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.
