"Mr. Zhang, as you said, Wanli Travel's business model is not fundamentally different from Dudu and Kuaidu, but so far we have always taken the initiative in this industry."
"I think this is enough proof that our team and business strategy are superior to the other two companies."
"Although it seems self-proclaimed to say this, you should be able to understand that the industry position we already occupy will only become more and more stable, and we are almost in an invincible position."
Zhang Lei said with an undiminished smile: "I'm afraid neither Dudu nor Kuadu will agree with what you said. In fact, they have also approached me before."
"The reason why I am willing to meet you this time is not only because of Jenny's recommendation and because I want to get to know you, a striking young entrepreneur, but I am also looking forward to what fresh ideas you can bring to me."
"Lin Yi, I have been observing the taxi-hailing industry for a long time."
"You may have heard the story about how I invested in a dog factory. When my junior fellow from Jiangsu University's Department of Sociology came to me, he only wanted $75 million, but I gave him $300 million."
"Of course I gave him so much because I wanted to get more shares in the dog factory, but the more important reason is that I think he needs so much money to build his own unique leading advantage."
"But in the taxi-hailing industry, I have not found an irreplaceable key factor like logistics infrastructure, which can firmly lock the industry position and eliminate other competitors through large investments."
Zhang Lei is of course very good at calculating accounts, and sometimes he can calculate things more clearly than the entrepreneur himself. What he means is probably "I can afford to spend the money, but I have to spend it in a worthwhile way."
In view of the great significance of the money from Gaoling Capital to Wanli Travel, Lin Yi could no longer hide it and hold it back.
"Mr. Zhang, the current industry structure is very clear. The reason why Wanli, Dudu and Kuadu exist side by side is directly related to BAT's mutual success."
"But after experiencing the subsidy war at the beginning of the year, all three companies have realized that continuing such a battle will have little or even meaningless results."
"The next development direction is also very clear. It is imperative that the industry will face a new round of integration. Uber's entry into China will only accelerate this process."
"In fact, Uber's Kalanick came to us and wanted to control Wanli Travel, but we rejected it. This can be regarded as a signal."
"Mr. Zhang, you know very well that the snake swallowing the elephant is just a fable. In the real business world, the right way to conquer the small is to swallow the small. That's why I just said that traveling thousands of miles has blocked the industry position."
Zhang Lei looked at him and nodded in approval, but he still didn't let go: "Lin Yi, according to Gaoling Capital's investment strategy, I am not anxious to get involved in this mess, and I can wait for you to decide the winner.
We’ll take action later.”
"I hope you don't mind saying this, that is, for me, whether you win, beep, or beep fast, it makes no difference to me."
Lin Yi thought about it for a moment before continuing: "Mr. Zhang, of course I know that with the capital of Gaoling Capital, I can enter this game at any time."
"You said time is a friend. I think the key lies in timing."
"Before the subsidy war, the taxi-hailing industry was still a very early-stage entrepreneurial market and was not the target range of Gaoling Capital."
"But it has already reached a considerable scale since then. This is the reason why we dare to come up with this financing plan this time."
"What I want to say is that now is the time for Gaoling to take action. If we continue to wait and see just because the situation is unclear, I think we will miss a lot of benefits."
"I can make it more clear, Mr. Zhang, whether you agree or not that I just said that Wanli Travel is in an invincible position, but at least Gaoling Capital can be in an invincible position."
"In this case, the sooner you make more money, right?"
Zhang Lei showed an expression of appreciation. As an investor, he really liked what Lin Yi said just now. Gaoling Capital is invincible.
This may be a judgment or a promise.
Is there any business in the world where you can make a profit without losing money?
It's hard to talk about it, but Zhang Lei does have this confidence. No matter whether Lin Yi is the one in charge of the matter in the end, no one can ignore his interests in this industry.
Zhang Lei returned to China in 2005 and founded Gaoling Capital. This year is 2014. In less than ten years, everything has changed from what it was before.
He stretched out his hand again: "Congratulations, Lin Yi."
Lin Yi shook hands again and replied: "Congratulations to us."
…
Although I spent a lot of effort and words on Zhang Lei, once I agreed, it was immediately proven that it was all worth it.
Gaoling Capital was really generous, offering US$500 million.
Lin Yi did not refuse, nor was he qualified to refuse. Fortunately, the two parties did not have much disagreement on the valuation, and the money was finally settled.
After receiving the good news, Lin Yi did not take it back to the company to share it immediately. Instead, he found his previous financial backer, Dad Xiong Chang.
It seems a bit too hasty to call him "previous" now. In short, Robin Li also expressed his welcome, which represents another big step forward for Wanli Travel.
Of course, Xiong Factory will also invest a sum of money as a follow-up investment in this round, but with Gaoling Capital taking the bulk, a slight dilution of equity is unavoidable.
With these two funds as a base, the rest is very simple.
Liu Jianni found several interested institutions that they had met and talked with in the United States before. Wanli Travel’s current round of financing has already been led by big-name private equity investors.
This was good news for other people, so much so that their enthusiasm became even higher, and the amount they quoted exceeded their actual needs for traveling thousands of miles. Lin Yi and the others made the allocation after considering it.
After the framework was finalized, the procedural matters were not so fast. After all, it was such a large amount of financing. However, with Lin Yi's request and Liu Jianni's responsible coordination, they were able to get it done by the end of August.
After the money arrived, Wanli Travel officially announced:
“The company has completed Series B financing with a total amount of US$800 million, and its post-investment valuation has reached US$4 billion. The leading investor is Gaoling Capital, a well-known investment institution, and Xiongchang and other institutions followed.
The company thanks all investors for their continued care and support, and will continue to improve its products and services, continue to create value for society, and repay the trust of shareholders..."
There is a saying that "the fewer the words, the bigger the matter." This announcement has that flavor.
When the news was released, Wanli Travel did not take the initiative to contact any media for publicity, but it spread throughout the industry almost immediately.
Raised 800 million!
Valuation: 4 billion!
After Uber received a new round of financing of US$1.2 billion in June this year at a sky-high valuation of US$17 billion, becoming the highest amount this year, in just two months, the taxi-hailing industry once again attracted everyone's attention.
Wanli Travel’s current round of financing has also created many firsts in the field of domestic entrepreneurship and venture capital, and Lin Yi’s favorite first is this:
"It was founded less than a year ago, and the fastest unicorn in history was born, with a journey worthy of its name!"