Chinese upstart Luckin Coffee raised $200 million Series B as it targets even faster delivery time for its brew.
Subsidies play a key role in the coffee company’s plan to seize the Chinese market.
Luckin doubled its valuation to US$2 billion after a recent funding round.
Hot Chinese coffee company’s new fundraising comes just months after last round.
The company said it operates 100% under the direct sales model and has not accepted franchising of any form.
With tech giants moving aggressively into new retail, the coffee market is reaching its boiling point.
China’s “new retail” startup Luckin Coffee announced today to accelerate and expand its business in light meals and snacks. The news comes just days after rumors that Luckin’s biggest competitor Starbucks is planning to deliver coffee with the help of Alibaba-owned food delivery platform Ele.me. During its press event on August 1st, Luckin introduced a price […]
Guo Jinyi, co-founder and senior vice president at Luckin, responded to the Alibaba-Starbucks deal by saying that traditional retail, even with the increased takeaway and mobile payments, is not necessarily new retail since the fundamental business model had not changed.
Global fast food giant McDonald’s has launched an online delivery service for McCafé, its coffee-house-style food and beverage chain.
Starbucks said to deliver coffee in tie-up with Alibaba’s Ele.me —SCMP What happened: Starbucks is planning to deliver coffee with the help of Alibaba-owned food delivery platform Ele.me, according to unnamed sources. The move comes after Starbucks reported a 2% decline in revenues for the last quarter. The two companies are yet to confirm the news. […]