Chapter five hundred and seventeen management rights
Standing in front of the huge floor-to-ceiling window, Zhang Yida was holding a cup of coffee and looking at the Singapore coastline in the distance.
He praised: “The scenery is nice, facing the sea, and the flowers are blooming in spring!
If I could face such beautiful scenery every day when I go to work, I would be willing to do 996 or 007 every day!"
Grab has a research and development laboratory in Beijing, and Chen Bingyao also understands what Zhang Yida is talking about.
He smiled and said: "As long as the money is in place, everything is easy to discuss."
Zhang Yida smiled and did not continue to joke because he knew that Grab, unlike domestic Internet companies, does not engage in overtime culture.
This is also related to the fact that the Internet competition in Southeast Asia is not fierce, and domestic Internet companies do not dare to play like this.
"I haven't had time to congratulate you. A company worth 200 billion US dollars is amazing!"
Chen Bingyao walked to the window and looked at the sea side by side with Zhang Yida.
"Grab will also see this day."
Chen Bingyao only regarded it as a polite remark and did not refute it. He smiled and replied: "Then I'll lend you some good words!"
“After Grab acquires Uber, it should be able to dominate the taxi-hailing scene in Southeast Asia, right?”
Chen Bingyao looked at the ceiling, took a deep breath, and said slowly: "It is difficult to completely win the Indonesian market because of local protectionism and the Makarim family is an old political family.
You should understand what I mean, right?"
Zhang Yida knew that Grab had entered the Indonesian market, but it was difficult for him to get a business license for a long time.
Otherwise, Grab, which has been developing for several years, might have beaten GoJek to death long ago.
Why Chen Bingyao has some disdain for GoJek has nothing to do with these things.
"If the travel war cannot be resolved quickly, other businesses such as mobile payment and financial technology will not be able to fully engage in competition."
Chen Bingyao smiled bitterly, "There is nothing we can do about it. After all, China is not a country with a vast territory and unified standards.
Chinese Internet companies can cover the entire country in two years, while Southeast Asian Internet companies may take five or six years to cover six mainstream countries."
Zhang Yida nodded. Only when he has been to the sea can he know how troublesome the markets in so many small countries are.
It is necessary to understand the local customs so as to launch targeted activities; it is necessary to understand the local religion so as not to cause some oolong incident and blaspheme any great god...
“How is Uber’s business digesting?”
Uber Southeast Asia was acquired by Grab in March. Three months have passed. Zhang Yida guessed that most of it should have been digested.
"There are no problems with the personnel and team taking over. It's just that some countries have made different noises, saying that Grab is suspected of being a monopoly."
Chen Bingyao shrugged, feeling helpless, not knowing whether to be happy or worried.
Zhang Yida smiled and asked about the takeout business again.
"The takeaway business should be one of the most profitable businesses in the future."
Chen Bingyao is very convinced of this point.
Then he added: "There are many competitors in the food delivery field. In addition to GoFood, a subsidiary of GoJek, there are several other mainstream food delivery platforms competing with us for the market.
However, with the help of Grab’s accumulated resources in the travel platform, we are confident that we can defeat other competitors and become the leader in the industry.”
Zhang Yida nodded slightly and agreed with these views.
The travel markets in Southeast Asia and China are somewhat different. A large part of these online ride-hailing drivers who carry passengers use motorcycles as their means of transportation.
From "transporting people" to "transporting takeaways", except for the system, there is basically no need to make major changes in other areas, and the transition is very smooth.
Moreover, there are currently no food delivery companies as large as Ele.me and Magnesium Group in Southeast Asia. Sooner or later, the business will be cannibalized by the two major travel platforms.
At this point, they achieved the breakthrough Didi had dreamed of.
"I heard that you intend to add GrabPay to its existing mobile payment business, driver insurance, P2P small loans, wealth management and other financial services?"
Chen Bingyao smiled and said: "After entering 2018, GrabPay has developed rapidly and has now entered 235 cities in 8 countries. I think the time has come to start monetization."
Zhang Yida nodded secretly. Compared with other companies, Grab has shown itself to be a giant.
From its establishment in 2016, to 30 cities at the beginning of 2017, and now to 235 cities, it has been a leapfrog development, and it firmly ranks as the number one e-wallet in Southeast Asia.
"Oh, by the way, I heard that the number of Grab users has exceeded 100 million?"
Chen Bingyao smiled and said, "Actually, it's only 95 million. You know the publicity effect."
Zhang Yida is very understanding and feels that this is nothing to exaggerate. Compared with domestic Internet companies, it pales into insignificance.
"After Sea's listing, the stock price has risen quite well. When will Grab put its IPO on the agenda?"
Chen Bingyao shook his head, "I want to wait a little longer. Many businesses have not matured yet, let alone profits. Revenue only reached US$1 billion after the acquisition of Uber."
Revenue of 1 billion US dollars corresponds to a valuation of 10 billion US dollars and a market-to-sales ratio of 10 times, which is not an exaggeration. Zhang Yida thought to himself.
The two chatted about business again, and Zhang Yida had a clearer understanding of Grab's development status.
Seeing that it was almost done, Zhang Yida began to ask: "How long do you think it will take for Grab to become a unicorn worth hundreds of billions of dollars?"
"Hundreds of billions of dollars?"
Chen Bingyao is not particularly surprised, because Grab has now reached a valuation of tens of billions of dollars, and he has never dreamed of a dream of hundreds of billions of dollars.
I was just a little surprised as to why Zhang Yida suddenly asked this question.
"Maybe 5 to 10 years!"
Chen Bingyao did not say that it would not reach 100 billion U.S. dollars. That would be tantamount to saying that he was setting limits for himself and the company.
It's not like he hasn't studied the market. Southeast Asia has such a young population and its economy is developing rapidly.
It is only a matter of time before a giant company that is equivalent to one-fifth of Ahri and Penguin emerges.
As one of the largest Internet companies in Southeast Asia, Grab is certainly qualified to compete for the throne of a billion-dollar empire.
“The existence of GoJek will always be an obstacle to Grab’s development.
When there are still big enemies in your main business, can you focus on developing other businesses?"
Chen Bingyao smelled something different and asked: "Does GoJek want you to be a lobbyist? Do they want to accept mergers and acquisitions?"
"No, I took the initiative to be this lobbyist."
Zhang Yida observed Chen Bingyao's expression as he spoke. The latter's expression was as usual, with no indication of likes or dislikes.
Seeing Chen Bingyao's silence, Zhang Yida continued to persuade: "There is no need to be so resistant to mergers and acquisitions. We should expand the pattern a little bit."
Chen Bingyao shook his head, "It's not a matter of pattern. In my eyes, GoJek is not worth US$5 billion at all."
"But after acquiring GoJek, the capital market will make up for the price difference for you."
Chen Bingyao understands what Zhang Yida means. He wants to completely dominate the Southeast Asian travel circuit, and the capital market will give him a certain premium.
"After the merger, how will GoJek's management team be arranged?"
When Chen Bingyao asked this, Zhang Yida knew there was something going on.
He quickly reiterated the agreement between himself and Makarim to Chen Bingyao, and emphasized that the latter would not occupy the CEO position forever, but mainly wanted to have fun and enhance his reputation.
"What if Makarim keeps occupying his position and refuses to give up?"
Zhang Yida said: "There is a term of office. When it expires, the board of directors will re-elect."
"But Grab is my company, why should I let him be the CEO? Then what should I do? Be his subordinate?"
Although Chen Bingyao was relatively well-educated, he was inevitably a little angry when he heard Zhang Yida's bad idea and allowed his subordinates to defeat him.
"You will be the chairman of the board of directors!" Zhang Yida said seriously.
Chen Bingyao glanced at Zhang Yida, "What about you?"
"Ruixiang can just be a rich and idle man."
Hearing what Zhang Yida said, Chen Bingyao felt slightly relieved.
When the company reaches its current size, it is natural that it will not be willing to be a holding subsidiary of Ruixiang.
And if Ruixiang only becomes a major shareholder and does not take away management rights, it is not impossible to negotiate.
“RPay and Buy Together will also be merged!”
Chen Bingyao frowned, pretending to have so many companies come in at once. Although the company would expand into a giant, his equity would also be diluted a lot.
“After dominating the transportation track, Grab has only two general directions left, one is e-commerce and the other is financial technology.”
Chen Bingyao thought about it and realized that this was indeed the case.
After swallowing GoJek, if you want to take the company to the next level, you must also enter other new fields.
As the two largest tracks, e-commerce and financial technology have almost become necessary options.
"How many shares do you want?"
Chen Bingyao asked directly. He did not believe that Zhang Yida worked so hard to promote this matter without his own interests.
If he asks for too much, he will have to carefully weigh the gains and losses.
"How about 40%?"
Almost all of the chess pieces laid out in Southeast Asia are planned to be incorporated into Grab. Naturally, Zhang Yida wants to seek the status of a major shareholder.
The relationship is similar to that of Penguin and Sea. They are the major shareholders but do not fully control the company.
Because of the existence of AB shares, it is difficult to control Grab unless the founder is willing to give up.
The competition in the Internet industry in Southeast Asia has become increasingly fierce. Zhang Yida feels that it is necessary to integrate all the resources at his disposal to prevent Penguin and Ahri from defeating each other.
"I need to think about it."
Chen Bingyao still did not reply to Zhang Yida rashly. After all, the matter was so big that he could not promise anything at will.
In addition to discussing with the founding team, shareholders also need to communicate.
"Don't make me wait too long. There is only one week. If I miss it, GoJek will receive US$1.5 billion in financing. Then the chance of a merger will be slim. There are many conflicts at the shareholder level."
Chen Bingyao was still a little surprised when he heard the figure of US$1.5 billion, although last year Grab received a huge round of financing of US$2.5 billion led by SoftBank.
But GoJek now needs to obtain such a large amount of financing, which is not good news.
After the financing is completed, the travel battle between the two parties will become a stalemate again.
"I won't keep you waiting for too long. I will give you a satisfactory answer within a week."
After listening to the conditions offered by Zhang Yida and the blueprint he drew, Chen Bingyao was very tempted from a personal perspective.
Just by incorporating so many companies, his personal shareholding ratio may fall below 2%, which is even worse than Chen Weitu.
But being in charge of one of Southeast Asia's most valuable unicorns makes it all worth it.