"Brother Ren, please take a seat. In the office, Zhang Yida made a "please" gesture to Ren Yu.

The penguin moved quickly, and sent Ren Yu, general manager of the Penguin Industrial Investment Fund, to the capital the day after Zhang Yida sent out the financing request.

Zhang Yida gave Ren Yu a big praise in his heart, and he deserves to be one of the top professional managers in the penguin system, which is highly efficient.

Sun Yutong also went up to the former Ren Yu to shake his hand, and said with a smile: "Mr. Ren, I haven't seen you for a long time." ”

Ren Yu naturally knew the former Ahri general, and he had long heard that Zhang Yida had invited this person to sit in charge, so he was not too surprised, and responded with a smile: "Yes, the last time I met Mr. Sun was a few years ago." ”

After the two exchanged a few words, Zhang Yida beckoned the two to sit down on the sofa in the office, and asked the secretary to bring a few cups of tea.

"Yida, let's talk about the valuation of Pindodo. Ren Yu took a sip of tea, and then put the teacup on the desk, and then got down to business.

"The monthly GMV exceeds 3 billion yuan, and the total GMV is expected to be no less than 36 billion yuan in the next year, according to the e-commerce valuation method, GMV multiplied by 0.6 is 21.6 billion yuan.

The current exchange rate is 6.55, and the pre-investment valuation should be $3.3 billion. ”

Ren Yu couldn't cry or laugh after hearing this, and said with a wry smile: "Yida, what are you doing, is the valuation so high?"

Zhang Yida shrugged and said: "I think it's very reasonable, considering the rapid growth of Pindodo, it is possible to reach 60 billion yuan of GMV in the next year." ”

"But since the launch of Pindodo, the GMV of the 10 months has added up to more than 13 billion. Ren Yu looked at the operation report on the desk, raised his head and asked Zhang Yida quietly.

"You have also seen the growth rate of Pindodo's business, with a compound growth rate of more than 40% per month, and according to this growth caliber, the GMV may even reach hundreds of billions in a year. Zhang Yida pointed to the operating report in Ren Yu's hand, and was full of confidence when he talked and laughed.

Ren Yu smiled and said nothing, the young man really dared to say, from 0 to 100 billion GMV, Ahri took 5 years, and Goudong took 10 years.

Do you dare to boast about Haikou and break 100 billion GMV in two years?

However, he also understands Zhang Yida quite well, he became famous at a young age, and it is normal to be a little frivolous once he starts a business.

"The average monthly compound growth rate of 40% is impossible to continue with the increase in the volume base of pyridoxine.

It would be nice if you could maintain a compound monthly growth rate of 20%. ”

Ren Yu put down the operation report and expressed his opinion.

"Even if it is only 20%, 12 months later, the monthly GMV of Pindoduo has exceeded 20 billion yuan. ”

The only thing that Pinduoduo can do now is this "high-speed growth", and the rest, such as: the difference between revenue and profit is simply a mess.

Therefore, Zhang Yida has always avoided talking about revenue and profits, and only repeatedly emphasized GMV and high growth.

However, venture capital does not care about these, there are GMV, there are orders, there are users and market share.

Ahri and Goudong have already paved the way for Douduo, and they don't need to explain too much to the market at all.

Zhang Yida also believes that the penguins are also interested in this, so they are ready to invest in Doudo.

After Ren Yu read the operation report, he was actually very surprised in his heart, but he covered his emotions very well, and he didn't reveal any clues.

This time, I found a treasure. Ren Yu Xindao, 10 months, 13 billion yuan GMV of the website!

Although this number includes cancelled orders, unpaid orders, return orders, rejected orders......

After deducting these "water bills", seventy or eighty percent of the actual turnover should still be there.

This is also amazing, it can be regarded as an e-commerce dark horse.

As for the loss figure of nearly 300 million yuan, he selectively ignored it.

Tens of billions of transactions have lost less than 300 million yuan, which is very saving, isn't it?

"Okay, that's your $3.3 billion. Speaking of this, Ren Yu paused, pretended to be embarrassed and said: "However, Yida, you have to sign a supplementary agreement for me to guarantee a GMV of 36 billion in the next year." ”

We have now reached a GMV of 3 billion in a single month, and even if we stand still in the next year, we can achieve the goal of 36 billion. ”

Sun Yutong knew that Ren Yu was starting to play "tricks", and he was worried that Zhang Yida was young and vigorous, so he agreed.

Although he also believes that it is not difficult to complete the GMV of 36 billion, there are no absolutes in everything, and there is no risk to take this risk.

Ren Yu also thinks about this, everything has a contingency, what if there is a big decline in performance in the coming year?

If he hit the street, he wouldn't dare to take this responsibility.

Although Pony gave him carte blanche to take care of Dodo's financing, he was given a lot of authority.

But he also has to leave a way back for himself, and it is best to let Zhang Yida sign a "back-up agreement".

Ren Yutong glanced at Sun Yutong, knowing that this was an old Jianghu, and it was not easy to fool, and explained: "After all, it is better to be cautious about the big deal of hundreds of millions." ”

"It's better to do this, and after a year, it will be revalued according to the GMV actually achieved by Pindodo in the next year.

If it reaches 20 billion, it will be valued at 12 billion, and if it reaches 40 billion, it will be valued at 24 billion. ”

Zhang Yida's plan won Sun Yutong's heart, and he echoed: "This method is good, fair and just, and no one will suffer." ”

Ren Yu scolded his mother in his heart, according to this method, the penguin is likely to miss the growth dividend of the past year.

He shook his head and said, "That's not good, this one is a little too straightforward." It's too much for investors. ”

"Mr. Ren, what you said is wrong. Then according to your meaning, then we will have to fight and suffer.

In fact, I think Yida's method is very good, and it is fair to everyone. ”

Sun Yutong also understood what Zhang Yida meant, this was digging a pit for the penguins, so he also worked hard to help on the side.

Ren Yu actually thinks so, sign a supplementary agreement, less than 36 billion GMV, re-valuation, Zhang Yida transfer equity as compensation, or return part of the investment money;

As for more than 36 billion GMV, that is the investment dividend.

The plan proposed by Zhang Yida can be regarded as the loss of the penguin's investment dividends, which is absolutely unacceptable.

Ren Yu decided to put this topic aside for the time being, and began to ask Zhang Yida: "You said that you want to enter the WeChat Zodiac Grid?"

"Yes, that means. Zhang Yida joked again, "But this has to be at a reasonable price, it's too expensive for us to enjoy this VIP service." ”

Ren Yu nodded thoughtfully, and he carefully observed Zhang Yida's facial expression.

There is no doubt that Pindodo relies heavily on WeChat. Zhang Yida said that he couldn't afford to enjoy the WeChat zodiac grid, but in fact, he was afraid that he was greedy.

How could he miss this kind of good opportunity to rip off the bamboo?

"Yida, in order to open up the 12-square grid, Pony said that it took a break to persuade Zhang Dalong.

With the continuous improvement of WeChat users, the commercial value of WeChat has also continued to rise.

Ruixiang and Huimin Bicycle cooperated early and picked up a big bargain.

Now we are quoting $200 million a year. ”

Zhang Yida was dumbfounded, and asked in a flurry manner: "No, you are sitting on the ground and starting the price!"

"What a price to sit on the ground? How ugly is this? We call this the reshaping of the intrinsic value of the enterprise. ”

Zhang Yida knew that he was passive now, and pretended to be very calm and said: "That fight Duoduo can't afford to enjoy this kind of luxury service." Let's talk about cash shares!"

Ren Yuhu glanced at Zhang Yida suspiciously, and gave up so lightly? I'm afraid it's to retreat!

Okay, play with me, then play with you.

"Yida, let me tell you too! Without signing a supplementary agreement, I'm afraid it will be difficult for us to continue talks. ”

After Ren Yu put down such a cruel sentence, he said: "Taohao has also contacted us."

We ignored them, though. They are a bit small and still our preferred investment target.

Besides, penguins have always been a pleasure to work with you. Therefore, the penguins are more willing to support the spell. ”

Zhang Yida was convinced, and all kinds of tricks were used, including conspiracy, conspiracy, and threats.

There is no way, Pindodo is a social e-commerce, lacking traffic, and can only rely on other people's snorts.

In particular, the penguins said that they would support the good goods, which really caught the lifeline of the spell.

Looking at the silent Zhang Yida, Ren Yu also knew that the heat was almost over, and said with a smile: "After reaching a cooperation intention, the penguin will give you a big gift, and the good goods will be completely blocked." ”

This is a stick, and another sweet date is given. Not to mention, it really works, Zhang Yida began to seriously think about the gains and losses after hearing this.

Blocking and fighting for good goods can undoubtedly have one less big enemy. Including the market, market capitalization, and Pinduoduo all hope to reach or even surpass the height of Pinduoduo in the previous life.

And the good goods have been chasing behind, and the cake will undoubtedly be cut away.

Giving this cake to the penguin is not a more trouble-free and efficient way.

Zhang Yida thought about it for a long time before he spoke: "The supplementary agreement must be added, the GMV exceeds 50 billion yuan, and the valuation must be readjusted." ”

"54 billion, just enough for a 50% increase, beyond this target, to give the management a certain equity incentive.

Don't mention the refactoring valuation, Penguin is an investment, not a charity. ”

Zhang Yida didn't get angry after hearing this, who called the initiative is now in the hands of others. He also said: "The price of WeChat 12 square grid must be cheaper, just come at the 50 million US dollars a year for Huimin!"

"5 years, $300 million!"

200 million US dollars a year is a sky-high asking price to repay the money, and since Zhang Yida has made certain concessions on the supplementary agreement, he will not extort money.

Zhang Yida nodded and agreed, compared with the cooperation price of Huimin Bicycle half a year ago, the price has increased by 10 million US dollars, which is not unacceptable.

Soon, Pindodo signed a Series B financing intent agreement with Penguin.

Penguin made a $300 million investment in WeChat and $600 million in cash, making a total investment of $900 million to acquire a 21.43% stake in Pindodo.

In addition, a supplementary agreement was signed to require pyridoxine to reach 36 billion yuan in GMV from February 5, 2016 to February 4, 2017.

If it is not reached, the valuation needs to be recalculated according to the actual GMV;

reaching 36 billion just matches the pre-investment valuation of 3.3 billion US dollars;

With more than 54 billion GMV, Penguin transferred nearly $60 million, or 1.43% of its shares, to the management of Pindodo as an equity incentive.

Zhang Yida conspired with Ren Yu again on how to deal with the good goods, and the latter nodded again and again when he heard it, and gave Zhang Yida a thumbs up, ruthless enough!

Penguins have become investors in Pindodo, and from the perspective of maximizing profits, they must also curb the development of Pinhao.

Ren Yu has no pressure to do these things, he has always been in charge of the penguin game, and he was much more ruthless than this when he was an opponent.

As the Chinese New Year is approaching, the due diligence work will be postponed, and it is expected that the due diligence and other procedures will be completed after the year, and the delivery of investment funds will also be postponed.

These details were handed over to the subordinate departments of the two parties to be responsible for docking, and Zhang Yida and Ren Yu were only responsible for negotiating the general framework agreement.

After sending Ren Yu away, Zhang Yida looked at Sun Yutong, who wanted to speak and stopped, and asked with a smile, "What's wrong?"

"It's nothing!" Sun Yutong waved his hand and sighed again: "I just feel that I promised too happily." Actually, I think I can get through it a little longer. ”

"Penguins can be adventurous, can wait. We can't afford to wait! What I'm most afraid of is that they invest in good goods. ”

Zhang Yida's worries are not unreasonable, social e-commerce is naturally limited by social software, and can only compromise with penguins.

Sun Yutong thought about it, and this is indeed the truth. It's nothing to lose part of the benefits, the key is to completely tie the penguins to the chariot.

It's hard to say who took advantage of whom, but perhaps it's more appropriate to say that everyone takes what they need.