"I invite you to come over today, mainly to talk about the B round of financing of Huimin Bicycle. ”

In the Huimin bicycle conference room, Zhang Yida looked at the gods of wealth with a smile.

Huimin Bicycle has no funds to enter next month, and the liquidity will be exhausted, but Zhang Yida is not in a hurry and has been firmly controlling the financing rhythm.

"No problem, Yida, tell me how much is the valuation, how much is the financing scale, and we at Gaoling Capital are very happy to participate. ”

Zhang Sanshi, founder and CEO of Gaoling Capital, was the first to say that he missed Ruixiang and Yimin, and he didn't want to miss Huimin Bicycle again.

GGV Capital, Qiming Venture Capital, Penguin and Didi also came, and they were all very interested in Huimin Bicycle, but they did not intervene in the last round of financing.

So for the B round of financing, they are also determined to win.

Zhang Yida sent a copy of the operating data and financial data of Huimin Bicycle to the investors present, and after they all read it, he continued to speak:

"Huimin Bicycle has been deployed in all first- and second-tier cities in the country, and the next step will be to expand to third- and fourth-tier cities.

70 in third-tier cities and 90 in fourth-tier cities. In 160 cities, 10,000 bicycles are needed to put 10,000 bicycles each. ”

Seeing that the investors' eyes were a little weird, Zhang Yida said with a smile:

"Of course, it's not a one-step process. I plan to complete the full coverage of third-tier cities in this financing, and at the same time, the number of bicycles in first- and second-tier cities will be supplemented.

So I plan to raise $300 million in Series B at a pre-investment valuation of $1.5 billion. ”

"$1.5 billion is a bit high, and the A+ round of financing is only $625 million valuation! It's only been three months, and it's more than tripled. ”

Zhang Sanshi was the first to say that he valued the future development potential of Huimin Bicycle, but the valuation was indeed a bit out of line with his wishes.

"Yes, Mr. Zhang, look at the loss of Huimin Bicycle, it loses 50 or 60 million yuan every month, and I don't know when the profit will be!"

Tong Shijie of GGV Capital also echoed.

"Have you noticed that the loss of a single shared bicycle is narrowing, and it is already producing a large-scale effect.

In addition, in addition to the cost of riding, our advertising costs also generate millions of dollars per month.

In addition to the APP online advertising, we will also develop bicycle body advertisements in the future.

Huimin Bicycle is destined to become a super APP with hundreds of millions of users, and in the future, this is a large traffic entrance that cannot be ignored. ”

Zhang Yida knew that this group of people were pretending to be stupid for him, so he just pointed it out.

At this moment, everyone stopped talking. Does Huimin Bicycle have potential? is that Zhang Yida has a great appetite, and Tong Shijie, who has dealt with him, is very clear.

"$1.5 billion, right! We at Penguin agree with this valuation, but we have to lead the pitch. ”

Ren Yu smiled and said, the penguins are wealthy, they don't care about the gains and losses of valuation, and the most important thing is the share share and strategic layout.

Bike-sharing has become the new super traffic entrance, and anyone with a discerning eye can see it, and penguins are no exception. They have discussed internally that they hope to exchange a nine-square grid for shares.

It's Rui Xiang and Goudong again, empty gloves and white wolves.

Tong Shijie of GGV and Gan Renping of Qiming Venture Capital are a little unhappy with the price hike of penguins, but they do not want to give up the project of Huimin Bicycle.

"So be it! We can agree to a $1.5 billion valuation, or we can lead the investment with Penguins, but we want the right to follow the next round of investment. ”

Gan Renping of Qiming Venture Capital knew that the matter had come to this point and it was difficult to turn it around, so he retreated and hoped to get a co-investment right for the next round of financing.

Zhang Yida was quite surprised by Ren Yu's statement, he thought that he was going to talk about it again today, but he didn't expect the penguin's assist to be so fierce.

Of course, the penguin was not well-intentioned, Zhang Yida guessed that it was a resource share, glanced at Ren Yu, and asked:

"Is the penguin's stake for cash or for the traffic entrance?"

"Hehe, I think the number of Huimin bicycle users is still a little less, with the blessing of WeChat traffic, the number of users can definitely skyrocket. ”

Yes, as Zhang Yida expected, it is really a resource shareholding.

Although WeChat Jiugongge is good, Zhang Yida also wants cash, how to build a car without cash?

"How to price the traffic entrance?"

Zhang Yida asked.

"Of course, it's the same as Ruixiang. $100 million a year. ”

Ren Yu felt that the buyer and seller were very cost-effective, the penguin got the shares, and the Huimin bicycle got the traffic, so he said naturally.

"The development of Ruixiang and the development of Huimin bicycles are not at the same level. This calculation is somewhat unfair to the people. ”

Zhu Xiaohu, the old shareholder of Jinshahe Venture Capital, spoke, he has shares in Huimin Bicycle, and of course he helped Huimin Bicycle speak.

"That is, don't want the traffic entrance of penguins, and it's not that you can't do business for the people. If you don't pay for it, how can you build a car for Huimin?

In my opinion, the most important thing for Huimin is cash, and the flow is secondary. ”

GGV Tong Shijie had just been taken to the rhythm by the penguins, and he couldn't help but say a few words at this time.

"Huimin bicycles are embedded in WeChat, which indirectly helps WeChat enrich the ecology, and the asking price of $100 million a year is indeed too high. ”

It was Zhang Ying of Jingwei Global who spoke, who, like Zhu Xiaohu, was also a shareholder of the A+ round.

"Mr. Ren, you see that so many old shareholders are opposed, is Penguin adjusting the offer. ”

Xu Xiaoming saw that the atmosphere was a little awkward, and came out to play a round.

"Yida, what do you think? You are the chairman, you decide. ”

Shen Beipeng was very decisive, and seeing that the negotiations had reached this point, Zhang Yida had the highest voting power here, so let him make a decision directly.

Zhang Yida is also very entangled, he is very tempted by the traffic of WeChat Jiugongge, but with an offer of 100 million US dollars a year, he also feels that Huimin at this time cannot afford it.

There is only one most important thing to benefit the people, which is to continue to increase efforts to occupy the market and launch vehicles.

He is worried that Leech Financial will enter the bike-sharing market at any time. There is no threshold for sharing bicycles, and the competition is capital.

If the leech gold suit intervenes, things will be difficult.

The solution is to Huimin to occupy an absolute market share as soon as possible, so that Leech Financial Services will know that it will be difficult to retreat.

Thinking of this, Zhang Yida didn't hesitate anymore and said to Ren Yu:

"The matter of Jiugongge is slowed down first, and Huimin is still in urgent need of cash shares. ”

Ren Yu nodded and said, "Okay, it's okay to invest in cash." Even if it's a valuation, $1.5 billion is a bit inflated!"

GGV's Tong Shijie almost laughed, and said in his heart, Lao Tzu knew that the penguins of the dog were not well-intentioned, and they bought shares without money, and of course raised their valuations!

Immediately, Tong Shijie also nodded in approval and said: "I think the pre-investment valuation of $1.25 billion is about the same, just twice as much as the previous round." ”

"The valuation of $1.25 billion is appropriate, and Gao Ling basically agrees. ”

Zhang Sanshi had also accepted his fate and planned to invest at a valuation of $1.5 billion. I didn't expect the plot to have a reversal, which is an unexpected joy.

"Well, Qiming Venture Capital follows the trend, whether it is $1.25 billion or $1.5 billion, you just have to negotiate, and Qiming chooses to follow the investment in this round. ”

Gan Renping sold Zhang Yida a good one and did not participate in the joint price reduction.

"Mr. Liu, Didi has not expressed his opinion yet, what do you mean?"

Zhang Yida set his sights on Liu Jing, the president of Didi.

Liu Jing smiled, and then said:

"I think it's all right, or add a bet!"

"What are you betting on?" Zhang Yida asked.

Liu Jing thought for a while and said, "Revenue, market share, and net profit are all fine." ”

"Everyone's opinion?" Zhang Yida turned his gaze to everyone.

"Yes!"

"Agreed! The VAM can be valued at $1.5 billion. ”

"Let's set the revenue or market share! Net profit is too early. ”

Liu Jing's face is still very big, and as soon as she opened her mouth, everyone expressed their support.

Huimin Bicycle currently has a monthly revenue of 50 million yuan. Doubling the revenue target of 1.2 billion yuan in the next year. ”

Zhang Yida said to everyone.

"The valuation of $1.5 billion is 2.4 times higher than the valuation of $625 million, and the revenue should be 2.4 times to be reasonable.

It is more appropriate to set it at 120 million per month and 1.44 billion a year. ”

Tong Shijie's views were unanimously agreed by the investors present.

Zhang Yida estimated in his heart that this financing of 300 million US dollars can build 1 million new bicycles, plus the original 700,000 bicycles, it is basically not difficult to reach 100 million ~ 110 million yuan per month.

If you work a little harder on the advertising side, you should be able to achieve a revenue of 10 or 20 million per month.

Immediately, Zhang Yida nodded and agreed to the conditions of the bet.

The VAM period is from 11 March 2015 to 10 March 2016 for a period of one year.

During this period, it achieved revenue of 1.44 billion yuan, and the valuation was calculated based on the pre-investment of 1.5 billion US dollars.

If the revenue of 1.44 billion yuan is not reached, the shares will be recalculated according to the valuation of 1.25 billion US dollars.

At the same time, the share of 300 million US dollars in Series B financing was disputed by all parties.

In the end, it was decided that Penguin would lead the investment of US$100 million, and Gaoling Capital, GGV Capital, Qiming Venture Capital, and Didi Quartet would each invest US$50 million.

After the B round of financing, the shares were changed to:

Zhang Yida: 45.33%

Option Pool: 5.33%

Huayi Capital: 2.67%

Blackshirt Capital: 13.33%

Zhenke Fund: 3.33%

Jinshahe Venture Capital: 6.67%

Matrix Global: 6.67%

Penguin Industry Fund: 5.56%

Gaoling Capital: 2.77%

GGV Capital: 2.77%

Qiming Venture Partners: 2.77%

Didi: 2.77%

Zhang Yida's stake fell further, but because of the existence of AB shares, he still firmly controlled 89.2% of the voting rights.

When financing, Zhang Yida put forward a requirement, that is, the investment money must be received at one time, otherwise the investment will not be accepted.

Ren Yu blushed a little, Zhang Yida meant something, most likely talking about their penguins' arrears of investment funds.

He had no choice, Mr. Ma spoke, and they could only do it. However, it is indeed a little difficult to wipe off his face in front of the little fellow.

The financing of 300 million US dollars equivalent to 1.845 billion yuan arrived quickly, and it was paid to the Huimin bicycle account in a week.

After the money arrived, Zhang Yida breathed a sigh of relief, and if it was delayed for a few more days, Huimin Bicycle's salary for next month might not be paid.

These 300 million US dollars are life-saving money, and Huimin Bicycles have expanded too violently, and the capital chain is particularly tight.

Zhang Yida first remitted an advance payment of 300 million yuan to Fuji-ta and directly placed an order for 1 million bicycles.

The remaining 700 million yuan of the balance will be completed in Fuji-ta's manufacturing, inspection qualified, and paid after successful delivery.

It's still the old rule, package manufacturing, but also package transportation, after leaving the factory, 700,000 of them need to be transported to 70 third-tier cities.

The other 300,000 bicycles will be supplemented by 150,000 bicycles to the four major first-tier cities, and the other 150,000 bicycles will be added to Lin'an, Rongcheng, Yuzhou, Tianjin and other strong second-tier cities.