"Luckin Coffee" may double valuation

"Luckin Coffee" may double valuation

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China’s Luckin Coffee, a quickly-expanding chain with a strong mobile ordering component, is targeting a valuation of up to $2 billion as it launches a major new round of funding. At that level, Luckin would double its value from just a few months ago.

Reuters reports that the firm could pick up between $100 million and $300 million, pushing its valuation from $1 billion to $1.5 billion to $2 billion.

Luckin has thrived in the Starbucks-dominated China market, as customers embrace its smartphone-focused cashless stores.

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"Luckin Coffee" may double valuation <