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Chinese boba tea chain Chagee files for US IPO, reports rapid expansion
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TechNode
According to its prospectus, Chagee reported gross merchandise volume (GMV) of RMB 29.5 billion ($4.1 billion) in 2024, a 173% increase from the previous year.
By the fourth quarter of 2024, the company operated 6,440 stores worldwide, up 83% from a year earlier.
This expansion has driven a surge in GMV and revenue, with sales coming from product sales and services provided to franchisees.
In 2023, Chagee reported revenue of RMB 4.64 billion ($640 million), nearly tripling to RMB 12.4 billion in 2024.
As of the end of 2024, Chagee operated 156 stores in Malaysia, Singapore, and Thailand.
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