In the spacious and bright conference room, Zhang Yida introduced to everyone: "This is Mr. Huang Xiwen from Sinar Mas Group."
Standing next to Zhang Yida, Huang Xiwen was dressed in a high-end suit and was well-groomed.
He stepped forward very gracefully and shook hands with GoJek CEO Makarim, Traveloka CEO Fili, Tekopedia CEO William, and RPay CEO An Ping.
The four people, including Anping, had all heard of the name of Sinar Mas Group. Although they were a little surprised, they didn't ask anything.
Zhang Yida continued to introduce: "This is Mr. Li Chuan from Lippo Group."
Li Chuan stepped forward and shook hands with several people. The expressions of the four people were very wonderful, especially Makarim and three other Indonesians.
As soon as they saw each other's Chinese faces and heard their last names, they basically guessed the true identities of Huang Xiwen and Li Chuan.
Son of a chaebol!
Looking at their curious expressions, Zhang Yida called a few people to sit down and said, "Today we have gathered everyone together to discuss the matter of capital increase and share expansion.
Sinar Mas Group and Lippo Group both intend to invest in RPay, so let’s work together to make the cake bigger.”
Feili and William's eyes lit up. They are both Chinese, so they are naturally close to Chinese people. They were very happy to have this opportunity to connect with the two Indonesian Chinese plutocrats.
Makarim is different. He comes from an indigenous Indonesian political family and considers himself to be no worse than the two of them, and even more noble.
He speculated that Zhang Yida's move to win over Chinese chaebols may weaken GoJek's shares, which he cannot tolerate. However, he has not expressed his position for the time being and wants to hear what Zhang Yida has to say.
Zhang Yida added: "I don't need to introduce the situation of Sinar Mas Group and Lippo Group in detail. Everyone here should be aware of it."
Zhang Yida turned to look at Anping again and asked: "Anping, you have been working in Indonesia for half a year. Do you know the situation of these two major groups?"
"I know!" Anping nodded like a chicken pecking at rice.
Anping admired his boss even more at this time. Even two major Chinese consortiums have joined RPay's chariot. The future is bright!
Anping is an old man who joined Ruixiang earlier. He was born in Qiandu and was originally the HR and Administration Manager of Ruixiang. Later he was gradually promoted to HR Director and Vice President of the Group.
His work ability is outstanding. After establishing RPay, Zhang Yida transferred him, who had never been the general manager of the business group, to Indonesia to serve as the CEO of RPay, a holding subsidiary.
Ruixiang dispatched 70 or 80 Chinese employees to Indonesia. They were unfamiliar with the place, so personnel and administrative work was particularly important.
After Anping came over, he did a pretty good job, and both Chinese and Indonesian employees were treated obediently.
Zhang Yida continued: "Among RPay companies, Ruixiang provides technology and models, and GoJek, Traveloka, and Tekopedia provide application scenarios.
The Lippo Group has dozens of banks and financial companies, and their participation will be of great help to RPay in developing richer financial services in the future.
In addition, Lippo Group also owns numerous supermarkets and shopping malls, such as: Matai Halli Department Store, the largest department store chain in Indonesia, Robinsons Department Store in Singapore, Little John Department Store in Singapore, and Ma'an Department Store in Singapore and Malaysia.
Sha department store...
The cooperation between Lippo and RPay can greatly enrich RPay's offline usage scenarios and expand its business to Singapore and Malaysia.
In addition to Bank Indonesia, Sinar Mas Group also owns a large number of hotels and properties..."
He Qingxuan, who was sitting aside and taking notes of the meeting, was also very surprised when he heard Zhang Yida describing the two major groups.
Yesterday, she saw Li Chuan's grand display. After returning to the hotel, she searched for "Lippo Group" and was surprised by the amount of information that came out.
Another Jinguang Group came today. She guessed it was also a big chaebol, so she would search for it after a while.
“In short, the joining of Sinar Mas Group and Lippo Group will greatly enhance the strength of our RPay.
What we lack most right now is time. Nowadays, a number of mobile payment companies have emerged in various countries in Southeast Asia.
If we cannot seize the market as soon as possible, what awaits us will be endless commercial wars.
Just like our subsidy war with WeChat Pay and Alipay in China, we lose hundreds of millions of dollars every year."
GoJek CEO Makarim asked: "In Mr. Zhang's opinion, how will this round of capital increase and share expansion unfold?"
Zhang Yida asked Anping: "Tell me about RPay's current operating data and valuation."
Anping opened the folder on the table and read: "RPay currently has more than 5 million registered users and more than 1 million daily active users... The operating income is US$1.217 million, and the net profit is -US$6.086 million.
Valuation is $100 million."
"With only 1 million daily active users, the valuation is US$100 million." Huang Xiwen expressed dissent.
Makarim glanced at Huang Xiwen and said: "With 5 million registered users, each user is only valued at US$20. I think the valuation is too low."
Li Chuan supported Huang Xiwen: "The key is that the existing 5 million registered users are all obtained through subsidies, and the future retention rate is hard to say.
Based on the number of daily active users, I think US$50 is more reasonable, which means RPay is valued at US$50 million.
As far as I know, when RPay was established, all four of you must have invested only US$5 million!"
Makarim refuted: "Although the cash injection was only US$5 million, Ruixiang provided various mobile payment technologies and patents, as well as dispatched a technical and operational team of 80 people from China. These are also resource investments.
In addition, we, GoJek, Traveloka, and Tekopedia, have been sparing no effort to help promote RPay in the past six months, and we have not even charged a penny in advertising fees.
These can also be regarded as a kind of resource investment.”
"Mr. Makarim, don't get excited. Even if you factor in these resources and estimate it at 5 million US dollars, plus 5 million US dollars in cash, it will be 10 million US dollars.
We are willing to give a pre-money valuation of US$50 million. In half a year, this has increased five times!”
Li Chuan is also a top student who graduated from Wharton Business School. He had a lot of arguments with Makarim, a graduate of Harvard Business School.
Of course, Philly and William also preferred a valuation of US$100 million, but they were afraid of offending the two richest men, so they just played the drums on the side and remained neutral most of the time.
Zhang Yida saw that they had been discussing for a while and were still in a stalemate, so he suggested: "Let's just do this. Both sides take a step back and the valuation is 80 million US dollars."
Zhang Yida's speech was very effective. Li Chuan and Li Chuan nodded in approval. Makarim originally wanted to argue, but seeing Zhang Yida's impatient look, he gave up reluctantly for fear of offending the GoJek investor and RPay major shareholder.
After negotiating the valuation, Zhang Yida added: "Let's talk about the scale of financing next. RPay's development is a bit slow. I recommend investing no less than US$50 million in this round of financing. What do you think?"
Makarim, Feili, and William all nodded in agreement, and Zhang Yida added: "That's it, Ruixiang will lead the investment of US$25 million, and Sinar Mas Group and Lippo Group will each invest US$12.5 million."
As soon as Zhang Yida finished speaking, Makarim objected: "No, GoJek will also invest."
Philip and William did not object and were prepared to sell the two chaebols to save face.
"How much do you want to invest?" Zhang Yida asked Makarim.
Makarim said with some embarrassment: "I want to invest 2.5 million US dollars."
Zhang Yida frowned and said: "You raised a total of US$5 million in the last round of financing, and you have already invested US$850,000 in RPay.
This time you are also investing US$2.5 million, does GoJek still have development funds?”
Makarim looked at Zhang Yida firmly and said: "I want GoJek to launch a round of financing, and then use part of the money to invest in RPay."
Zhang Yida was also impressed by Makarim's tricks and asked him: "If you do this, it is equivalent to diluting Gojek's shares in exchange for RPay's shares. Is it worth it?"
“It’s worth it because Gojek’s current valuation is higher than RPay’s, but I’m quite optimistic about RPay and think RPay’s valuation will not be lower than Gojek’s in the future.
This kind of "share exchange" will not be a disadvantage for Gojek."
Zhang Yida glanced at Makarim, his head is quite easy to use.
"So what is the current valuation of GoJek? How about Ruixiang continue to invest in your round, or Ruixiang helps you provide the 2.5 million US dollars, and you just give us the shares and convert them into Gojek."
Makarim thought for a while and said: "In this way, Gojek is valued at US$250 million. I will personally transfer 1% of the equity to Ruixiang. Ruixiang will give me US$2.5 million and I will invest in RPay in my own name."
Makarim's calculations are very precise. Gojek currently does not have the strength to play this kind of capital game, but he is very optimistic about RPay.
For Gojek, the dilution of its RPay equity holdings is basically a foregone conclusion, and he has no way to reverse it.
From his personal perspective, exchanging his personal Gojek equity for a small portion of RPay equity can greatly diversify risks.
In the future, if one of the two projects succeeds, it will bring him huge personal rewards.
He knows that China Ruixiang is valued at nearly 30 billion US dollars. If RPay has a valuation or market value of 18 billion US dollars in the future, he will be very satisfied.
Even if Gojek does not develop smoothly and goes bankrupt, and the RPay equity he holds is forced to pay off debts, it will not affect his personal RPay equity interests.
"Okay, I promise you."
For Zhang Yida, Gojek’s valuation is only US$250 million, which is not expensive at all compared to its valuation of US$10 billion a few years later.
After the negotiations were completed, several people signed an investment letter of intent, of which Ruixiang invested US$25 million, Sinar Mas Group and Lippo Group each invested US$12.5 million, and Makarim personally invested US$2.5 million, for a total of US$52.5 million.
After completing this capital increase and share expansion, RPay's valuation will be pushed up to US$132.5 million.
Ruixiang's direct shareholding ratio increased slightly, from 49% to 49.66%;
The shareholding ratio of the three founding shareholders of GoJek, Traveloka and Tekopedia dropped from 17% to 10.07%;
Sinar Mas Group and Lippo Group will each hold 9.43% of RPay’s shares;
Makarim personally holds 1.89% of the shares.
At the same time, Ruixiang will also help Makarim advance US$2.5 million to obtain the 1% equity transferred by the other party, increasing Ruixiang's shareholding ratio in Gojek to 10.1%.
Looking at the beaming Makarim, Zhang Yida sighed with emotion, this brother has made a good deal! He is worthy of being a Harvard graduate, and his income is guaranteed despite droughts and floods.
Zhang Yida has always been worried that GoJek will go solo in the future and launch its own mobile payment products. He secretly thought that it would be difficult to tie up this 1.89% stake.
Zhang Yida is too lazy to think about it. As long as RPay is strong, Gojek will not be afraid even if it wants to go solo in the future. The first-mover advantage lies here, not to mention that it has roped in two Chinese plutocrats.
The worst option is GrabPay, which offers double insurance.
Li Chuan and Huang Xiwen are also very happy. With Zhang Yida in charge, RPay's prospects will not be bad.
After the meeting, Li Chuan said to Zhang Yida: "We at Lipao have decided to invest US$100 million in your Ruixiang's Phase III Industrial Fund."
Zhang Yida was in a daze, and Li Chuan asked him: "What's the matter? Too few?"
"No!" Zhang Yida waved his hands repeatedly and said with a smile: "It's just that happiness comes too suddenly."
"What are you talking about?" Huang Xiwen asked as he approached the two of them.
"When it comes to investment from industrial funds, we at Lippo will contribute US$100 million. What about your Jinguang? It should be US$200 million anyway!" Li Chuan joked.
"Oh." Huang Xiwen came to his senses and said to Zhang Yida: "By the way, my grandfather and my father want to talk to you in person."
"Come to think of it, my dad also graduated from Beijing University. He's still your senior brother!"
Zhang Yida smiled and said: "Then if you think about it, I'm still a generation higher than you."