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Tea Is The New Coffee: Bubble Tea Chain Gets $2.3 Billion Valuation

From: technode.com

Heytea, one of China’s largest tea beverage chains, is reportedly closing a new round of financing which will valuate the business north of RMB 16 billion ($2.3 billion), up from its last valuation of RMB 9 billion in July.

Beverage categories are blurring in China with bubble tea chains Heytea and Naixue’s Tea competing head-on with coffee giants like Starbucks and Luckin Coffee.

Heytea started out in southern China’s Guangdong province in 2012 and later expanded to most tier-one and tier-two cities in China.

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