Starbucks' Chinese rival Luckin Coffee filed to go public in the US
A deliveryman leaves a Luckin Coffee store with a takeout box for online sales in Beijing, China July 17, 2018. Picture taken July 17, 2018.Two people with direct knowledge of the matter told Reuters the startup is potentially looking to raise $500 million to $800 million from the listing which is scheduled to take place in May.
Another source said the loss-making company is aiming for a valuation of between $4 billion to $5 billion, a significant jump from $2.9 billion following its latest fundraising of $150 million that was announced last week. However, the company is still loss making and has warned that it could continue to incur losses in the foreseeable future.
It has also expanded outside coffee, allowing customers to purchase food and other beverages such as grapefruit cheese jasmine tea and Sichuan cold noodles with pulled chicken via its app. The coffee chain was co-founded by Chief Executive Qian Zhiya, the former chief operating officer of car rental firm Car Inc, and two other senior executives, and it is backed by Singapore's sovereign wealth fund GIC Pte Ltd.
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