"What's the reaction from Didi? Are you still unwilling to cooperate?"
In the office where Huimin was traveling, Zhang Yida asked Huang Xiaofeng.
Huang Xiaofeng laughed dryly, "You are so happy to bully others with this trick, and you still expect them to cooperate, so Chen Wei doesn't want to save face?"
"Mr. Zhang, Didi is unwilling to talk to us. The business department has communicated with them several times, and the most they have seen is Didi's low-level middle management.
Chen Wei, Liu Jing and other senior executives did not show up, and there was no reply."
Zhang Yida understood, perhaps this was the attitude of Didi's top management, and simply gave up the idea of "peace talks."
Originally, Zhang Yida didn't take Didi's acquisition of Xiaolan Bicycle seriously, let alone hold a grudge against Chen Wei because of it.
After all, friendship and business are two different things and cannot be confused.
Besides, Xiaolan is not a threat to Huimin Bicycle, but it is a bit uncomfortable to keep engaging in free competition, which makes Huimin Bicycle's financial situation very tight.
Huimin Bicycle, which has a strong desire to survive, launched taxi-sharing and ride-hailing services just to increase its income and improve its financial situation.
Zhang Yida did not expect Didi to have such a big response. There are many players in the online car-hailing field, such as Uber, Yidao, Caocao, Shouqi, etc. It should be okay to have one more Huimin.
He guessed it was related to Huimin Bicycle's past performance, with hundreds of millions of registered users and an extremely young customer base.
Compared with ride-hailing apps like Yidao and Caocao, Huimin Travel undoubtedly poses a higher threat to Didi.
In particular, Huimin Bicycle's brilliant achievements in the field of shared bicycles, if successfully replicated in the field of online ride-hailing, would really cost Didi's life.
Putting these thoughts aside, Zhang Yida began to look at the operating data of Huimin Travel in the past few days.
"Huimin Travel business has been upgraded within one week, with more than 5 million new registered users, an increase of 150% from last week...
Daily active users reached 21 million, an increase of 20% from last week...
Daily cycling orders exceeded 30 million, an increase of 7.14% from last week...
The number of orders for aggregating taxi-hailing services exceeded 300,000 per week, and daily orders exceeded 100,000.
The weekly orders for the ride-hailing business exceed 100,000, the daily orders exceed 30,000, and more than 200,000 certified car owners have been recruited..."
After looking at this data, Zhang Yida did not expect that the business upgrade of Huimin Travel would also lead to substantial user growth and daily active user growth.
After thinking about it for a moment, I feel relieved. The rich functions of the APP will definitely attract some online ride-hailing users on the basis of the original bicycle users.
In addition, some users who used to ride shared bicycles only once in a few days and now want to take a ride will choose to use the Huimin Travel APP, thus increasing the number of daily active users.
However, this data is still far from shaking Didi’s foundation.
According to data recently released by Didi Chuxing, the overall daily orders completed on the entire platform (covering taxis, private cars, express trains, ride-hailing, driving services, buses, test drives, and enterprise versions) exceeded 10 million for the first time.
Didi's ride-hailing business has only been launched for one year, and its orders account for only 5% of Didi's, which is 500,000 orders per day.
Huimin Travel’s daily ride-hailing orders are 30,000, which accounts for 6% of Didi’s.
Didi's main business, private cars and express trains, accounts for more than 80% of Didi's orders, with orders exceeding 8 million on the same day.
Huimin Travel’s 100,000 orders are still far behind this number, only 1.25% of Didi’s.
From the current point of view, the impact of Huimin Travel on Didi is not as big as imagined.
After all, Didi started business in 2012. Huimin Travel, which started four years later, will not be able to catch up with Didi so easily.
In fact, Zhang Yida didn't even want to catch up with Didi.
None of the taxi-hailing companies in the world are profitable, including Uber and Lyft in the United States, and oJek in India.
However, aggregation of taxi-hailing and ride-hailing can still be done. The commission for the former and the major taxi-hailing software is 10% of the amount of each order, while the commission for the latter is 5%.
Huimin Travel issued an 88 yuan fare voucher to each user, which can be used to offset 10% of the fare each time, and the commission was used as a subsidy.
However, 88 yuan is not too much. Users spend 880 yuan to use up the red envelope. Users who take taxis more frequently can basically reach 880 yuan in a month.
But within one month, users’ usage habits have basically been cultivated. In the future, users may choose to use Huimin Travel to use aggregation taxis for taxis.
For Huimin Travel, in addition to the user subsidy for the first month, subsequent operations and maintenance of the IT system, communication and coordination of cooperation platforms, transportation capacity scheduling, etc. will only need to be done in the future.
Can generate positive cash flow.
Zhang Yida will not be so stubborn as to launch his own taxi brand. First of all, there is no time, and he also has to carry a huge waste of money such as shared bicycles, plus a self-operated online taxi, he is afraid that he will want to go to the rooftops.
.
If you get a ride, Didi's initial commission was 5%. Due to operational pressure, it has recently increased to 10%.
Zhang Yida set 5%, which clearly stated that he wanted to grab Didi's car owners and business volume.
Huimin Travel's daily ride-hailing orders are 30,000 yuan. Calculated based on annual orders of 10 million yuan, assuming the average order amount is 30 yuan and taking a 5% commission, the annual operating income is 15 million yuan.
This amount of money is not enough to subsidize users and car owners, as well as employee salaries, system maintenance and daily operations of the company.
You will definitely have to burn money in the early stage, and you will adjust the subsidy and commission ratio later.
However, Zhang Yida does not have high expectations for this business. It would be good if it reaches breakeven. It is only launched to enrich the functional modules for people-friendly travel and indirectly promote the taxi-hailing business.
He wants to change users' concepts and change their understanding of people-friendly travel from shared bicycles to the entire travel field, not only unlocking the use of shared bicycles, but also hailing taxis.
The logic is that simple, but it requires a lot of energy and money to do.
Thinking of this, Huimin Travel's cash flow is indeed in a hurry, and the salary next month will not be paid.
Zhang Yida said to Huang Xiaofeng: "Has the split of the equity institutions of Huimin Travel and Green been completed?"
Huang Xiaofeng nodded, "It's been settled. We have negotiated with the existing shareholders. Our and their holdings in Green will be reloaded into a new Cayman company.
From now on, except for some common shareholders, Green and Huimin Travel will have no relationship in terms of equity and no financial involvement."
Zhang Yida nodded, Huimin Travel is now unable to protect itself, and it is true that it cannot afford Green.
Even if Green is allowed to raise funds independently, at least many capital tycoons in Silicon Valley are interested in this project.
In the past, Green and Huimin Travel were tied together, and their valuation was worth billions of dollars. It was impossible to invest in Green alone, which made many Silicon Valley investors retreat.
It’s not that I can’t afford to invest, it’s that if I invest at the current valuation, the future rate of return will be too low.
In addition, in terms of technological content, the Green, which is more expensive, has more gimmicks than Huimin Bicycle.
Zhang Yida understands both concepts and storytelling.
Now they are developing independently, which is good for everyone. Huimin Travel is freed from a financial burden, and Green can obtain financing to accelerate development.
However, you have to consider corporate control.
Zhang Yida asked Huang Xiaofeng again: "What about the voting rights? Has the venture capital agreed to modify the AB shares?"
Huang Xiaofeng nodded, "Agreed, you hold B shares, each share has 20 voting rights."
Zhang Yida breathed a sigh of relief. His shareholding in Huimin Travel was only 35.74%, and including the option pool held on behalf of the company, it was only a little over 40%.
After the ownership structure of Huimin Travel is transferred to Green, and Green conducts several rounds of financing, Zhang Yida's shareholding ratio may drop to less than 20%.
In fact, 10 voting rights per share is enough, but Zhang Yida, who has a paranoia of victimization, insists on getting 20 voting rights per share.
In this way, as long as Zhang Yida's shareholding ratio does not fall below 5%, his voting rights will be much higher than 50%.
With this design, Zhang Yida is also preparing for cashing out in the future, because he might be short of money one day.
If I cash out too much and the company changes hands, I will burst into tears.
When Green was established, it was established in the name of China's Huimin Travel Group, and Huimin Travel has always provided the initial capital injection.
At that time, it would have been absolutely prohibited for Zhang Yida to establish Green in his own name.
Because venture capital investors sign non-competition agreements, shared electric scooters and shared bicycles are barely considered to be in the same industry.
If you really want to bully a venture capital company and go to court, it depends on how talkative the lawyers on both sides are.
However, doing this will have a great impact on Zhang Yida's reputation and will be a big trouble for future financing. If he loses the lawsuit, he may have to lose money and the company.
Therefore, Zhang Yida's reputation and credibility in the capital market are very good, including the split of Yimin Financial Services, and Blackshirt Capital and Zhenke Fund also holding shares in various Internet financial companies.
"Then you sort out Huimin Travel's recent operating data and financial data, and I'll ask Lan Lan to contact the capital market to raise another round of financing for Huimin Travel.
You will be responsible for this financing!"
Huang Xiaofeng would also ask about this topic before Zhang Yida could bring it up.
On the surface, Huimin Travel seems to be full of flowers. It is a leader in shared bicycles, and has launched a taxi-hailing function to enter the large travel field. It has the potential to compete with Didi.
But his family knew their own affairs, and Huang Xiaofeng knew how bad Huimin Travel's financial situation was.
He is also reflecting on whether the business logic of Huimin Bicycle is invalid?
If the losses continue like this, no matter how fast or fierce the financing is, we can’t afford it!
However, he, who has been promoted to CEO of Huimin Travel Group, obviously will not ask such stupid questions as Zhang Yida.
If you have already denied yourself, why should you be a CEO?
What he needs to consider is to raise some more capital, complete the performance bet, defeat other competitors, lead Huimin Bicycle to turn losses into profits as soon as possible, or develop diversified businesses to inject some blood into Huimin Bicycle.
"Okay, Mr. Zhang."
Huang Xiaofeng responded and added: "Then I'll go get ready."
The guest speaker for this round of financing has become Huang Xiaofeng, while Zhang Yida has retreated behind the scenes.
As the main investor of Ruixiang Industrial Fund, Zhang Yida was not suitable to come forward, so he directly arranged for Lan Lan to come forward to negotiate with Huang Xiaofeng.
Huang Xiaofeng is also very excited. This is a sign of delegating power, and he must put more burdens on himself!
He joined Huimin Travel a little late. Although he was "promoted" to co-founder by Zhang Yida, his name sounded more pleasant.
In fact, there is not much benefit. What you get are options, not the real equity of Lin Zhenyang and Fan Hongyang.
It is impossible to say that he has no complaints. But who told him to join the company too late?
So Huang Xiaofeng works very hard, just to get more options, which are not as tangible as equity, but options for a company worth billions of dollars are still a huge fortune!
Looking at Huang Xiaofeng leaving, Zhang Yida was also thinking that the company had developed to this point and it was indeed time to delegate power.
Let’s take a look at Huang Xiaofeng’s performance this time!