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Chinese upstart Luckin Coffee seeks funds to double valuation to $2 billion, say sources: Reuters

Nov 06, 2018 - peHUB

Luckin Coffee, an up-and-coming coffee chain with ambitions to challenge Starbucks Corp (SBUX.O) in China, is targeting a valuation of $1.5 billion to $2 billion as it launches a new round of funding, people familiar with the matter told Reuters.

The fundraising comes as Luckin expands at breakneck speed across China. The firm only officially launched in January and yet has already opened over 1,400 cafes in 21 cities under a supercharged growth plan based on cheap delivery and online orde...