Investors about drops quickly merge: ma chengwei to eat, please

hunting cloud network (note: this year on February 14, drops a taxi and quickly announced a merger with taxi. “Yu Qingping, counter attack shake, Shanghai guang, financing, brush gun off accidentally, red envelope war, willow blue, shaking hands. Hard to imagine that all this done in two years.” , managing director of GSR ventures zhu XiaoHu concluded drops a taxi the two years of development. GSR ventures is A round of investment drops A taxi, A taxi in drops CEO chengwei successively after failing to see 20 VC institutions, in December 2012, zhu XiaoHu microblog appointment chengwei, meet half an hour later settled the A round of funding. In the VC didn’t have a good case, zhu XiaoHu why have the confidence to bet? In addition to the capital, zhu XiaoHu what is the biggest help for the drops? Between two years, and a fast game of rounds of capital and to push players have what unknown story? The last who contributed to the merger of drops and fast? After the merger, industry what kind of change will happen. Recently, zhu XiaoHu to tencent technology about all this.

the author: ZongXiuQian source: tencent technology

this is zhu XiaoHu dictation to:

cast drops chengwei thought meet liar

we are looking for a long time in the field of travel. Back in 2010, we are very bullish on local travel.

at the beginning when we are in the first round of the easy to focus on, and then they want to invest in A round, even signed investment agreements, but no investment after due diligence.

one reason is that, when the driver of the smartphone penetration is low, easy to in order to develop the driver group, wants to give the driver cell phone, but in so doing, the development cost is very high, the efficiency is low. Worries us, another key question is more, at that time a taxi feeling do the timing of the software is less than, so no investment in the end.

after we contact again to shake car team. At that time, shake team has many users in Beijing, but contact, found that the team is too weak, Internet thinking is wrong. At the time, for instance, was a hire car must be registered first, also want to prepaid phone, no Internet thinking, so feel this team in the long run. Over the same period, in hangzhou, wei-shing Chen (the former CEO fast taxi) also in hatch, a project is then take a taxi.

in November 2012, I saw drops a taxi, is a good chat on weibo about chengwei, saw he talked for half an hour, found that chengwei team really want to very clearly that what should do what not to do. The morale of the team, including the past BD experience and to match the business, so talked for half an hour is basic fixed, chengwei conditions we fully agreed.

I later learned that, in see me before, he had seen at least 20 VC, but none of the investment for him. I saw him half an hour decided to vote for him, he thought I was a liar.

the day after I went to see chengwei, returned to the international trade, when they walk in the way of coming downstairs three white-collar workers, one of them is very excitedly said to his colleague yesterday I use drops hit the car. This more let me feel, people just need apply software is a high frequency, and with high virus propagation characteristics, be sure to vote.

the only thing is to accept tencent forced chengwei investment

as far as I’m concerned, in drops in the process of development, has been stood for drops clapping, not too much to participate in the specific affairs. Urged chengwei only do one thing made him take tencent’s money.

after we invest, I built the agenda and wang gang (angels) drops tencent’s money, but they are very hesitant.

one reason is that peacekeeping cheng wang gang is alibaba’s staff, with tencent’s investment is sure to have a mental disorder. More importantly, is still in B round stage at that time, they don’t want to accept the strategic investment, prematurely from early. They hope when C wheel under the condition of market is more clear strategic investment.

this is a consideration in the general case for. But at that time, the entrance of tencent WeChat force has fully displayed, and ali in hangzhou has supported the fast take a taxi. Tencent speaks also very understand, must travel in the field of investment, the most hope investment drops. If tencent forced to support shake for a car, which means that the drops in the Beijing market to shake for a car, taking a taxi in Shanghai, hangzhou to play fast, is a very hard on two fronts. Under the right scale, the introduction of the tencent strategic investment, stable living in the Beijing market, has the high level of strategic value.

on the other hand, tencent’s investment is very professional, also have the sincerity very much.

in the spring of 2013, tencent zhi-jian peng, general manager of investment in zhongguancun, White House compound please we three people eat, later, tencent chairman ma huateng (Pony) during the two sessions in Beijing also made a special trip to find chengwei to eat. Drops was small at that time, a day just few thousand single, Pony themselves for entrepreneurs to have a meal, visible tencent from the strategic importance of Pony in the field of investment to travel up and down is very sharp.

in terms of professional degrees, and tencent investment negotiations is also very fair. I threw, chengwei conditions we almost agreed, tencent is the same, our condition is almost all agreed that support for startups are also very open.

in April 2013, received tencent B round investment drops a taxi. Because do VIE overseas architecture takes time, from the point of legal documents, and drops A taxi on the first day we signed A contract, the second day, tencent and drops signed A contract B round, this time, arrived at the end of April.

ali personally sniper drops financing

in the melt B wheel haven’t C round, the two sides have played badly.

when the drops melting C wheel, ali in person at that point in sniper drops financing.

at the time, we see every investor, ali will make a phone call past ask him not to invest, ali listed shares even promised each other, don’t let them at the cost of such investment.

we have seen a few investors in New York, in silicon valley, also saw a few investors, and already have an appointment, said later can’t see. There is even a have already signed investment agreements, and later I’m sorry to say can’t vote.

at the end of 2013, citic voted in drops of C round of financing. At the same time, with the help of ali, fast also got the C round of financing. In February 2014, the two sides started a three-month subsidy wars.

to the July 2014, willow blue add drops, drops of financing becomes easy. B, C when we have a lot of help, and even chengwei to the United States is my translation, but willow blue came later, we don’t need to be involved in all her own. Willow blue is very severe, can put all interested in the industry investment fund all pull, 3 weeks get $700 million in financing.

unexpected subsidy wars

subsidy wars we also didn’t know at the beginning, is completely wipe gun off accidentally. Initially, chengwei for tencent to promote micro letter to pay RMB 8 million budget, tencent think too little, gave 15 million yuan, as the budget of 3 weeks, I didn’t think online for half a day did not have.

with subsidy effect is so good, is very helpful WeChat pay tencent found. In early 2014, just over the years, at that time because WeChat Lucky Money, WeChat pay is tied to a lot of CARDS. Over the years these people don’t use micro letter envelopes, just drops and micro letter to pay up.

tencent first has a week, subsidies amount actually grow very fierce. But quick and pay treasure to response quickly, think is wrong, they have to follow up, they follow the later we can’t stop, must want to keep up with, then can not be stopped, to both internal heat up at last.

by April 2014, the subsidy has a lot of, a taxi are almost free, user access efficiency is very poor, have to stop, but if you can’t stop, formed the prisoner’s dilemma.

range and fast taxi CEO Lv Chuanwei can we stop looking at each other, but also can’t stop them all. So both sides are watching each other, drops down a bit quick to follow up, fast down a bit, drops to follow up, mutual release overtures, step by step down the subsidies, to on May 17th, the two sides also announced to stop subsidies.

to merge the middlemen: bao fan and willow blue

in the process of drops and fast competition, consolidation issues about several times. Many investment institutions, including Goldman sachs, expressed the hope that in the combined investment, many institutions more than once said he hoped both sides merge.

but in the end lead to drops and fast merge, thanks to huaxing capital CEO bao fan and willow blue. Willow blue is, indeed, both sides could say the words, this person is really important. Because the two sides in the past dozen is too fierce, the trust degree is lower, willow blue on both sides trust degree is higher.

in the second half of 2013, before the fast acquisition of bumblebee, willow blue themselves in Goldman’s negotiations both sides. We agreed to meet in hangzhou airport at that time. Willow blue morning flew from Beijing to hangzhou airport, and ali investment Xie Shihuang, Lv Chuanwei people had lunch together, willow blue fly back again after lunch. When everyone’s differences mainly lies in the fact that both parties to share valuation ratio expectation gap is too big, no wind.

but to the nearest after this round, fast with masayoshi son support. Everyone knows that a backed by tencent, a back to ali, such fighting won’t kill each other.

from capital account, if in the tens of millions of dollars or level of hundreds of millions of dollars, tencent and ali doesn’t matter, they all played up the battle, if hit billions of dollars, we all think the fight is meaningless.

at the moment, both team felt the need to carefully consider the merger between, after nearly a month of negotiations, finally realizes “the plan” valentine’s day.

evaluation: chengwei strong learning ability Willow blue very spell

chengwei really smart, and very strong learning ability.

chengwei change too fast. Drops business developed hundreds in two years, he can follow the company grow together, see a lot of big waves. This is very rare in the entrepreneurs. There are a lot of entrepreneur ability is very strong, but can grow two or three times a year, already is doing a good job, a person can manage hundreds of growth was rare in two years.

the start when he saw that VC can blush with shame, to see after dozens of VC is very sophisticated, momentum is also out. Finally can attract the willow blue, it even beyond the imagination of us all.

willow blue just began to come in a month or two pressure is very big, the working strength is beyond her imagination. Willow blue she has three children, but also so hard, the more severe than at Goldman sachs.

routine peacekeeping willow blue two match I feel or very tacit understanding, and do very complementary. Willow blue in relatively high, capital market was grounded chengwei, two complement each other very much.

drops spend a lot of money on subsidies, but has been a very hard working conditions, their former office is very small, breathing will feel lack of oxygen, even if the travel conditions are very hard now. Subsidy wars, tencent sent special team of technical support, office seat, can only be transferred to tencent’s office, everyone excited to find at tencent incredibly bag eats package to drink in the office.

counter attack and shake, shake the bag out of the airport T3 terminal, drops by four to five o ‘clock in the morning at the railway station to an installed app, a driver can say entirely on millet plus rifles beat up.

both sides merge: three months after the industry and change

drop drops and the merger is a big shock for the whole industry, almost all companies in this field are to review the current situation, to reconsider their strategic decision, is likely to be another three to four months and have a new round of change. China’s Internet has been a traffic is king, now already very clear, the taxi is certainly a local mobile travel flow entrance, who master this entrance can be an advantage in the competition. Mobile travel area how to evolve, let’s wait and see, see how drama stage next season!