Zhang Yida smiled, smiling brightly, these two investment tycoons were not clear about the current situation, or they were pretending to be stupid for him.

He is more inclined to the latter, presumably depending on his youth, to see if he can bargain.

Huimin Bicycle has created the era of shared bicycles, is the leader of the industry, and now as long as he Zhang Yida releases his words, Huimin Bicycle will be financed, and the venture capital companies that want to invest can be lined up outside the Fifth Ring Road.

As a high-quality star entrepreneurship project, Huimin Bicycle has no shortage of investors, and the investment letters of intent sent to the company's mailbox recently are too numerous to count.

The reason why he entrusted Shen Beipeng to help him find A+ round investors was because he valued Shen Beipeng's connections and wanted him to introduce well-known venture capital institutions to invest in shares.

Zhang Yida does not plan to take the money of other small and medium-sized institutions.

The valuation of Huimin Bicycle in the next year will rush up like a rocket, if it is a small fund investment that is not well-known, the endorsement will be a little worse, and it is easy for people to pick on it and be criticized for a valuation bubble.

Therefore, financing still has to cooperate with large institutions and large funds, and at the same time, there is also a layer of meaning that good resources are sucked into the Huimin bicycle body to reduce the opportunities of other competing products.

Although they need these big funds to join in and endorse, but the development of China to the present, the big funds are far more than the two of them, and they are not the only choice, so Zhang Yida said very strongly:

"The pre-investment valuation of $500 million, below this price is not to be discussed. ”

Zhu Xiaohu and Zhang Ying's faces were a little ugly, Zhang Yida was too strong, and they were not even allowed to return the price.

They set their eyes on Shen Beipeng, who smiled and quipped:

"Look at what I'm doing, look at me and it doesn't work, Huimin Bicycle is now a hot project on the market. GGV, Qiming, Gaoling, Penguin, Didi, and many institutions are interested in taking shares.

I greeted you before I came and told you to bring enough money.

Look at Ruixiang, the black shirt has invested three rounds in a row, and a total of 240 million US dollars have been thrown in, and in one year, the investment has increased to 1.5 billion US dollars, and the book floating profit is as high as 1.26 billion US dollars.

There is a give-and-take!"

Zhang Yida is very satisfied with Shen Beipeng's attitude, he is worthy of being a top investor, and he is very decisive and courageous when he sees a good project.

"The black shirt is a big business, how can we compare to this small family?"

Zhu Xiaohu's tone was a little sour, the black-shirted investment is really profitable, why don't I have such good luck?

Now Ruixiang's valuation is as high as 10 billion US dollars, which is no longer something that early and mid-stage venture capital like theirs can afford.

"Okay! Just according to Mr. Zhang's intentions! $500 million is $500 million, but the 50 million financing share is too small, at least $100 million must be opened. ”

Zhang Ying compromised and agreed to the request for a pre-investment valuation of $500 million, but the financing share was required to be doubled.

Zhang Yida has a headache for this request, he has already planned the rhythm and scale of financing, and now Zhang Ying's request undoubtedly disrupts his arrangement.

"Do you want to follow the A+ round of black shirts?" Zhang Yida asked Shen Beipeng.

"Yes, you have to follow!" Shen Beipeng replied happily.

Zhang Yida has an even more headache, nearly 20% of the shares will be released in the A+ round, and the black shirt will follow the investment, so his shareholding ratio will further decline......

Considering that the competitor has already received $30 million in financing, Huimin Bicycle cannot stop the pace of expansion, and even has to speed up the progress.

If you want to speed things up, you won't have enough money.

The $50 million in Series A financing was not worth 307 million yuan at that time.

It cost 100 million yuan to build 100,000 bicycles, 12 million yuan for 500 dispatchers, 15 million yuan for 300 R&D and operation personnel at the headquarters, 30 million yuan for advertising, and 24 million yuan for more than 160 light trucks for dispatching and transportation......

At present, the single-day riding fee income of 120,000 bicycles is almost maintained at about 400,000 yuan, and the riding income accumulated in three months is 20 million yuan.

There are about 140 million in cash on the books.

Excluding the depreciation of the bicycle, the monthly loss is more than 25 million yuan, and the total cash on the account is enough for 5 months.

Now, after receiving $50 million in Series A financing, Zhang Yida is too conservative to spend only 1/3 of the funds on car building.

Now with three months of operational foundations, the financial model has been made. Extrapolating back to the past, the optimal plan for Huimin Bicycle at that time was to build 15-200,000 bicycles.

The next step is to enter the country's second-tier cities and provincial capitals, and the number of bicycles in the four first-tier cities will have to be further increased.

Excluding the four first-tier cities, there are 45 second-tier and provincial capitals, and 10,000 units each is 450,000 vehicles.

Beijing and Modu will be added to 100,000 vehicles, Pengcheng and Yangcheng will be added to 50,000 vehicles, and 180,000 vehicles will need to be added after deducting the existing 120,000 vehicles.

630,000 units, 630 million yuan, and the cost is almost a little more than 100 million US dollars.

The scale of investment has expanded by almost 5 times on the existing basis, and the operating loss has increased by 4 times even if it does not increase by 5 times, and the loss in a month is 100 million.

With half a year as a plan, at least 600 million operating funds must be left.

To implement the 2.0 strategy, $200 million is needed.

After some consideration, Zhang Yida agreed to Zhang Ying's request to expand the financing scale.

Following.

Shen Beipeng called Xu Xiaoming, Zhang Yida called Lei Dongming, together with Zhang Ying and Zhu Xiaohu, and signed the A+ round of financing agreement under the witness of the six parties:

According to the pre-investment valuation of US$500 million, GSR Venture Capital and Jingwei Global each led US$50 million, Blackshirt Capital followed with US$20 million, and Zhenke Fund followed with US$5 million.

Huimin Bicycle completed a total of $125 million in Series A+ financing, with a post-investment valuation of $625 million.

After the A+ round of financing, the shares were changed to:

Zhang Yida: 54.4%

Option Pool: 6.4%

Huayi Capital: 3.2%

Blackshirt Capital: 16%

Zhenke Fund: 4%

Jinshahe Venture Capital: 8%

Matrix Global: 8%

Zhang Yida's share ratio has decreased by 20% compared with the A round of financing, but because of the big killer of 20 votes in 1 stock, the stock voting rights are still maintained at a high level of 92.3%.

Black Shirt Capital and Zhenke Fund exercised their co-investment rights, and the proportion of shares remained the same as in Series A and was not diluted.

Huayi Capital has no money to invest because the funds raised are invested in the Ruixiang Industry Win-Win Fund, so the proportion of shares is also diluted.

125 million US dollars is equivalent to 778 million yuan, plus the existing funds in the account of 140 million, Huimin Bicycle cash reserve is as high as 918 million at once.

However, the money came and went quickly, and Zhang Yida backhanded 600 million to Fujita Foundry, and placed a one-time production order for 600,000 shared bicycles.

Huimin Bicycle has now signed a strategic cooperation agreement with Fuji-ta, and the production price is originally preferential.

However, considering that after the bicycle is produced, it still needs to be transported to all parts of the country for delivery, and the transportation cost is also a large expense.

Therefore, in the end, the unit price of 1,000 yuan/vehicle was given to Fuji-ta for this large order, including OEM production and transportation to the whole country.

In addition, the operation sub-centers in various places also need to be prepared in advance.

In addition to Beijing-Shanghai Pengyang, Huimin Bicycle has established 42 operation sub-centers at one time, distributed in second-tier cities and provincial capitals.

Specifically:

5 cities in Guangdong: Dongguan, Foshan, Zhuhai, Zhongshan, Huizhou

7 cities in Zhejiang: Hangzhou, Ningbo, Wenzhou, Shaoxing, Jinhua, Taizhou, Jiaxing

6 cities in Jiangsu: Nanjing, Suzhou, Wuxi, Changzhou, Nantong, Xuzhou

3 cities in Shandong: Qingdao, Jinan, Yantai

3 cities in Fujian: Xiamen, Fuzhou, Quanzhou

2 cities in Liaoning: Shenyang and Dalian

The other two of the four municipalities directly under the central government: Tianjin and Yuzhou

and the capital cities of the other 14 provinces and autonomous regions except Xinjiang, Tibet, Mongolia, Qingdao, Gan and Ning:

Rongcheng, Qianyang, Kunming, Wuhan, Changsha, Hefei, Harbin, Shijiazhuang, Nanning, Changchun, Nanchang, Zhengzhou, Haikou, Xi'an

Because of the limited A+ round of financing, the coverage of 6 remote or border provinces was temporarily abandoned, and the main choice was the inland hinterland.

Some places, because of the climate and terrain, are not particularly suitable for shared bicycles.

Huimin transferred two-thirds of the manpower from the existing team to disrupt the distribution of 42 newly established operation sub-centers, with less than 10 veteran employees in one city.

This operation has brought a lot of operational difficulties to offline operations.

First of all, because more than half of the old employees have been transferred to the four first-tier cities, it takes a period of time for the new employees to get familiar with the work, and the work efficiency has been greatly reduced.

The newly set up operation sub-center has less than 10 veteran employees, and it is very difficult to manage the 10,000 shared bicycles that will be put in place, and each operation sub-center needs to recruit 40-50 offline dispatchers.

The ground team has expanded from 500 to 3,000 people at once, and the steps are too big, and the whole company is in a hurry.

The operation and R&D team of the Beijing headquarters has expanded to 400 people, and the new 100 people are basically the operators of the financial business line of deposit wealth management.

Based on the financial model:

The ground team of 3,000 people has a monthly salary of 24 million, the headquarters operation and R&D team of 400 people has a monthly salary of 6 million, the office rent of the operation sub-centers in various regions is 1 million yuan, and the advertising is 20 million yuan per month......

The daily expenditure of more than 50 million yuan per month almost didn't make Zhang Yida's eyes out.

Looking at the revenue again, based on the calculation that after the operation is stable, a bicycle generates a daily income of 3 yuan, and 720,000 bicycles generate revenue of 64.8 million yuan in January.

However, Zhang Yida knows that since the charging mode has been changed from 1 yuan/hour to 0.5 yuan/0.5 hours, it is basically a thing of the past to achieve 3 rides per bicycle per day, and the daily income of 3 yuan is basically a thing of the past, and a bicycle per day has a maximum income of 1.5 yuan ~ 2 yuan.

Based on the daily income of 1.5 yuan per bicycle, the monthly revenue of 720,000 bicycles is 32.4 million.

Compared with the fixed expenditure of more than 50 million per month, the loss of money is lost to my grandmother's family.

Not counting the depreciation of bicycles, 720,000 bicycles cost 720 million yuan, which is depreciated in 2 years, and the monthly depreciation is 30 million.

Strictly calculated, after the stable operation of Huimin Bicycle, the net loss in January can reach more than 50 million. This is also the result of the bicycle operation on the right track, generating 2 million cycling orders per day.

Therefore, Zhang Yida attaches great importance to the first step in the realization of advertising traffic - deposit financial management.

I just don't know how popular it will be after it goes online?

Will it be cold?

Zhang Yida is not too confident.