"Yida! This is another project you have come up with!" Xu Xiaoming sat in the conference room of Petra.com, smiling like Maitreya Buddha.

Shen Beipeng on the side also sighed: "It's really enough to toss." ”

Zhang Yida smiled and said, "Invite the two teachers to come over and let you give advice! The domestic pet market is still very promising." ”

"Do you want us to invest again?" Xu Xiaoming told the truth.

Zhang Yida smiled, gave a thumbs up, and praised: "Teacher Xu is really sharp-eyed." ”

Zhang Yida then handed over two operating reports, one each for Xu and Shen.

After the two looked at it for a while, Xu Xiaoming took the lead and said:

"Pet e-commerce + pet O2O + pet social, good idea.

Within 3 months of its launch, there were 100,000 registered members, and the e-commerce GMV exceeded 10 million. There are more than 500 merchants settled in O2O services, with more than 50,000 orders and more than 5 million GMV. ”

"Compared with your past grades, it's still a little worse!" Shen Beipeng interjected.

Zhang Yida nodded, and then said: "After all, the pet market is a bit niche. Moreover, we did not have enough funds in the early stage, and 5.5 million funds were enough to build the basic shelf of the platform. ”

"The ceiling of this kind of vertical e-commerce is a bit low. To the limit, it is on the order of $1 billion. What do you think?"

Shen Beipeng spoke relatively straight, so he almost pointed at Zhang Yida's nose and said: You are not doing your job, a small plate of 1 billion US dollars to make a wool!

Zhang Yida was not angry, hugged his hands to his chest, and slowly said his opinion:

"At the moment, the pet market is really a niche market. However, with the aging of China's population, there are more and more empty nesters. There are also more and more young people in the city who are unmarried.

There are more and more lonely people, and there will be more and more pets. The pet market will definitely usher in a big explosion next.

Pete is a pet service, and it can also enjoy this wave of growth dividends.

In three or four years, it will definitely be able to reach a scale of 1 billion US dollars.

Invest in Peite.com, the return on investment space is not necessarily particularly high. But the future is clear. Why not reap an IPO with ease?"

Xu Xiaoming felt very reasonable, looked at Shen Beipeng and said:

"Lao Shen, I think you have swelled after becoming a top investor. Isn't $1 billion money?

I think Yida's project is very good, if you don't vote, I'll vote alone!"

Shen Beipeng was also a musician, showing his innocence, and said with a wry smile:

"Did I say I wouldn't invest? Just say it very sincerely, this pet e-commerce company will definitely not be able to compare with a full-category e-commerce like Ahri. There is limited room for growth. ”

Look at Jumei, it's not a market value of billions of dollars now!"

Xu Xiaoming was a little proud, Jumei could be called a successful investment for him, with a return of more than a thousand times.

Shen Beipeng was too lazy to argue with him, looked directly at Zhang Yida and asked:

"Let's talk about valuation. If it's not expensive, vote for it. It's too expensive, and you can't make money by investing. ”

Zhang Yida raised his right hand, and all five fingers were opened.

"50 million yuan? Shen Beipeng spoke first.

"Ahem, the unit is wrong, it's a beautiful knife!" Zhang Yida smiled awkwardly.

"50 million dollars. Yida, this is a bit expensive! Look at the fact that you only invested more than 5 million yuan 3 months ago, and now the valuation is 50 million yuan, which has also increased 10 times!"

Xu Xiaoming couldn't help but say that after all, the ceiling of pet e-commerce is too low, and the story imagination is limited. Previously, Zhang Yida's two financial projects gave high premiums, and that was because the story was very moving!

"Hey, Mr. Xu, take a look at the financial report of Petra.com. In three months, in addition to the salary of more than 1 million, the other more than 3 million were used for promotion.

If I am given 100 million yuan for promotion, I can increase this operational data dozens of times in a year. ”

Zhang Yida began to describe the future prospects to Xu Xiaoming, telling him that the investment would definitely not be profitable.

"Yida, $50 million is really too high. I think $10 million-$20 million is a reasonable ......"

Xu Xiaoming began to bargain with Zhang Yida.

Shen Beipeng couldn't stand it anymore, and said directly:

"Let's calculate it according to the GMV valuation method!

P/GMV, i.e., market capitalization/total turnover, this figure is generally 0.6.

The total turnover of Peite.com in three months is 15 million, and it is 60 million in a year. The valuation should be around 36 million.

Considering Yida's past achievements, we give you a premium of 14 million.

The pre-investment valuation of 50 million is very reasonable!"

Zhang Yida pursed his mouth and said:

"Teacher Shen, your calculation is wrong.

Let's talk about GMV first, our first, second, and third month total turnover was 1 million, 3 million, and 11 million respectively, maintaining a monthly growth rate of 300% month-on-month.

At this rate, the GMV in the coming year will be at least 1 billion or more.

The valuation of 600 million yuan is not too much, right?"

"You all know it's the year ahead, and we're talking about the present. Shen Beipeng looked at Zhang Yida and said with a serious face.

"However, it is estimated that the GMV is only 60 million a year, which is too little, and after 3 months, the monthly turnover of Pete will reach 60 million. ”

Zhang Yida was very unconvinced, and he would definitely not accept the valuation of 50 million.

"Alright, Yida, we don't mean to make it difficult for you. But the results of your 3 months of operation on Pette.com are really not very dazzling. Otherwise, let's melt a little less and melt a Pre-A round!"

Xu Xiaoming knew that everyone might be a little different on the valuation issue, and it was difficult to reach a consensus for the time being, so he proposed a new plan.

"The Pre-A round is good, you get the financing, you will operate for another 3 months, if the growth rate is still like the current 300% month-on-month growth. When the time comes, the A round will give you a high valuation. ”

Shen Beipeng also expressed his opinion, thinking that he would do a round of pre-A financing first and give it a try.

Zhang Yida also knew that it was unrealistic to ask them to approve the valuation of tens of millions of dollars all of a sudden, so he nodded and said:

"Okay, you can do a round of Pre-A round of financing first, but the pre-investment valuation must be based on a valuation of 100 million, and I only raised 10 million. ”

Xu Xiaoming and Shen Beipeng glanced at each other, and Shen Beipeng spoke:

"We can agree to your conditions, but you also give in a little bit, according to the pre-investment valuation of 90 million, the post-investment valuation of 100 million yuan to finance the 10 million. ”

Zhang Yida thought for a few seconds and replied, "Yes!"

Lu Fenghai was called, and Zhang Yida signed a Pre-A round of financing agreement with him.

Black Shirt Capital invested 6 million yuan, Zhenke Fund invested 4 million yuan, and a total of 10 million yuan was invested in Peite.com.

At the same time, a 10% option pool is reserved for the introduction of talents in the future, and the option pool is diluted by the equity of Zhang Yida and Lu Fenghai.

The final share change was:

Zhang Yida: 72.9%

Lu Fenghai: 8.1%

Option Pool: 9%

Blackshirt Capital: 6%

Zhenke Fund: 4%

The day after the agreement was signed, the two major venture capitalists sent 10 million funds.

Zhang Yida said to Lu Fenghai:

"In fact, the two funds are still very optimistic about us, but our data is still a little worse, and they want to lower the price of shares and earn higher returns. ”

Lu Fenghai said with a smile:

"With this 10 million, we don't have to worry about the funds for the next half a year. I am sure that the monthly turnover will reach more than 30 million yuan after 6 months. ”

Zhang Yida shook his head, if he really did this, the daylily would be cold. Speak his mind:

"We have to spend this 10 million in 3 months. Don't save, because that doesn't make any sense at all.

What they want to see now is our growth rate, and how efficiently we burn money.

Therefore, we must spend the 10 million on the blade, leaving 2 million as salary, and the other 8 million all used to burn advertising and do growth.

In the next three months, the turnover should be 20 million, 40 million, and 80 million respectively.

Be sure to keep the growth rate doubling. In this way, the negotiation can have a say in the A round of financing. ”

Lu Fenghai frowned and said:

"It is not difficult to achieve 20 million in August, and it may be difficult to achieve 40 million in September, but there is still hope. In October, you have to do 80 million, which can be called hellish difficulty. ”

"I know it's really hard to keep the growth rate going up the scale. However, only if we do this can we prove our value to investors. ”

Zhang Yida took a long breath, patted Lu Fenghai on the shoulder, and said:

"Let's work together! After achieving this goal, the A round of financing Lao Tzu wants to shout a valuation of 1 billion. ”

"Haha, the investor doesn't flip the table yet!" Lu Fenghai felt that Zhang Yida's appetite was too big, and the valuation of the next round of financing would increase by 10 times.

"Rest assured, as long as we do achieve this goal. They'll see the value. "Zhang Yida has also dealt with investors a lot, and he knows very well what indicators they value most in the project, first of all, the growth rate.

Lu Fenghai nodded and said:

"In the future, we will expand a few more cities, and we still have a chance to achieve the goal. ”

"Do your best! Ruixiang and Yimin will also help you promote. You should prepare more e-commerce shopping coupons and O2O service discount coupons. When the time comes, I will arrange for Ruixiang and Yimin to jointly hold some activities with Peter.com. ”

Zhang Yida also suggested that in order to achieve the goal of Peter.com, he is ready to use all kinds of resources.

"Isn't this good?" Lu Fenghai touched the back of his head, a little embarrassed.

"What's so bad. If you can't achieve your goal, that's really bad. Peter.com does activities, that is, all the profits are taken out to make coupons.

For Yimin and Ruixiang, users can also be given back through this joint activity.

I'm wondering if Yimin and Ruixiang are too advantageous. Gotta get them to pay for a batch of coupons. ”

Zhang Yida felt that it was necessary to give Pete some blood, otherwise it would seem that it would be a bit difficult to complete the task.

Lu Fenghai was speechless by Zhang Yida's manipulation, and said:

"Big brother, don't. We originally used the huge traffic of Yimin and Ruixiang to help us promote new users. If you also let them pay for it, it is a related party transaction. The impact is not good for you, the majority shareholder. ”

Zhang Yida shrugged and said it didn't matter.

Actually, I'm just joking! Don't take it too seriously. Zhang Yida said secretly in his heart.