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China鈥檚 quickly rising Starbucks competitor has announced its raise of $200 million led by and . You鈥檒l recall that the coffee-focused startup was reported to be raising a round of between $100 and $300 million in November. This confirms those reports.

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The raise brings Luckin鈥檚 total known funding to. The company first raised $200 million also led by Singapore鈥檚 GIC back in July. At the time, the company was valued at $1 billion. Luckin more than doubled its valuation to $2.2 billion, according to Reuters.

Luckin has gained a name for itself in the startup world, popping up seemingly out of nowhere with the goal to overtake Starbucks鈥檚 market share in China. The of combining very cheap prices with delivery and massive brick and mortar expansion is proving to be a challenge for Starbucks.

Some also included Dazheng Capital as a Luckin Coffee investor.聽We were unable to confirm this information prior to publication

According to , the company, which officially launched in January, said that it operates over 1,700 stores in 21 cities in China. According to , Starbucks, which launched in the mainland in 1999, has more than 3,400 outlets in 140 cities. Bloomberg also notes that a cup of coffee at Luckin is 30 percent cheaper than one at Starbucks. In August, Starbucks to pilot a delivery service for 150 stores in Beijing and Shanghai. In September, Luckin partnered with Tencent as well.

Luckin will use the money to continue its rapid expansion.

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