I can become stronger by paying salaries. I have one billion employees!

Chapter 279 Up to 35 billion US dollars, a tiered financing strategy! Ma Liyun: He's here?

In July, the city of Hangzhou was humid and sultry after the rain, and the vegetation was lush.

A clear, melodious song drifted from a music store on the street: 'I came from spring, you said we had to part in autumn, I promised not to grieve for you, but how can my heart remain unscathed…'

After its first season premiered on CCTV-6, "The Voice of China" quickly became a hit, becoming the highest-grossing variety show of 2012.

Cover songs such as "Crazy for Love," "High Song," and "You Got Me Drunk" became wildly popular, with the show's playlist playing on repeat in shops all over the streets.

Chen Yansen lowered the car window, and a fresh breeze carrying the scent of earth rushed in. The wheels rolled over the wet ground, making a rustling sound.

"Boss, the time is set for 9:00 AM tomorrow, at the Jinsha Hall by West Lake," Gao Weilin, sitting in the front row, reminded him softly.

"Xiao Li, don't go back to the hotel yet, go to the headquarters of Kuaidi Dache."

Chen Yansen nodded slightly and gave instructions to the driver.

Xiao Li turned around at the intersection and drove towards No. 102 Xueyuan Road, Xihu District.

Kuaidi Dache currently has an average daily order volume of 160 million, with a market share of nearly 80%, and considerable growth potential. In addition to Tencent, Ali, DST, Huake and Jinsha Venture Capital, Huaxin Fund, Goldman Sachs Investment and Apple Investment Department also plan to get involved.

However, Chen Yansen rejected Apple's offer and instead offered his shares to Huaxin Fund and Goldman Sachs.

These two investment institutions can help reduce the policy risks of Kuaidi Dache (a ride-hailing service), while the latter can prepare for future expansion into overseas markets.

Twenty minutes later, a line of three luxury cars stopped in front of the headquarters of Kuaidi Dache.

Cheng Weixing led a group of high-ranking executives, all dressed in sharp suits, and stood in a row. As soon as Chen Yansen got out of the car, Cheng Weixing quickly went to greet him.

"Boss, you must be tired from your journey." Cheng Weixing raised his hand to protect Chen Yansen's head, smiling and greeting him warmly.

Chen Yansen smiled faintly, patted Cheng Weixing on the shoulder and said, "The environment at the new headquarters is much better than before. How many employees are here?"

"There are about 400 people, mainly in development, operations, finance and legal affairs. There are also more than 800 people scattered in Nanjing, Luzhou, Yanjing, Tangcheng and other places, mainly in marketing, driver management and regional operations."

Cheng Weixing answered immediately.

"Didi has completed a 6 million yuan Series D financing round. This subsidy war will continue for another two months. Are you familiar with Pei Yi's 'Thousand People, Hundred Cities' plan?"

Chen Yansen asked casually.

The group chatted as they walked towards the lobby on the first floor.

"Thousands of people in hundreds of cities?" Cheng Weixing was slightly taken aback. After all, Kuaidi Dache and Kuaidi Dache were independent subsidiaries, and Pei Yi kept it a secret, so he really didn't know anything about it.

"We will train 1000 to 2000 new employees using a combination of market, business, and operations strategies, and then deploy them to 100 cities to accelerate our expansion."

Chen Yansen explained slowly.

In his view, Cheng Weixing's operational capabilities were not the problem, but his expansion pace was somewhat conservative.

Each time a new service area is added, it will only cover two or three cities at most. At this rate of development, it will take at least four or five years for Kuaidi Dache to fully cover North China, East China, Central China and South China.

"Boss, isn't this too aggressive?" Cheng Weixing frowned slightly, worried that moving too fast could lead to various unexpected management loopholes, which in turn could have a huge negative impact on the project.

"Kuaidi Dache only started more than two months earlier than Didi. The longer it drags on, the more disadvantageous it will be for Kuaidi Dache. With Legend Capital getting involved, it means that Lenovo Group has also entered the fray. How long can you maintain your advantage?"

Chen Yansen asked back.

Legend Capital, the predecessor of Lenovo's strategic investment department, led Didi Chuxing's Series D financing, indicating that the Liu family also has their eyes on the huge market of ride-hailing.

Kuaidi Dache currently holds advantages in funding, technology, and market share, but with the entry of large capital, Didi Dache will soon be able to close the gap.

The unhurried pace of expansion may seem steady, but it's no different from chronic poisoning.

Before Cheng Wei could react, they copied Kuaidi Dache's "Thousand People, Hundred Cities Plan" and focused on increasing the daily order volume first.

Even if there is a merger or reorganization in the future, the person with the largest market share will definitely control the narrative.

"Boss, I understand." Cheng Weixing's smile vanished instantly. He had been feeling smug about capturing 80% of the market share, but now his hands and feet felt cold, and his heart felt like it had fallen into an ice cellar.

He knew he had become complacent!

In terms of financial resources, Didi Chuxing is not far behind. The valuation of Didi Chuxing is indeed lower than that of Kuaidi Dache, but Cheng Wei knows how to make concessions. Even though he lost control, he still has the attitude of fighting to the death.

Is Cheng Wei stupid?

Not stupid at all!

During its Series A funding round, Capital Today acquired a 20% stake in Didi Chuxing for only 700 million yuan, while Cheng Wei's stake was worth just over 40 million yuan at the time. During its Series D funding round, the valuation rose to 200 billion yuan. Although his shareholding ratio decreased from 72% to 34.3%, it was still worth 13.7 billion yuan, an increase of nearly 200 times.

The "smart people" in the eyes of ordinary people, like the founder of Yaoyao Taxi, valued equity too much and rejected investments from Tencent and Huaxin. As a result, they didn't even reach their goal of 1000 rides per day and were crushed by Didi and Kuaidi Taxi.

Learning to delegate and leveraging resources are the keys to a slim chance of success.

Seeing that Cheng Weixing understood, Chen Yansen said no more.

The group took the elevator to the 16th floor. The office area of ​​Kuaidi Dache was on the 16th, 17th and 18th floors, with more than a hundred people on each floor.

There weren't many employees because it was the weekend.

"Boss, the 16th floor is the office area for the technology, product, operations, and channel departments..."

Cheng Weixing pointed to the area ahead and introduced it.

"Hello, Mr. Chen!"

"Hi boss!"

Several R&D engineers who were working overtime heard the noise at the door and subconsciously looked up. As soon as they saw Chen Yansen, they immediately greeted him with a smile.

Cheng Weixing is the boss, while Chen Yansen is the big boss.

They knew perfectly well that the housing subsidies, meal allowances, transportation subsidies, quarterly bonuses, holiday red envelopes, and other benefits were all created by the big boss.

Compared to other internet companies, Kuaidi Dache's monthly salary is not high, but overtime pay is always provided. Many recent college graduates working as assistants or customer service representatives earn a base salary of only 4500 to 5000 yuan per month, but with overtime pay included, their pre-tax income can reach 7000 to 8000 yuan.

In addition, the existence of housing subsidies and meal allowances can further reduce daily expenses.

Therefore, among Hangzhou's internet companies, Kuaidi Dache is far more attractive to top talent than Alibaba and NetEase.

"Mr. Chen!"

At that moment, a young man in his late twenties shouted out.

Chen Yansen recognized the voice and turned around. Sure enough, it was someone he knew. "Aren't you in the Dongguan Marketing Department?" Chen Yansen stopped and asked softly.

"President Chen still remembers me?" Xiao Bing looked surprised, his mouth slightly open, his eyes filled with disbelief.

He only met Chen Yansen once!
"Xiao Bing, Planning Manager of JD Marketing Department." Chen Yansen's mental strength value had already exceeded 70, which was dozens of times that of an ordinary person. Even the phrase "photographic memory" was insufficient to describe the terrifying level of his memory.

"Mr. Chen has a great memory. Kuaidi Dache has great market potential and a good working atmosphere, so I left JD.com and joined Kuaidi Dache."

Xiao Bing quickly showered him with praise, but his words were too empty and he was clearly not telling the truth.

The truth is that after Orange Technology poached Ye Qiuping, Liu Qiangdong reappointed a marketing director, but in order to get things done, this person picked two people from his original subordinates to come with him.

As a 'veteran official of the previous dynasty,' Xiao Bing was ostracized.

Simply put, if you work overtime and get blamed but receive no credit, who can stand that?

Xiao Bing endured it for more than half a year, and just then he saw a job posting for Kuaidi Dache online, so he chose to run away without hesitation.

Since his rank wasn't high and he didn't even have stock options, he could run around without any scruples.

Chen Yansen smiled. He could tell from the other person's words that they were lying, but he didn't call them out. After exchanging a few pleasantries, he followed Cheng Weixing to the office.

As soon as they walked away, their colleagues gathered around.

"Soldier, that's amazing! You actually know a big boss?"

A colleague from the marketing department grabbed Xiao Bing's arm and asked in surprise.

“I used to work in JD.com’s marketing department. Back then, Mr. Chen was the founder of FoxTao. He once came to JD.com to discuss channel cooperation, and I was the one who received him…”

Listening to his colleagues' compliments, Xiao Bing smiled and boasted.

Upon arriving at the office, Cheng Weixing waved, and his assistant handed Gao Weilin a thick document.

"Mr. Gao, this is Kuaidi Dache's financial data and user operation data, including revenue and profit indicators, as well as cash flow and operational efficiency indicators."

After Cheng Weixing finished speaking, he busied himself making tea for Chen Yansen and the others.

Gao Weilin accepted the document but did not rush to check it. He casually handed it to his assistant behind him.

"Which agency is offering the highest price right now?" Chen Yansen asked slowly after sitting down.

“I have spoken with the contacts from Tencent, Ali, DST, Huake, and Jinsha Venture Capital. DST offered the highest price, Huake the lowest. Tencent and Ali both have the idea of ​​increasing their stake. Huake and Jinsha Venture Capital are interested in making follow-on investments in this round, but I estimate that the investment amount from these two companies will not be too large, especially Jinsha Venture Capital.”

Cheng Weixing answered, then handed over a summary table.

GSR Ventures primarily focuses on early-stage investments, but it also participates in relatively late-stage financing rounds, though not in large proportions.

Chen Yansen nodded and glanced at it casually.

DST gave a valuation of $34 billion, Penguin $32.6 billion, Ali $31.8 billion, and Huake and Sands Ventures, although their prices were lower, were still over $30 billion.

The negotiations between Huaxin Fund and Goldman Sachs were conducted by Gao Weilin; one firm offered $32.5 billion and the other $35 billion.

Based on this, Goldman Sachs and DST offered the highest prices.

No wonder that from ten years ago to ten years later, looking back at the twenty years of rapid development of China's Internet, the largest shareholding of major Internet companies is usually held by foreign capital.

There's nothing I can do, they're paying too much!
Chen Yansen frowned slightly. This round of financing was different from the last one. During the Series A financing, the participating investment institutions did not differ much in their bids, except for Huake, which was unwilling to pay more. However, Huake also offered additional resources as compensation, and an agreement was finally reached.

The difference between the highest and lowest prices this time is 5 million US dollars, involving too much interest, and it will probably be difficult to persuade all parties to do as he wants.

“Hand over Huaxin, Huake, and Penguin to Lao Gao. You will be responsible for liaising with Ali and Jinsha Venture Capital. Adopt a tiered financing strategy and make it clear to them in advance that those who do not accept it will be automatically eliminated.”

After a few seconds of contemplation, Chen Yansen looked at Gao Weilin and Cheng Weixing and quickly made arrangements.

The operational logic of tiered financing is to divide the financing amount into multiple parts, allowing different institutions to subscribe at different valuations.

To put it bluntly, it means different prices for the same rights, which is very disadvantageous to investment institutions that offer higher prices.

Chen Yansen already had a plan in mind. Huake and Huaxin could bring additional "essential resources" to Kuaidi Dache, such as policy protection and compliance endorsement. Although the valuation was low, the value of the resources behind them was high.

The traffic support and complementary business ecosystems of Ali and Penguin are equally important to Chen Yansen, and at the same time, they can reduce two potential competitors.

If DST and Goldman Sachs disagree, he will choose Tencent as the lead investor in the Series B funding round, thereby diluting the foreign investment ratio and avoiding policy risks in advance.

at the same time.

At the Hangzhou headquarters, Ma Liyun and Wang Wei had just finished their conversation, and Ma Liyun personally escorted the person to the car.

Just as Chen Yansen had predicted, even though he reminded Wang Wei, the other party still believed Ma Liyun's story. Faced with solutions to infrastructure sharing, industry data synchronization, and last-mile delivery problems, it was hard for Wang Wei not to be tempted.

Furthermore, Ma Liyun also promised to provide SF Express with order support from Taobao and Yaomao Mall, which Wang Wei readily agreed to immediately.

In 2012, SF Express focused its business on the high-end express delivery sector. Its revenue per parcel and company revenue were not low, but its business volume was not high. Before Yunsu emerged and disrupted the market, SF Express's parcel volume was not as high as any of the three major express delivery companies (STO Express, YTO Express, ZTO Express, and Yunda Express).

He wants to make money in the high-end market, and he also wants to make money in the mid-to-low-end market.

Adults never make choices; they always want it all.

SF Express offers a wide range of services, including B2B express delivery, supply chain services, B2C express delivery, cold chain services, time-sensitive air freight, and economy express delivery.

This shows that Wang Wei's ambitions are also quite large.

"Guo Changguang of Fosun Group has agreed to invest money and will help Cainiao Logistics bid for land to build large warehouses and transit stations," Lu Zhaoxi said quietly, standing behind Ma Liyun.

"Fosun alone is not enough. Wang Wei, Chen Dejun and Yu Weijiao seemed to agree readily, but they may be wary of me behind my back. We need to find a few more companies with strong technical expertise to cooperate with regarding warehouse management technology, centralized procurement and data center modules."

Ma Liyun said calmly.

“After hearing about Cainiao Logistics’ plans, Mr. Zhang from Fuchun Group expressed a strong interest in investing. I think we should take the time to have an in-depth discussion with him,” Lu Zhaoxi added.

Fuchun?

Ma Liyun nodded slightly, agreeing to Lu Zhaoxi's suggestion.

Last December, he met with Zhang Guobiao, who is very powerful in the Jiangsu and Zhejiang area. He can not only help Cainiao acquire land and build warehouses, but also provide huge amounts of funds to help Ali diversify investment risks.

"By the way, has Chen Yansen come to Hangzhou?" Ma Liyun suddenly asked.

(End of this chapter)