Drops of madness behind the merger: the capital Gets the world-drop, quick, excellent-IT information
"Once the capital who are selected, only in it continuously raise, who is not living, not into money. "In those days was the annexation of a founder of the Hornets took a taxi once feel. Follow the "world capital" of the law of the jungle, quick drops in the Pocket in the near future, and recent drops again the steps China yitong River to move.
Drops early investor, Managing Director of GSR Zhu Xiaohu said, is "to promote (and)", drops and you step in China's "strategic" funding may eventually reach $ 30 billion.
As Shanghai newspapers yesterday published an exclusive report drops shares disclosed in the fog, in the huge figures, is desperately trying to attract capital drops by VIE schema expansion, merger, creating industrial empire of "course". However, the capital will seek to profit for the first harvest, drops after a dominant pattern is achieved, and how changes in the industry, who would become the "hunger games" ultimate foot?
"Burning money" scale comparable to war
In early August, when the drops and China merge, Uber global and cross shareholding when the news was announced to the last drop, first time Zhu Xiaohu said: "finally announced. ”
"When I visited the Uber global headquarters in San Francisco three years ago, suggested that the TK (founder and CEO of Uber telaweisi·kalanike) 5% per cent of investment drops, drop entirely to the Chinese market, but TK appetite is too big! "Zhu Xiaohu said.
It was in 2013, after completing the b round of financing from Tencent, encounter sniper drops the c round of financing. In the United States "change" period, Zhu Xiaohu, and founder and Chairman Wei Cheng was holding to the last drop "try" the idea of visiting TK. However, TK's quote is to drop 40% stake in nature on both sides are unable to reach a consensus.
Since then, the step by China to the last drop "expensive wars". In early June this year, announced Liu Qing, President of drops drop when a new round of financing more than $ 3.5 billion, Zhu Xiaohu shout "embattle! "He estimates: drops and steps China had financed more than $ 20 billion," the war "is expected to raise $ 30 billion before the end. This is equivalent to American troops during the first Gulf War cost the 1/3.
In the net about the car industry, "money war" burned out of the barriers on the one hand, financial strength is not strong enough either not admission, or end up sitting on the sidelines. The other hand, players eventually drop and China also are costly, both facing these fast-changing times, pressure is growing.
To final results, the war is for peace talks. Zhu Xiaohu in his circle of friends made to this summary: peace out! And drops on and funds leverage more, and faster merger is $ 700 million last year, and this year is 10 times more than the figure without these chips, even talking and none of the qualifications.
Big brother figure under the "selected edges line up"
Farther back, relying on 800,000 yuan business, outsourcing of spent 80,000 yuan to develop a demonstration than practical significance for a taxi software and find mainstream venture capital financing, opening is $ 5 million. This is drop founder Wei Cheng gang and angel investors made in 2012. Since then, is Zhu Xiaohu GSR to drop $ 3 million in series a financing.
By 2013, in the Haidian District, Beijing, Suzhou bridge near the White House – a rather special fake Court restaurant – Tencent yuechengwei, Wang gang, who interviewed finance. Later, Tencent Board Chairman Ma Huateng, also meet with Wei Cheng. Tencent was determined, for Wang, Wei Cheng proposed conditions with regard to the last drop, all agreed.
According to the market situation, across the country and the Internet industry business, will sooner or later face the BAT's big three. At first, whether to accept the company's financing, Wei Cheng, Wang gang, once hesitant, is mainly because we don't want to prematurely selected edges line up.
In a foot massage shop, after Wei Cheng and Wang gang talk, finally decided to accept the Tencent's lead investor $ 15 million series b financing options, "to live is the most important." But Wang did not forget to remind Wei Cheng, "this decision of ours is a price to pay. ”
Gang reminds to get fulfilled. Plan suffered a drop of c round of financing from Alibaba's blocking. Zhu Xiaohu had external call, all promise to drop talks of investors in New York are not helping, even investors who have signed investment agreements also declined to invest.
Until the end of 2013, CITIC lead investor, finished to the last drop c round of financing, financing difficulties were broken. The jungle later hard way
And thereby become the darling of the capital to the last drop. However, is the capital of the world in more abandoned children. Now the Hornets took a taxi to the last drop of belonging is one of the outcasts, but its name is now remembered.
Financing sniper drops at first encounter, Hornet took a taxi the same.
Hornets take a taxi company CFO is the main founder Li Yongjin, successfully listed on NASDAQ and has dominated Tudou and youku merged. In January 2013, Li Yong and Tudou in Shanghai with former Vice President Deng Wei, who founded the Hornets take a taxi.
Just appeared for more than a month, the Bumblebee covers Shanghai by taxi 20% taxi driver over, Kusakabe exceed 10,000, an average success rate of 85%. Everything looks smooth, Li Yong also said that the mobile Internet era then turn good overtaking.
Seen from the time, fast, drop of on-line time to a few months ago, Hornet took a taxi belonging to "later". And then the fact that, as the "latecomers" Hornet took a taxi into a "fast company". On November 22, 2013, announced the acquisition of the Hornets take a taxi.
There for less than a year the Hornets took a taxi was sold because, both parties are few. Only as a taxi, co-founder of the Bumblebee Deng Wei, had complained in an interview: "once the capital who are selected, only in it continuously raise, who is not living, not into money. ”
Had provoked "burning money" Bumblebee was acquired by taxi, at the beginning of 2014 lifted "+ micro payment to the last drop" and "fastest + PayPal" subsidies war drops, quick, has been merged in early 2015.
At that time of that incident, drops, fast behind Tencent, Alibaba is standing on the stage directly into the war . Subsidies the beginning of the war, Wei Cheng found Tencent want millions of promotional budgets, Tencent, readily gave drops of tens of millions of. Subsidy da fight to the Middle, with drops of 40 servers could not carry, Tencent's support drops to 1000 servers overnight.
According to Wang later recalled, when drops leave in foreign investors, the mood suddenly became heavy, the instinctive reaction of all investors are very reluctant to burn money, but had to decide to continue fighting.
Capital harvest, who will pay
Complete and fast after the merger, the drops have to face China, the stronger opponent. Ending the war, are drops and China had finally staged a complicated drama, this is the result of both sides behind the capital strength. Zhu Xiaohu once said: "the Uber Board puts a lot of pressure on TK, hoping his profits as soon as possible, cannot continue to burn, which is a very important cause. ”
In the capital market, institutional investors follow the "offering, investment, management, retreat" four-phase logic. Whether it is China or drop, their respective shareholders ' list have full capital of many big-name players.
Investment management is an important part of ventures throughout, but voice control in the hands of the player. A venture company participated in financing to the last drop official told Shanghai daily Reporter: "in this project, the equity of our little, did not participate in the investment and management. ”
Investors often will help entrepreneurs start, sending a lift. However, they are not charitable, most is not the pursuit of strategic interests. For them, investment drops, excellent step by China have been completed, "offering, casting, tube, back" full of three-fourths. Next, push step listed is the capital of China and drop out, realizing the inevitable choice for high-profit premium. Earlier, the foreign media, citing people familiar with the news that drops into account in 2018 in the United States market. Bodies are involved in financing to the last drop, told reporters, according to the current design, drops should be to find stocks listed.
Meanwhile, in "money war" after the network about the car market, drops a single General what ecological changes, may not be the capital of the point in question. For an enterprise to be listed, however, should be more important than money to make money, it may also mean, as only one person survived the "hunger games" near the end, looking for foot will come.
滴滴疯狂兼并背后：得资本者得天下 - 滴滴出行,快的,优步 - IT资讯
“一旦资本选定了谁，往后只会在其上不断加注，后来者是没有活路的，怎么都融不到钱。”当年被快的兼并的大黄蜂打车的一位创始人曾如此感慨。而正是遵循着“得资本者得天下”的丛林法则，快的在不久后成了滴滴的囊中物，且不久前滴滴又合并了优步中国，朝着一统江湖再近一步。
按滴滴早期投资人、金沙江创投董事总经理朱啸虎所称，为“以打促合（并）”，滴滴及优步中国的“战备”融资规模最终或许会达到300亿美元。
正如上证报昨日刊发的独家报道《滴滴股权迷雾》所披露，在这个庞大的数字背后，是滴滴借助VIE架构拼命吸纳资本、兼并扩张，打造产业帝国的“既定路线”。但是，以逐利为先的资本终将谋求收割，在滴滴实现一家独大的格局后，产业生态会发生怎样变化，谁又会成为这个“饥饿游戏”的最终买单者？
“烧钱”规模堪比一场战争
8月初，当滴滴与优步中国合并、Uber全球及滴滴将相互持股的消息被公布时，朱啸虎第一时间表示：“终于宣布了。”
“我三年前到访Uber全球旧金山总部时，就曾建议TK（Uber创始人兼CEO特拉维斯·卡拉尼克）投资获得滴滴5%的股份，把中国市场完全交给滴滴，可惜当时TK胃口太大！”朱啸虎透露。
那是在2013年，在完成来自腾讯的B轮融资后，滴滴的C轮融资遭遇阻击。在美国“找钱”期间，朱啸虎和滴滴创始人兼董事长程维抱着“试试看”的想法登门拜访TK。但是，TK提出的报价是要持有滴滴40%股权，双方自然无法达成共识。
此后，滴滴与优步中国展开“烧钱大战”。今年6月初，在滴滴总裁柳青宣布滴滴新一轮融资超过35亿美元时，朱啸虎便喊出“整军备战！”他当时估计：滴滴与优步中国已累计融资超过200亿美元，“战争”结束前估计会融资300亿美元。这相当于美军在第一次海湾战争花费的1/3。
在网约车行业，“烧钱大战”一方面烧出了行业壁垒，资金实力不够雄厚的公司要么无法入场，要么最终只能旁观。另一方面，最终玩家滴滴和优步中国也均耗资巨大，双方面临的形势瞬息万变，压力与日俱增。
以最终结果看，开战是为了和谈。朱啸虎曾在其朋友圈对此役作出总结：和平是打出来的！且滴滴谈和的资金筹码越来越多，去年和快的合并时是7亿美元，今年则是这个数字的十倍以上，没有这些筹码，连谈和的资格都没有。
大佬身影下的“选边站队”
再向前溯，依靠80万元创业，花8万元外包开发了一个演示意义大于实际意义的打车软件，然后找主流风险投资机构融资，开口就是500万美元。这就是滴滴出行创始人程维以及天使投资人王刚2012年所做的事情。此后，是朱啸虎所在的金沙江创投给了滴滴300万美元的A轮融资。
到2013年，在北京海淀区苏州桥附近的白家大院——一家颇有特色的仿宫廷式餐厅——腾讯方面约程维、王刚等人见面谈融资。后来，腾讯董事局主席马化腾也专门跟程维面谈。腾讯表现得志在必得，对于滴滴方面王刚、程维提出的条件，基本上全部答应下来。
根据市场态势，要在国内互联网行业创业，迟早都会面对BAT三巨头。起初，对于是否接受腾讯的融资，程维、王刚曾犹豫不决，主要原因就是不想过早地选边站队。
在一家足疗店里，程维和王刚讨论一番之后，最终决定接受腾讯领投1500万美元的B轮融资方案，“活下去是最重要的”。但王刚没有忘记提醒程维，“我们的这个决定是要付代价的。”
王刚的提醒得到应验。滴滴的C轮融资计划遭遇了来自阿里巴巴的阻击。朱啸虎曾对外称，纽约所有答应与滴滴方面商谈的投资人都推脱了，甚至有签了投资协议的投资人也拒绝投资。
直到2013年底，中信产业基金领投，滴滴完成了C轮融资，融资困局才被打破。丛林法则后来者难有活路
化险为夷，滴滴成为资本的宠儿。但是，江湖里更多的是资本弃儿。如今已归属滴滴的大黄蜂打车就是弃儿之一，只不过它的名字偶尔还会被人记起。
滴滴起初遭遇的融资阻击，大黄蜂打车同样遭遇过。
大黄蜂打车的主要创始人黎勇劲曾是土豆网CFO，曾主导土豆网成功在纳斯达克上市并与优酷合并。2013年1月，黎勇劲和土豆网前副总裁邓薇等人在上海一起创办了大黄蜂打车。
刚亮相一个多月，大黄蜂打车就覆盖了上海超过20%出租车司机，日下单量突破1万单，平均接单成功率85%。一切看起来顺风顺水，黎勇劲还表示，移动互联网时代后来者弯道好超车。
从时间上看，快的、滴滴的上线时间要早几个月，大黄蜂打车属于“后来者”。而后来的事实表明，作为“后来者”的大黄蜂打车成了一家“快公司”。2013年11月22日，快的宣布收购大黄蜂打车。
对于存在还不到一年的大黄蜂打车被出售的原因，交易双方当时的表述都语焉不详。只有作为大黄蜂打车创始人之一的邓薇，在接受媒体采访时曾诉苦道：“一旦资本选定了谁，往后只会在其上不断加注，后来者是没有活路的，怎么都融不到钱。”
曾挑起“烧钱游戏”的大黄蜂打车被收购了，曾在2014年年初掀起“滴滴+微信支付”与“快的+支付宝”补贴大战的滴滴、快的，在2015年初合并了。
当时的那一役，滴滴、快的背后的腾讯、阿里巴巴更是站到前台直接参战。补贴大战之初，程维找到腾讯本想要几百万推广预算，腾讯爽快地给了滴滴几千万。补贴大战斗到中盘，滴滴的40台服务器扛不住，腾讯连夜支援滴滴1000台服务器。
据王刚后来回忆，当时在国外休假的滴滴投资人，心情一下子变得沉重，所有投资人本能反应都是极不愿意烧钱，但又不得不决定继续战斗。
资本收割季节谁将买单
完成与快的合并后，滴滴又得直面优步中国这个更强劲的对手。一番大战的结局，是滴滴和优步中国最终也上演了一场合并大戏，这更是双方背后资本实力较量的结果。朱啸虎曾经分析称：“Uber全球董事会给TK施加了很大压力，希望他尽快盈利，不能继续烧钱，这也是很重要的原因。”
在资本市场上，投资机构遵循“募、投、管、退”的四阶段运作逻辑。无论是优步中国还是滴滴，其各自股东名单里都已经聚满众多大牌的资本玩家。
投后管理是创投全程中重要的一环，但是话语权掌握在大玩家手中。一家参与过滴滴融资的创投公司负责人告诉上证报记者：“在这个项目中，我们所占的股权微乎其微，基本没有参与投后管理。”
投资人时常将创业者扶上马，再送一程。但是，他们都不是慈善家，多数也并不追求战略利益。对于他们来说，投资滴滴、优步中国均已经走完“募、投、管、退”全程的四分之三。接下来，推动优步中国和滴滴上市是资本完成退出，实现高溢价获利的必然选择。此前，就有外媒援引知情人士消息称，滴滴考虑于2018年在美国上市。一位参与滴滴融资的机构人士也对记者表示，按照目前的设计，滴滴应该是寻求美股上市。
与此同时，在“烧钱大战”过后的网约车市场，滴滴的一家独大将带来怎样的生态巨变，或许不是资本要考虑的问题。但对一家拟上市企业来说，赚钱应比烧钱更重要，这可能也意味着，随着只有一人幸存的“饥饿游戏”接近尾声，寻找买单者的时刻即将到来。