My Age of Investment

  Chapter 480 The prestige has been accumulated for a long time (seeking a monthly pass)

  Hearing Xia Jingxing finally talked about the valuation, a smile appeared on Zhang Tao's face.

  He knew that Xia Jingxing, who invested in his American counterparts, would definitely be interested in Dianping.

   "President Xia, you know, before I came, I checked Envision Capital and Yelp.

  Yelp only occupies the market in San Francisco. Envision Capital gave them a pre-investment valuation of US$20 million and also invested US$7.5 million for them.

  In terms of the number of website users, daily visits, etc., Dianping is stronger than Yelp. "

  Hearing this, Xia Jingxing's face gradually sank, and her lips remained silent.

   Zhang Tao observed his words and thoughts, and immediately detoured: "But, after all, the American people use US dollars, and we use RMB, the value of individual users is different.

  After a compromise, I think Dianping’s pre-investment valuation of 10 million US dollars is more reasonable.

  A round of financing we plan to raise 2 million US dollars is almost the same, and it will not be as much as Yelprong. After all, they are in the United States, and their labor costs and operating costs are higher than ours. "

  Hearing this, Xia Jingxing felt that Zhang Tao still knew how to advance and retreat. He just thought that the other party wanted the lion to open his mouth and reported a valuation that was higher than Yerp's.

  In fact, Dianping is the real Chinese Internet innovation these years, and it has not copied the American model.

  Dianping was established in 2003, and Yelp was established in San Francisco the following year.

  However, Yerp was established late and its scale is smaller than Dianping, but because of being in the United States, it enjoys the treatment of a developed country in terms of valuation.

  Xia Jingxing said lightly: “The valuation of 10 million US dollars is not high when it is placed in e-commerce and search industries that have already passed the model.

   But in terms of "Internet + restaurants", it is still not low. I want to hear, what good profit model do you have? "

   "President Xia, didn't you invest in Yelp? Should you understand the potential of our industry?"

  Xia Jingxing waved his hand, "They are them, you are you, and I can't disclose other people's business secrets.

  What they showed me was not just a set of Dianping, but also some interesting innovations. "

  Zhang Tao frowned. He thought he had invested in Yerp’s Xia Jingxing, so he could easily understand his business plan, or be interested in Dianping.

  But the other party now asks about the profit model, and he definitely wants to bargain.

  It must be so!

  Thinking of this, Zhang Tao smiled and replied with confidence: "In addition to publishing the "Restaurant Guide" of various cities and selling books to make money, in May of this year, we also officially launched the Dianping physical membership card.

  Only in the magic city, 150,000 membership cards were sold, bringing us nearly 3 million yuan in revenue. "

  Xia Jingxing gave an "Oh" and asked with a smile, "Tell me more."

  Zhang Tao started a detailed introduction.

  Similar to what Xia Jingxing expected, it is the cooperative membership card launched by Dianping and cooperative restaurants. After each consumption, the cardholder can accumulate certain consumption points by presenting the card, and discounts and consumption deductions can be made after the accumulation of less and more.

   "If I am not mistaken, your physical score card is a rat in a bellows-get angry at both ends!"

  Zhang Tao was stunned, and then smiled and said, "Mr. Xia, what do you mean?"

  "First of all, users don’t like it. They have to remember to bring their membership card every time they go out. Second, they will show this card every time they eat. Finally, not every restaurant cooperates with your Dianping.

  In short, it is too troublesome to use and unfriendly to the user experience. "

Xia Jingxing looked through everything and said with a smile: "After talking about the user side, let's talk about the merchant side. The point system will increase their understanding cost, work cost, and the connection with the cash register system. There will be many problems. convenient.

  The problem can be summed up, that is, users and businesses cannot synchronize information. Users inquire and use Dianping.com on their computers, but membership cards have to be connected and used with offline businesses. "

  This problem is actually very easy to solve. As soon as the smart phone is launched, everyone carries a mobile phone, and the physical membership card is made into an "electronic membership card".

  But in the current PC era, it is still a big problem.

  Seeing that Xia Jingxing was so awesome and pointed out the problem "on the nail on the head", Zhang Tao couldn't sit still, "Mr. Xia, you are a god. You have never seen our company, but you know so many problems with us.

  Oh, did Yelp also encounter this problem? "

  Xia Jingxing tilted Erlang's legs, first glanced at the ceiling, then sighed, and shook his head: "No, Yelp did not launch a physical membership card. Their gameplay is much more novel, such as..."

  Zhang Tao looked at Xia Jingxing eagerly, hoping to get a solution from Xia Jingxing to solve the problem that has puzzled him for a long time.

  But Xia Jingxing didn't say "such as", and Zhang Tao was so anxious that he felt like a cat's paw was scratching in his heart.

  You are talking about it, and you don’t say half of it. Who is it?

  Zhang Tao only dared to slander in his heart, not to persecute or intimidate Xia Jingxing.

   Seeing this investment crocodile looking at him with a smile, he immediately understood everything. What follows is conditional and costly.

  He was convinced that the other party was only 21 years old, and he was able to grasp the pace of negotiations firmly, and he also brought himself, an eleven-year-old entrepreneur, into the pit, showing his cowardice.

  The other party can have today's achievements, and they must not be underestimated because of their young age.

  He used to hear from friends that when Xia Jingxing was an entrepreneur, he concocted KPCB John Doerr and Sequoia Michael Moritz, two venture capital kings, and put them together.

  He didn't believe it at first, but now he finally believes a little bit.

  Rao Lei watched this scene quietly: Xia Jingxing, who was calm and calm, with a smiling face, and Zhang Tao, who was completely inversely flushed, and was constantly scratching his pants with his hands.

  Rao Lei smiled. In the face of these entrepreneurs who come to ask for investment, Jing Xing can always hit the mark with a word, and this time is no exception.

  Zhang Tao adjusted his mental state, squeezing a smile on his face, "Mr. Xia, if you accept the investment of Vision Capital, does it mean that you will call us one or two in the future."

"of course!"

  Xia Jingxing also directly pointed out, “Vision invests in a company, it is not about paying out money, and then leaving it alone.

  In all aspects of R&D, operation, promotion, etc., we will provide help within our capacity.

  In the case of Yelp, I can also arrange for you to have a chat with their founders Jeremy and Russell. "

   "Ah, we are competitors, can they agree?"

  Zhang Tao is interested, to see how the Americans play, it is also very good for the public comment. Especially Xia Jingxing also said that Yelp has many innovations that are different from their public comments.

  "Across a Pacific rival, they just got a foothold in San Francisco, let alone China, most of the US market has not been won."

  Xia Jingxing said to Zhang Tao and teased: "Do you have any idea to expand Dianping to the United States?"

   "No, no~"

  Zhang Tao waved his hand, said a few "no", then smiled and said: "As long as they are willing to chat together, I will naturally not have the idea of ​​working behind closed doors."

   "Well, it's okay, it can be arranged."

  After speaking, Xia Jingxing stopped talking, he was waiting for Zhang Tao to speak actively.

  Zhang Tao is also well aware of Xia Jingxing’s idea of ​​lowering prices.

  The other party showed the capital and the various resources that it can bring to Dianping. The purpose is to get him to take the initiative to make concessions.

  He has also contacted several venture capitalists before, but the investment willingness of various institutions is not very strong, and there is no more after a brief chat.

  Judging from the investment in Yelp, Vision Capital should not refuse to invest in their public comment.

  In the first round of financing, there was too much valuation concession, which led to too much dilution of the shares, which was quite unfavorable for his founder.

   Thinking about it, Zhang Tao fell into a hesitation for a while.

   Zhang Tao was heartbroken, and simply asked tentatively: "Mr. Xia, tell me, how much do you want to value Dianping Dianping?"

   "The pre-investment valuation of 5 million US dollars, we invested 2.5 million US dollars in Dianping."

  As soon as Xia Jingxing’s voice fell, Zhang Tao shook his head sharply, “This is too much. We only plan to raise 2 million US dollars in A round.”

"you sure?"

  Xia Jingxing shook his head and laughed, “For entrepreneurs, the first round of financing is very important, and no one will think that there is too much money.

  There is enough money in the hand, which means that it can quickly recruit talents, improve the team, accelerate expansion, rapidly grow the website, and then enter the next round of financing.

  At the same time, enough money also means more trial and error costs.

  Entrepreneurship is a process of constant trial and error, and you may bump into walls everywhere.

  For example, your physical membership card is a trial and error and hit a wall.

  If a trial and error fails, the money in the company's account is also spent, which means that everything goes to zero.

  If you have enough money in your hand, it means you can come again for the second and third time. "

   Zhang Tao still shook his head and said with a firm face: "I still stick to the idea of ​​me and the team, and only raise 2 million US dollars. At present, we also have certain revenue and don't need that much money."

   Seeing that the other party was unmoved, Xia Jingxing knew that he was determined, nodded and said, "Okay, let's talk about valuation again."

   "Mr. Xia, we can accept a pre-investment valuation of US$8 million at most."

  Xia Jingxing shook his head, and said in a nonchalant tone: "Only 6 million, if you feel acceptable, we can sign the contract today."

  Zhang Tao hesitated for a moment, raised his head, and opened his mouth several times, but every time he saw Xia Jingxing's cold expression, he swallowed his words back.

  He struggled countless times in his heart, and finally Zhang Tao sighed, "Okay, then 6 million!"

  Xia Jingxing's complexion remained calm, but he was actually quite happy in his heart, because just a few words and a stern face gave him an extra five points of equity.

  Worried about long nights and more dreams, Xia Jingxing immediately greeted Rao Lei to get the investment intention agreement template, changed it on the computer, and printed it out.

  A signature pen and a sheet of hot documents were placed in front of Zhang Tao.

  After reading the agreement carefully, Zhang Tao signed the name "唰唰唰".

  (End of this chapter)