Naixuecha Revenue, Valuation, Funding & Investors

Naixuecha is valued at $1.8B as of December 2020.

Last Naixuecha valuation

$1.8B

Series C · Dec 2020

Last Naixuecha funding round

$100M

Series C · Dec 2020

Naixuecha revenue

$725M

Series A · Mar 2018

Key investors in Naixuecha

  • Shenzhen Capital Group
  • YF Capital
  • Tiantu Capital
  • PAG

Naixuecha Overview

About Naixuecha

Naixuecha is a Shenzhen-headquartered new-style tea chain founded in 2015 under Shenzhen Goods Road Restaurant Management. The brand serves fresh tea drinks paired with soft European breads, targeting urban women aged 20-35, with tea bases refreshed every four hours. By 2023, it operates more than 1,500 directly managed stores across over 100 Chinese cities and Southeast Asia. Naixuecha reached unicorn status in 2018 at a 6 billion yuan valuation and listed on the Hong Kong Stock Exchange in June 2021.


Founded

2014

HQ

ChinaShenzhen

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Revenue

$725M (Mar 2018)

Valuation

$1.8B (Dec 2020)

Naixuecha Valuation

Naixuecha is currently valued at $1.8B, based on its Series C in December 2020.

The $100M round was led by PAG, with participation from YF Capital.

Naixuecha's valuation has grown 1.9x from $950M at its Series A in March 2018 to $1.8B in December 2020, across 2 priced rounds.

Naixuecha valuation by funding round

Revenue multiple
Naixuecha valuation by funding round
DateStageValuationRevenue Multiple
Dec 2020Series C$1.8B-
Mar 2018Series A$950M1.3x

Naixuecha Revenue

Naixuecha's latest recorded revenue is $725M, as of its Series A in March 2018. At a $950M valuation, that implies a 1.3x revenue multiple.

Naixuecha revenue by funding round

Naixuecha revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Mar 2018$725M$950M1.3xSeries A

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Naixuecha Funding History

Naixuecha has raised a total of $216M across 3 funding rounds.

Naixuecha's first fundraising round was a $16M Series A in March 2018. The most recent completed round was a $100M Series C in December 2020.

Naixuecha funding rounds

Naixuecha funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Dec 2020Series CPAG (lead); YF Capital$100M$1.8BNaixuecha (also known as Nayuki) is a Chinese tea beverage company specializing in fresh fruit tea products, operating as a chain of stores. It has raised a total of $100M across 5 funding rounds, with the December 2020 round involving investors PAG and YF Capital, led by PAG, matching the query details. This round valued the company at $1,600-$2,000 million post-money. The December 2020 funding positioned Naixuecha as a unicorn, reflecting strong growth in the competitive bubble tea and new tea drink market in China. Following this round, Naixuecha pursued an IPO on June 30, 2021, transitioning from private VC funding to public markets.
Jun 2020Series BShenzhen Capital Group (lead)$100M-Naixuecha (Nayuki), a Shenzhen-based new tea drink chain founded in 2015, operates tea houses across China, with 349 locations in 50 cities as of February 2020, and offers on-demand ordering via WeChat. The company raised nearly USD 100 million in a new funding round around October 2020 led by Shenzhen Capital Group, following its Series A+ round over two years prior, after which it was valued at RMB 6 billion (USD 849 million). Valuation and use of funds for this round were undisclosed. Naixuecha was preparing for an IPO, shifting from the US to Hong Kong amid the Luckin Coffee scandal. In 2020, the company reported revenue of RMB 3.057 billion, with steady growth from RMB 1.087 billion in 2018 (CAGR 67.7%), and achieved adjusted net profit of RMB 16.64 million (non-IFRS) or RMB 62.17 million under IAS 17, despite the epidemic. It later IPO'd on the Hong Kong Stock Exchange in June 2021 as Nayuki Holdings (2150.HK), raising HKD 4.84 billion net at HKD 19.80 per share.
Mar 2018Series ATiantu Capital (lead)$16M$950MNaixuecha (also known as Nayuki), a premium tea brand founded in 2015 and headquartered in Shenzhen, China, operates directly managed teahouses specializing in high-end tea beverages. The company gained prominence as a leader in the premiumization of China's tea sector, positioning itself among luxury tea startups alongside artisanal coffee and craft beer brands. In its Series A round in 2017, Naixuecha raised $15.2 million at a post-money valuation of $900 million, nearly achieving unicorn status, as detailed in the China AgriFood Startup Investing Report 2017. A subsequent A+ round in March 2018 valued the company at 6 billion yuan (approximately $900 million), making it the first publicly disclosed unicorn in the tea industry, backed by Tiantu Capital among other investors. Tiantu Capital, a consumer-focused VC, participated in multiple Naixuecha financings from 2017 through 2018, including onshore rounds totaling hundreds of millions RMB, supporting expansion of its teahouse network.

Who has invested in Naixuecha?

4 investors have backed Naixuecha across its funding rounds, including Shenzhen Capital Group, YF Capital, Tiantu Capital and PAG.

Lead investors include PAG, Shenzhen Capital Group and Tiantu Capital.


Naixuecha Investors

Investors in Naixuecha by funding rounds participated
InvestorHQRoundsRoleFirst check
YF CapitalChinaShanghai1ParticipantDec 2020
PAGJapanTokyo1LeadDec 2020

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Investments by Naixuecha

Naixuecha has invested in 2 companies to date.

Latest investment by Naixuecha was on December 5th 2022. Naixuecha invested in LELECHA in their $75M Undisclosed stage round.


Latest Investments by Naixuecha

LELECHA
Hesuo
Description
LELECHA is a China-headquartered beverage company that blends traditional Chinese tea with European-style bagged packaging formats. The firm produces ready-to-drink teas and develops franchise models for retail distribution. LELECHA operates outlets in major cities and exports products featuring green tea, oolong, and fruit infusions to Asian markets.
Hesuo is a Beijing-based catering brand specializing in zero-sucrose baked goods and desserts. The company produces low-sugar scones, jujube cakes, puddings, and pastries using natural sweeteners like stevia and monk fruit. Distributed through supermarkets and online platforms in China, Hesuo caters to health-conscious consumers managing diabetes. The brand operates production facilities in northern China, emphasizing clean-label ingredients.
HQ CountryChinaChina
HQ City
Shanghai
Beijing
Deal Date5 Dec 202220 Oct 2022
RoundUndisclosed stageAngel
Raised$75M$1M
Investors--
Valuation$174Mundisclosed
EV/Revenue
EV/EBITDA

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Naixuecha Competitors

Naixuecha competitors include listed companies like Devyani International and Guzman y Gomez, and private ones like Gousto, Rebel Foods, Kopi Kenangan and Country Delight.

Public and private companies comparable to Naixuecha
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GoustoUnited KingdomLondonPrivate$415M$56M$2.1B-
Rebel FoodsIndiaMumbaiPrivate$173M-$1.4B8.1x
Kopi KenanganIndonesiaJakartaPrivate$184M-$1B5.4x
Country DelightIndiaGurgaonPrivate$148M-$820M5.5x
Devyani InternationalIndiaIndiaPublicly listed$581M$89M$1.8B3.5x
Guzman y GomezAustraliaAustraliaPublicly listed$393M$69M$1.8B5.1x

Naixuecha Public Comps

Naixuecha is still privately-owned, but its public comps include Devyani International, Guzman y Gomez, Bell Food Group, Thai President Foods, SSP Group, SADAFCO, Nestle Nigeria, Mayora Indah, AVI and Yankershop Food Co.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Devyani International$581M$89M3.7x3.5x24.2x22.0x
Guzman y Gomez$393M$69M5.0x5.1x28.6x29.6x
Bell Food Group$5.9B$446M0.5x0.5x6.4x5.8x
Thai President Foods$830M$187M1.9x-8.4x-
SSP Group$4.9B$693M1.0x1.0x7.1x9.4x
SADAFCO$800M$161M2.0x1.9x10.0x12.4x
Nestle Nigeria$908M$229M2.3x2.0x9.0x8.7x
Mayora Indah$2.2B$295M0.8x0.8x6.2x6.1x

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Common questions about Naixuecha

When was Naixuecha founded?Naixuecha was founded in 2014.
Where is Naixuecha headquartered?Naixuecha is headquartered in Shenzhen, China.
Is Naixuecha publicly listed?No, Naixuecha is a private, VC-backed company.
What is Naixuecha's valuation?Naixuecha was last valued at $1.8B in its Series C in December 2020.
How much funding has Naixuecha raised?Naixuecha has raised $216M across 3 funding rounds.
What was Naixuecha's last funding round?Naixuecha's last funding round was a $100M Series C in December 2020, led by PAG.
Who are Naixuecha's investors?Naixuecha's investors include YF Capital, PAG, Shenzhen Capital Group and Tiantu Capital.
What is Naixuecha's revenue?Naixuecha's latest recorded revenue is $725M (March 2018).
What is Naixuecha's revenue multiple?Naixuecha's latest valuation implies a 1.3x revenue multiple ($950M valuation on $725M of revenue).
Which companies are comparable to Naixuecha?Companies comparable to Naixuecha include Gousto, Rebel Foods, Kopi Kenangan, Country Delight, Devyani International and Guzman y Gomez.
How many companies has Naixuecha invested in?Naixuecha has invested in 2 companies, including LELECHA and Hesuo.
What was Naixuecha's last investment?In December 2022, Naixuecha invested in LELECHA's $75M undisclosed-stage round.

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