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.
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 […]
Luckin Coffee, the coffee shop startup using market acquisition tactics borrowed from China’s internet companies, has written an open letter to Starbucks accusing it of monopolistic practices in the country and proposing a possible lawsuit, according to Tencent News (in Chinese). Luckin has taken issue with Starbucks’ exclusivity rights with property owners and putting pressure […]
Heytea started out in southern China’s Guangdong province in 2012 and later expanded to most tier-one and tier-two cities in China.
Coffee chains in China like Starbucks and Luckin face growing competition from the likes of the offline retail giant.