My Age of Investment

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

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

"Mr. Xia, you also know that before I came, I specifically checked Vision Capital and Yelp.

Yelp only occupies one market in San Francisco, and Vision Capital gave them a pre-money valuation of US$20 million and invested US$7.5 million in them.

In terms of website user scale, daily visits, etc., Dianping is stronger than Yelp. "

Hearing this, Xia Jingxing's face gradually darkened, he pursed his lips and did not speak.

Zhang Tao observed the situation and immediately turned around: "But, after all, the American people use US dollars, and we use RMB, and the value of a single user is different.

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

We plan to raise US$2 million for the A round of financing, and it will not be as much as Yelp Rong. After all, they are in the United States, and their labor expenses, operating costs and other costs are higher than ours. "

Hearing this, Xia Jingxing felt that Zhang Tao knew how to advance and retreat. He just thought that the other party wanted to open his mouth and quoted a valuation that was even higher than Yelp.

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

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

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

Xia Jingxing said indifferently: "The valuation of 10 million US dollars is not high when it comes to e-commerce and search industries that have already run through the model.

But as far as "Internet + restaurant" is concerned, it is still not low. I want to hear, what good profit model do you have? "

"Mr. Xia, didn't you invest in Yelp? You should understand the potential of our business, right?"

Xia Jingxing waved his hand, "They are them, you are you, and it's not easy for me to disclose other people's business secrets.

They showed me what they saw,

It's not just the set of Dianping, but also some interesting innovations. "

Zhang Tao frowned. He thought that Xia Jingxing, who had invested in Yelp, could easily understand his business plan, or be interested in Dianping.

But the other party is now asking about the profit model, and he must want to bargain.

It must be so!

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

In Shanghai alone, 150,000 membership cards were sold, bringing us nearly 3 million yuan in revenue. "

Xia Jingxing said "Oh" and asked with a smile, "Tell me in detail."

Zhang Tao started a detailed introduction.

Similar to Xia Jingxing's expectation, it is a cooperative membership card launched by Dianping and cooperative restaurants. Cardholders can accumulate certain consumption points by presenting the card after each consumption.

"If I'm not mistaken, this physical point card of yours is a mouse in the bellows - both ends get angry!"

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

"First of all, users don't like to remember to bring their membership card every time they go out; secondly, they have to show this card every time they eat; finally, not every restaurant cooperates with Dianping.

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

Xia Jingxing had a look of seeing through everything, and said with a smile: "After talking about the user end, let's talk about the merchant end. The point system will increase their understanding cost, work cost, and there will be many differences in the connection with the cashier system. convenient.

To sum up, the problem is that users and merchants have no way to synchronize information. Users query and use Dianping.com on their computers, but membership cards have to be connected and used with offline merchants. "

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 long-standing problem.

Seeing that Xia Jingxing was so awesome, pointing out the problem "sharply", Zhang Tao couldn't sit still, "Mr. Xia, you are amazing, you have never seen our company, but you know so many problems about us.

Oh, did Yelp also encounter such a problem? "

Xia Jingxing crossed his legs, first glanced at the ceiling, then sighed, shook his head and said, "No, Yelp didn't launch a physical membership card, and 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 had puzzled him for a long time.

But Xia Jingxing stopped talking about "for example", and Zhang Tao was so anxious that his heart was scratching like a cat's paw.

You said it, and you stopped talking halfway, who is it?

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

Seeing this big investment crocodile looking at him with a smile, he immediately understood everything. What he said later had conditions and a price.

He was convinced that the other party was only 21 years old, and he was able to firmly grasp the rhythm of the negotiation, and even brought an entrepreneur who was eleven years older than himself into the pit, showing his timidity.

The opponent can have today's achievements, and he must not be underestimated because of his young age.

He had heard from friends before that when Xia Jingxing was still 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 believed it a little bit.

Rao Lei quietly watched this scene from the side: Xia Jingxing, who was calm and smiling, and Zhang Tao, whose face was flushed, and Zhang Tao, who was constantly scratching his pants.

Rao Lei smiled, facing these entrepreneurs who came to seek investment, Jing Xing always hit the nail on the head with one word, and this time was no exception.

Zhang Tao adjusted his mental state, and squeezed a smile on his face, "Mr. Xia, if you accept the investment from Vision Capital, does it mean that you will give us advice later?"

"of course!"

Xia Jingxing also pointedly stated, "Vision investing in a company does not mean paying money, and then it doesn't care about the follow-up.

We will provide assistance within our capacity in all aspects of research and development, operation, and promotion.

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

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

Zhang Tao is interested, and seeing how Americans play is also very beneficial to public comment. In particular, Xia Jingxing also said that Yelp has many innovations that are different from their Dianping.

"Across a competitor in the Pacific, they have just gained a foothold in San Francisco. Let alone China, most of the US market has not been won."

Xia Jingxing glanced at Zhang Tao and joked, "Could it be that you have the idea of ​​expanding Dianping to the United States?"

"No no no no~"

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

"Well, that's no problem, everything can be arranged."

After finishing speaking, Xia Jingxing stopped talking, he was waiting for Zhang Tao to take the initiative to speak.

Zhang Tao was also well aware of Xia Jingxing's desire to lower the price.

The other party showed capital, and also showed various resources that can be brought to Dianping, the purpose is to make him take the initiative to make concessions.

He has also contacted several venture capitals before, but the investment willingness of each institution is not very strong, and there is no further discussion after a brief chat.

Judging from the investment in Yelp, Vision Capital should not refuse to invest in Dianping.

However, in the first round of financing, the valuation concessions were too much, resulting in excessive dilution of shares, which was quite unfavorable to him as the founder.

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

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

"With a pre-money valuation of US$5 million, we invested US$2.5 million in Dianping."

As soon as Xia Jingxing finished speaking, Zhang Tao shook his head violently, "This is too much, we only plan to raise 2 million US dollars in the A round."

"you sure?"

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

With enough money in hand, it means that we can quickly recruit talents, improve the team, accelerate expansion, rapidly expand 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 continuous trial and error, and you may hit a wall everywhere in the middle.

Take your physical membership card as an example, it was a trial and error and a wall.

If a certain trial and error fails, the money in the company's account will also be spent, which means that everything will return to zero.

If you have enough money in hand, it means you can come back for a second or third time. "

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

Seeing that the other party was not moved at all, Xia Jingxing knew that he was determined, nodded and said, "Okay, then let's talk about the valuation."

"Mr. Xia, the most we can accept is a pre-money valuation of US$8 million."

Xia Jingxing shook his head, and said in an uncompromising tone: "It's only 6 million. If you think it's 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 indifferent expression, he swallowed the words back.

After countless struggles in his heart, Zhang Tao finally sighed, "Okay, then 6 million!"

Xia Jingxing's expression did not change, his expression was calm, but he was actually quite happy in his heart, because with just a few words and a straight face, he got an extra five points of equity.

Worrying about nights and dreams, Xia Jingxing immediately asked Rao Lei to get the template of the investment intention agreement, edited it on the computer, and printed it out.

A signature pen, a piece of paper and some hot documents were placed in front of Zhang Tao.

After carefully reading the agreement, Zhang Tao signed it with his name.

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