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Nayuki Tea, China’s bubble tea chain store, has raised nearly US$100 million in a new funding round ahead of a potential listing in Hong Kong.
Established in 2015, Nayuki targets mainly young urban women. It has 349 stores in more than 50 cities across China as of February, and had successfully raised funds in 2016 and 2018. The firm has a net worth of US$848 million.
Its main rival Heytea has also successfully raised fund in March and has a net worth of Rmb 16 billion (US$2.28 billion).
Judging from both company’s financial performance, bubble tea is no longer a short term fad but is expected to remain as an industry, in its own right.
