Ren Yu from Penguin Industrial Investment Fund greeted Zhang Yida with a smile.
"Hey, Brother Ren, please take a seat. We are a distinguished guest!"
Zhang Yida thought he was just joking with Bonima, but unexpectedly, he actually sent Ren Yu.
"Yida, Mr. Ma has told you about the WeChat Jiugongge!
We come here with sincerity this time and will definitely give Huimin Bicycle the best cooperation price."
Ren Yu's words made Zhang Yida very suspicious. When did Penguin become so kind and send warmth to impoverished entrepreneurs?
After Zhang Yida thought about it, there was only one possibility. Penguin saw that the shared bicycle market pattern had become clear, and he was ready to bet on Huimin Bicycle, which had the best chance of winning.
Zhang Yida's guess is very close to the truth.
Before Ren Yu left, Bonima warned: "Old Ren! The pattern of shared bicycles has basically been finalized, and Huimin Bicycle is the king.
Yonganxing belongs to Ahri, and Didi itself is still fighting against Uber, not to mention Little Blue Bicycle.
Go talk to Zhang Yida and finalize the cooperation if the price is right!
If Jiugongge is idle, it is idle, why not exchange it for some shares.
Our shareholding in Huimin Travel is too small, less than 5 points.
This time, be sure to increase the shareholding to more than 5%.
In addition, shared bicycles are destined to become a huge traffic portal, and if they are embedded in WeChat, they can also share some traffic."
"How good is it? Don't come here if it's US$500 million in five years. Ruixiang is still being criticized by other shareholders."
After Ruixiang is connected to the Penguin Jiugong Grid, the drainage effect is still there, but because the volume of Ruixiang is larger, the effect is becoming less and less obvious.
Zhang Yida finally understood that by connecting to Jiugongge, the smaller the company, the more cost-effective it is, and there are not many overlapping users.
"Ahem!" Ren Yu laughed dryly and added: "Well... there is a discount this time, 50% off, 250 million US dollars."
"It's too expensive! We are all small businesses and we can't afford such expensive services."
Zhang Yida pretended to be indifferent, but in fact he was very concerned about this nine-square grid.
Yonganxing may soon launch an APP. At this time, Huimin Bicycle must find Penguin to cooperate!
It’s not that he’s afraid of Ahri. The main business model of bike-sharing is that Yong’an Xing cannot do anything without it.
If I don't destroy other bicycles, it's disgusting to be in a price war with you all the time.
Therefore, Zhang Yida does not want to miss any cooperation that is beneficial to Huimin Bicycle.
Ren Yu thought to himself, "You are still a small business, but Huimin Travel Group's valuation is almost US$4 billion!"
When Penguin was first listed, its market value was not as high as your valuation.
There are rumors that Huimin's valuation exceeds US$5 billion, but as a shareholder, Penguin knows the details very clearly. Even if it acquires Baimo, its valuation has only risen to US$3.86 billion.
Ren Yu shook his head and said with a smile: "This doesn't really require you to pay. Jiugongge is for you to use, and Huimin can issue some additional shares."
"How much additional issuance? It's too much. I'm not sure I can convince other shareholders."
Zhang Yida does not object to issuing additional shares. After all, the company does not need to spend real money, and the internal consumption value of the company has also increased.
Although the shares have been diluted, the valuation has also increased.
The most important thing is to use the power of penguins to quickly defeat all competitors.
"Issuing an additional US$250 million in shares! In this way, the valuation of Huimin Travel will exceed US$4 billion."
"If you don't want five years, sign for three years! An additional US$140 million in shares will be issued, and the valuation will reach US$4 billion."
Zhang Yida will not sign a cooperation agreement as long as five years. In fact, the shared bicycle market will be able to determine the winner in one or two years.
But if the signature is too short, Penguin will definitely not agree.
"Okay, let's leave it at that! Inform the other shareholders and convene the board of directors!"
Ren Yu thought about it briefly and agreed to Zhang Yida's conditions. The discount was only US$10 million, which was not too much.
Then, Huimin Travel Group held a board meeting, at which the topic of "Penguin exchanging resources for shares" was raised.
After a brief discussion, the resolution was quickly passed.
Huimin issued an additional US$140 million in shares to Penguin at a pre-money valuation of US$3.86 billion.
The latter's shareholding ratio increased from 4.33% to 7.68%, and Zhang Yida's shares were diluted to 35.74%.
What is announced to the outside world is that Penguin has strategically invested hundreds of millions of dollars in Huimin Travel Group.
The media said directly: Huimin Travel has become an emotionless financing machine.
At the same time, it also brought greater pressure to Xiaolan Bicycle and Yonganxing.
Huimin Travel Group does not lack funds, resources, traffic...it lacks nothing. As long as it does not make mistakes, it may never be able to catch up with others in its lifetime.
…
Pinduoduo also launched its second round of financing, and the participants were Zhang Yida’s old friends Shen Beipeng and Xu Xiaoming.
“Pinduoduo has been operating since April. In four months, its GMV has exceeded RMB 3 billion, and its GMV in a single month has exceeded RMB 1 billion.
According to the GMV valuation method, the P/GMV (market value/transaction flow) value of Ali and Goudong's listings is 0.6.
Based on this inference, Pinduoduo's pre-money valuation is US$900 million..."
Zhang Yida was still introducing, but Xu Xiaoming interrupted him and said: "OK, the valuation is US$900 million, right? We accept it, Yida, just tell us how much we need to raise?"
Shen Beipeng also spoke. He said: "The angel round financing is only US$200 million, which has increased several times. It will be impossible if we don't get on the bus earlier! If it is later, I'm afraid I won't be able to afford the investment."
Now Xu Xiaoming and Shen Beipeng have great trust in Zhang Yida, and they have never failed in so many projects.
Now that Pinduoduo is supported by transaction data and its valuation is basically correct, they are not even prepared to pay back the price.
Zhang Yida added: "Just raise 100 million US dollars, and if you put it together, you will become a unicorn. As for the share, the two teachers can discuss it!"
"Only 10%? Yida, this is not like your style."
Shen Beipeng was a little dissatisfied and asked jokingly.
“E-commerce is a money-burning business, and it will require at least three or four rounds of financing later.
So the financing share will not be released too much in each round."
Zhang Yida knew that in his previous life, Huang Xing still held more than 40% and close to 50% of Pinduoduo's shares after it went public.
The reason why so many shares can be retained is not only that Pinduoduo develops quickly enough and its valuation rises quickly enough, but also because Huang Xing himself has a certain net worth.
Of course, the biggest reason is that Huang Xinghuo has a good grasp of the situation and every round of financing is just right.
This is just right, which means that the share released in each round of financing is just right, not too much and not too little. If it is too much, it will weaken the founder's shares, but if it is too little, it will affect the development speed of the company.
Seeing Zhang Yida's firm attitude, Shen Beipeng didn't do much to persuade. He turned to look at Xu Xiaoming and said with a smile: "Old Xu, it's still the same old rule, 28 points."
Xu Xiaoming swung his head like a rattle and said, "No, you take advantage of me every time. This time you let me do it once, I will give you two."
"Hey, I heard that a new fund has been raised. Does this mean you are getting richer?"
Shen Beipeng joked that unlike Xu Xiaoming, Blackshirt Capital is headquartered in the United States and has been engaged in venture capital since the 1970s. He has a solid background and has basically never been troubled in raising funds or the like.
Zhenke Fund is different, it is equivalent to Xu Xiaoming starting his own business.
In the early days, Xu Xiaoming, in addition to his own investment and Wang Qiang's, also invested in a few business friends.
Their money is not that small compared to ordinary people. But in the venture capital industry, it is just a drop in the ocean.
In addition, Blackshirt Capital is also an LP of Zhenke Fund and has invested a lot of money in the latter.
"That's right, I'm rich now. I'm not going to be the little brother behind you anymore. I want to be the big brother this time."
Xu Xiaoming is now "trembling". In the past, he could brag to others for a long time if he voted for Chen Ou accurately.
Now that I have chosen Zhang Yida correctly, I won’t be able to finish it in three days and three nights!
With Zhenke Fund supported by its performance, financing is getting smoother and smoother. Xu Xiaoming’s investments are also becoming more and more generous.
In the past, he invested in angel investments, ranging from hundreds of thousands to millions. When it came to big projects worth tens of millions or hundreds of millions, he would wear a black shirt, and Zhenke alone couldn't afford it.
The purpose of doing this is also based on the investment logic of diversifying investments and spreading risks.
But things are different now. The "rich" Xu Xiaoming dares to invest in big projects on his own.
Shen Beipeng waved his hand and said: "Okay, okay! This time I'll give you 40% of the 64 points. Let's go to the head office!"
"Okay, this is what you said! Haha!"
Xu Xiaoming originally planned to just chat, but he didn't expect that Shen Beipeng was really willing to release more shares to himself. He quickly nodded and agreed.
Blackshirt Capital led the investment with US$60 million, and Zhenke Fund followed with investment of US$40 million, for a total of US$100 million in Series A financing.
Pinduoduo’s shares are changed to:
Zhang Yida: 77.76%
Option pool:8.64%
Sun Yutong:3.6%
Blackshirt Capital: 6%
Zhenke Fund: 4%
It is better to be experienced than to be a stranger. The cooperation between Shen Beipeng, Xu Xiaoming and Zhang Yida has always been more pleasant.
Therefore, whenever Zhang Yida raises funds for a new project, he is always the first to call them.
Another example is the Pinduoduo financing this time. Both parties knew the details. When Zhang Yida mentioned the valuation of US$900 million, the other party did not even pay back the price.
The communication cost is very low, the work efficiency is very high, and the Series A financing was finalized quickly.
After receiving Series A financing, Pinduoduo continued to spend money on marketing and promotion.
In addition to providing a batch of shopping coupons for Ruixiang, Huimin Bicycle, Yimin Wangjin, etc., we also continue to adhere to the "factory-building" strategy.
Create popular products with high quality and low price, and attract users through popular products.
Then, according to the activity status of each user, corresponding shopping vouchers are issued to promote activity.
In addition to group shopping, Pinduoduo has also launched a “bargaining game”.
Users can share shopping pages to major social software, invite multiple friends to bargain for themselves, and receive free pots and pans, paper towels, laundry detergent...
Although some users are disgusted with this marketing model, many more like it.
After all, you can buy things for free by moving your fingers and activating some connections.
For a time, social platforms such as WeChat were in chaos, and the entire Internet was attracted by various hot topics and crazy promotion models.
Someone posted a joke and said: "Are you there? Can you give me a chop?"
This sentence can be called the touchstone of friendship. My kindergarten classmate who I had not contacted for many years suddenly added me on WeChat and the first sentence he said was this."
The end of the sentence is also accompanied by a "dog head" emoji.
Someone else commented: "What do you mean? My ex-girlfriend who we broke up with three years ago suddenly asked me "Are you there?"
I thought she wanted to get back together with me, and I was trying to figure out how to reject her without hurting her self-esteem.
Before I could finish thinking about it, she sent me a link to Pinduoduo and asked: Can you chop it for me?
Damn it, my brain was congested at that time. I replied to her: Please be a human being!"