round of financing worth $200 million valuing it at $1 billion. The round was financed by Dazheng Capital, Joy Capital, the Government of Singapore Investment Corporation (GIC) and Legend Capital, Sohu reports. The rise of Luckin shows that […]
Coffee chains in China like Starbucks and Luckin face growing competition from the likes of the offline retail giant.