Milk tea chain Heytea has received just over $63m from Meituan Dianping as it looks to more than double its number of branches this year.
Local services platform Meituan Dianping has provided RMB400m ($63.1m) in funding for China-based milk tea brand Heytea, Shine News reported on Wednesday.
Founded in 2012, Heytea operates a chain of 90 milk tea outlets spanning 13 Chinese cities.
Milk tea, a drink where tea is flavoured by various fruits or topped with extra ingredients like cheese, has become increasingly popular in the country resulting in large queues outside some Heytea branches.
The funds will support an expansion that will allow…
