Starbucks’ China rival Luckin Coffee on Wednesday announced that it has raised $200 million in a Series B funding round at a $2.2-billion valuation. The funding round was led by investors including Singapore’s sovereign wealth fund GIC and China International Capital Corporation. Luckin Coffee was officially launched in January 2018 and has raised a total of $400 million to date.

This short was originally published on Inshorts, based on an article in TechCrunch.