Why Uber keep on financing? -Uber, step-IT information

Recently, every week will see the Uber finance news, Uber mainstream Fund $ 3.5 billion invested in Saudi Arabia, Uber to be at high risk loans market to raise $ 1 billion to $ 2 billion. What kind of ambition behind the Uber finance?

In 2009, the founder of Uber because it could not find a taxi in Paris, the mood was upset, so he had the idea of founding Uber, and from that time until now, Uber total financing of $ 15 billion. These are real money, rather than inflation, money, nor valuations (Uber is currently valued at $ 68 billion). Uber is still not listed, CEO TravisKalanick Uber has been recently told the public they will not be listed. He often said "I want to ensure that listed as late as possible. ”

You know, when Amazon went public in 1997, raising $ 54 million, valued at $ 438 million.

So here's the thing, Uber what to do with so much money?

Uber must full power to get China and India's market share. Uber melt so much money there seems to be an unspoken strategy--expand market size.

Uber get financing, venture capitalists will invest Uber competitors (drip drip travel, Lyft, Gett, Halo, Juno.) is no longer attractive, in other words, Uber's efforts to finance seems to have become a part of competition: it is not just between the customer and the driver rivalry, but a war of attrition, a crazy expensive showdown between games.

At present, the Uber successful have had the opposite effect: it has spawned a series of opponents, no matter how big or small companies will say: "we can do it. "But as time goes on, smaller competitors through substantial subsidies from the Uber compete for business, but will soon run out of money. Venture capitalists are reluctant to invest more money to combat the Uber.

Uber is financing as an arms race because the current is the background of declining valuations of many Silicon Valley Unicorn, it is clear that it will, on your valuable time to get a sum of money.

The famous venture capitalist Bill Gurley is a Board member of the Uber, Silicon Valley's status, he said: "at the baseball game, this is not the second, nor the sixth, but within five hours of the 14th". He reminded investors that if there's a Unicorn for they seek: "you are invited to a special dance party, but because people in the boats to get you the loan people. ”

A long time, sharing travel industry has long been viewed as a zero-sum game (zero-sum game, said all the interests of the game and is either zero or a constant, where one party is a movement, the other party must lose. ) More users registered to use Uber, more drivers are registered, competitors compete harder. Eventually will have only one or two players in the market.

The question now is whether financing is also a zero-sum game. Bigger problem is Uber eye-popping financial momentum would eventually deter investors to consider investing in Uber competitors? They will review of Uber's balance sheet? When investors see Uber when you have $ 6 billion in cash, investors will give a white flag of surrender?

So far, apparently Uber has won in the valuation game: its valuation is a valuation of all competitors combined.

But in terms of financing, Uber still had a strong rival--drops, drops as the market's leader, recently just got Apple's $ 1 billion in financing.

Strange thing is, many investors also support the Uber investment drops, such as BlackRock and Tiger Global, so it's hard to say the investment will not be able to invest the other party, at least not now. (Worth noting is that many investors feel Uber bought one day travel to the last drop. ）

Uber's recent financing are shareholders in order to avoid dilution of the shares. Uber Morgan Stanley,Barclays,Goldman Sachs and Citigroup sold $ 2 billion of debt. In order to avoid traditional financing round, the company also avoids the company sold at a higher value risk.

Uber claims in North America, Europe, the Middle East and Australian interests have been profitable. Is the biggest challenge China and India, the two largest markets in the world. In order to gain market share, Uber is expected to lose $ 2 billion in the two markets, because the two markets customers subsidize high. This means that Uber has to finance. But if Uber valuations continue to grow, compared with the equity value, which is cheaper. Uber 4-4.5% when they wanted to sell the debt proceeds.

Uber in 3-4 years after the IPO, as it had been issuing a convertible bond, if the company had not yet been listed, investors in convertible bonds will be discounted.

By 2018-2019 to Uber's development speed, how much money who knows Uber to be compatible? Might not be needed to finance it.

Question: throughout the process, the PK out Uber can make all the competitors?

为什么Uber要不停地融资？ - Uber,优步 - IT资讯

最近，感觉每个周都会看到Uber融资的消息，Uber获沙特主流基金35亿美元投资，Uber拟在高风险贷款市场融资10亿美元到20亿美元。Uber融资背后有什么样的野心？

2009年，Uber创始人因为无法在巴黎叫到出租车，心情很烦躁，于是他有了创办Uber的想法，从那时起到目前为止，Uber共融资150亿美元。这些都是真正的现金，而不是一些通货膨胀的钱，也不是估值（Uber目前估值680亿美元）。但是Uber现在仍然没有上市，Uber的CEO TravisKalanick 一直告诉公众最近不会进行上市。他经常说“我要确保尽可能晚地上市。”

要知道，亚马逊1997年上市时，筹集了5400万美元，估值4.38亿美元。

那么问题来了，Uber用那么多钱在做什么？

Uber必须开足马力才能获得中国和印度的市场份额。Uber融那么多钱看似是一个心照不宣的策略——扩大市场规模。

每次Uber一拿到融资，风险投资人都会觉得投资Uber的竞争对手（滴滴出行、Lyft、Gett、Halo和Juno.）不再有吸引力，换句话说，Uber为融资所作的努力似乎也成了竞赛的一部分：它不只是客户和司机之间的较劲，而是一场消耗战，一场疯狂的烧钱游戏之间的对决。

目前，Uber的成功产生了相反的效果：它催生了一系列对手，不管是大公司或者小公司都会说：“我们也可以这么做。”但随着时间的推移，规模较小的竞争对手企图通过大量的补贴想从Uber抢生意，但很快就会耗尽资金。风险投资家都不愿投入更多的资金以对抗Uber。

Uber之所以如军备竞赛般的融资是因为当前的大背景是很多硅谷独角兽的估值在不断下降，很明显它会在自己有价值的时候急于拿一笔钱。

著名风险投资人Bill Gurley是Uber的董事会成员，针对硅谷的现状，他说道：“在棒球游戏中，这不是第二局，也不是第六局，而是五个小时内的第14局”。他提醒投资者如果有独角兽找他们寻求投资：“你不是被邀请到一个特殊的舞蹈派对上，而是因为人们在破釜沉舟时才找你这个贷款人。”

长久以来，共享出行行业一直被看作是一场零和游戏（零和游戏表示所有博弈方的利益之和为零或一个常数，即一方有所得，其他方必有所失。）注册使用Uber的用户越多，注册的司机越多，竞争对手就越难展开竞争。最终市场上会只剩下一个或两个玩家。

现在的问题是融资是否也是一场零和游戏。更大的问题是Uber目前令人瞠目的融资势头最终是否会威慑到考虑投资Uber竞争对手的投资者？他们会审查Uber的资产负债表吗？当投资人看到 Uber 有60亿现金的时候，投资人会举白旗投降吗？

到目前为止，在估值游戏中很明显Uber已经赢了：它的估值是所有竞争对手估值的总和。

但是在融资方面，Uber仍然有一个强大的竞争对手——滴滴出行，滴滴出行作为中国市场的领头人，最近也刚刚拿到苹果公司10亿美元的融资。

奇怪的是，很多支持Uber的投资人同时也投资了滴滴出行，如BlackRock和Tiger Global，因此很难说投资一方就无法投资另一方，至少目前不是这样。（值得注意的是，很多投资人觉得有一天Uber会收购滴滴出行。）

Uber的最近的融资是为了避免稀释股东的股份。Uber让 Morgan Stanley,Barclays,Goldman Sachs和Citigroup出售了20亿美元的债务。为了避免传统的融资轮，公司也避免了将公司以更高的价值进行出售的风险。

Uber声称在北美、欧洲、中东和澳大利益都已经开始盈利。最大的挑战是中国和印度，这是世界上两个最大的市场。为了获取市场份额，Uber在这两个市场有望损失20亿美元，因为这两个市场的客户补贴比较高。这意味着Uber不得不融资。但是如果Uber的估值持续增长，与股权的价值相比，这显得比较廉价了。Uber希望出售债务时会有4 - 4.5%的收益。

Uber可能会在3-4年之后进行IPO，因为它之前发行了可转换债券，如果公司到那时还没有上市，投资人手中的可转换债券就会打折扣。

到2018-2019年，以Uber的发展速度，谁又会知道Uber会融多少资金？可能到时候就不需要融资了吧。

问题是：在整个过程中，Uber会不会把所有的竞争对手都PK掉？