Zhang Yida did not directly answer Singh's question, but spoke his own thoughts.

"At present, Ruixiang directly holds 100% of BBPAY, and I plan to let Ruixiang directly hold 50% of the shares, and the other 50% of the shares will penetrate, so that Ruixiang's shareholders can directly hold BBPAY.

We will then transfer 10% of the shares to you and the other 10% to existing shareholders or new investors. ”

"10% stake. ”

Singh muttered that he probably knew the shareholding structure of Paytm, with founder and CEO Sharma holding about 15% of the shares, and Ahri and SoftBank holding about 60% of the shares together.

For him, as long as he can control the company, 10% of the shares is enough.

It's just that he can't get the purchase money, although BBPAY has not raised external financing.

However, compared with the valuation of $9 billion when the competitor Paytm received Buffett's investment at the end of August last year, BBPAY must be valued at least $6 billion ~ $7 billion.

It takes $600 million ~ $700 million to acquire 10% of the shares!

Thinking of this, he understood what the debt Zhang Yida was talking about.

I wanted to take out a loan to buy the 10% shares.

Thinking of this, Singh suddenly regretted that he should not have coveted the $100 million a few years ago and sold the company he had founded.

Seeing that Singh had not spoken, Zhang Yida said loudly: "If you can't get this purchase money, I will discuss with shareholders and help you acquire the 10% shares in the form of long-term low-interest loans."

Wait until BBPAY goes public in the future, or when the valuation rises, and then you transfer part of the equity to swap out the loan. ”

Singh hesitated for a moment, and the debt of six or seven billion dollars was not for fun.

If the company fails, the debt will not disappear.

Or the company's development is declining, its valuation has fallen, and it will also be heavily indebted.

If the company's valuation is stagnant, there is still interest on the loan to pay.

Zhang Yida squinted slightly and stopped looking at Singh.

This is a plan he carefully chosen, granting Singh a 10% stake while also putting shackles on the other party.

With pressure comes motivation, and he also wants to see if Singh will be as brave and invincible as his "lion" name.

"What is the interest rate and how long is the loan term?"

Singh thought about it, and asked the conditions clearly before making a further decision.

"The Reserve Bank of India's benchmark interest rate is 6.5 per cent and loans are up to five years. Supplementary agreements can be signed, and the loan can be renewed when it expires. ”

Singh shook his head, "The interest rate is too high, I think an interest-free loan is more suitable." ”

Zhang Yida shook his head, "This is not my decision, this is the decision of the company's board of directors, India's economy is developing relatively fast, and inflation is also relatively strong."

Interest-free loans are no longer possible, which undoubtedly infringes on the interests of other shareholders. ”

Singh is also a highly educated person, not a fool, and knows that Ruixiang needs to push himself out as this "puppet" by a group of shareholders.

But when you are a puppet, you can't give no benefits at all!

He continued to bargain with Zhang Yida, listing his difficulties and risks.

"Singh, there's a risk in doing anything, and you earn it by paying companies more than that's what they pay for with an annual interest rate of 6.5 percent.

Unless you are not confident in the operation of BBPAY, then we have to consider another partner. ”

As soon as he heard this, Singh's mouth, which was still chattering, immediately closed.

If you recruit professional managers under this condition, others will fight for this right even if they break their heads.

He doesn't do it, some people do.

It's just that he also has some advantages, BBPAY was founded by him in the past, and he has been in charge of BBPAY for more than three years.

Suffice it to say, no one knows the company and the Indian mobile payment market better than him.

Thinking of this, Singh told Zhang Yida about his irreplaceable role.

"Mr. Zhang, if you change to another professional manager, it is absolutely impossible to protect your company like my own children like me.

BBPay is currently developing smoothly, and various business indicators are catching up with Paytm.

A rash substitution will only add unpredictable risks to the development of bbpay.

I'm definitely the best fit, but you guys do make me a little worried. ”

Zhang Yida admits that Singh has a point, but he can't do such a thing.

Based on the principal amount of 700 million US dollars, the annual interest is 45.5 million US dollars, and it is more than 200 million US dollars in five years.

This part of the equity is shared equally by all shareholders, Zhang Yida holds nearly 50% of the shares of Ruixiang, if interest-free, it means that he personally receives more than 100 million US dollars less interest.

With so much money, he wouldn't be moved by Singh's words.

Seeing that Zhang Yida was unmoved, Singh was a little anxious.

"So, Mr. Zhang, I can agree to 6.5% interest on the loan, but I want 20% on the shares. ”

Singer was heartbroken and decided to seek wealth and danger once.

As Zhang Yida said, as long as the annual valuation increases by more than 6.5%, the excess is earned by him.

In five years, the operation is good, which is enough for BBPAY's valuation to increase by 3-5 times.

When the time comes, he will directly repay the debt, so that he can also keep a large amount of equity in his hands.

Zhang Yida hesitated slightly, giving Singh 20% of the shares, which can mobilize the other party to work more actively, but the 10% share that was transferred is gone.

This part of the equity is intended to be used to recover the initial investment in BBPAY.

Including the $100 million in acquisitions, Ruiqian has invested more than $1 billion in BBPAY.

BBPAY, on the other hand, is like a bottomless pit, burning hundreds of millions of dollars every year.

India's per capita GDP is only one-fifth of China's, and there are too many poor people, and it is impossible to make money by copying Yu'e Bao, Huabei, and borrowing on a large scale.

Even PayTM has not been profitable until now.

Like the Chinese Internet in 2000, it may take three or five years to see the day when it becomes profitable.

But Zhang Yida feels that he has invested more than $1 billion in real money, not to mention that he was wholly owned before.

If you want to change the shareholding structure now, you have to recoup some of your investment.

Investment is risky, and only by reducing some of the risks can we survive for a long time.

And if you lend 20% of the shares to Singh in the form of a loan, if the company collapses, you can't afford to sell the other party!

They also investigated Singh, who was of the Kshatriya caste and considered an upper class in his family.

But with the tens of millions of dollars Singh received from selling the company a few years ago, he and his family can't afford to pay more than a billion dollars in debt.

If his father was the boss of Reliance Group, Zhang Yida might have released the loan.

Even the old brother who fires anti-aircraft guns in China knows to inquire about what the student's family is doing before the loan, which is called analyzing the repayment ability, which belongs to the category of basic risk control.

Obviously, Singh is a high-risk person in Zhang Yida.

Zhang Yida thought about it, and didn't rush to make a statement, thinking about whether to fool Son Zhengyi's boss and let him complete the loan?

Anyway, Boss Sun still holds shares in Paytm, so he shouldn't want to see India's No. 1 and No. 2 e-wallets fighting, right?