Rebirth is very troublesome

Chapter 973 The third round of financing

On the first weekend of early September, Wang Yu flew to the capital together with Lu Jinwei and Li Yunlei.

After leaving the airport, Wang Yu went straight to the Club Hotel in Changping, where Wei Yutong happened to be on vacation with his family this weekend.

"Son, give me a hug from daddy!"

After seeing her son Wei Yunpeng, Wang Yu was completely exhausted. She couldn't wait to take a shower and change clothes, so she took the little guy from her grandmother's hands.

A child less than one year old has little memory. He looks at unfamiliar faces with dark eyes, curious and a little bit like crying.

Fortunately, the nature of father and son is not just a matter of talk. After being lifted up by Wang Yu several times, the smile never stopped on his little face.

"Look at Pengpeng's eyes, how similar they are to Xiaoyu?"

Zhang Dongyue's thoughts were all on her grandson now. When Wang Yu held Wei Yunpeng high in his arms, her eyes were rising and falling just like her mood.

"The nose is delicate, like Yutong."

Wei Sirong herself is single and has no children, and now she is very rare for Wei Yunpeng.

On the contrary, mother Wei Yutong was "cruel": "Don't hold him all the time, put him in the walker. This stage is suitable for the child to learn to walk."

Wang Yu pretended not to hear, hugged his son and changed the subject: "This financing conference is held at the Guocheng Food Delivery headquarters?"

"That was impossible before. Now that the headquarters has been moved to the capital, it is naturally appropriate to place it at the headquarters."

Wei Yutong's attention was indeed attracted: "Xiao Haiyang of IDG, Pan Guoqi of Sequoia Capital, and Yuan Ziqian of Hillhouse Capital are all already in the capital. Zong Yongjian of SoftBank and Jiang Fusheng of Hualong Capital will arrive tomorrow. In addition, Tencent They said they would arrive tonight."

"Did Tencent say who is coming?"

"It's not specified. It can't be the one who participated in it, right?"

"It's not impossible."

Wang Yu smiled and said: "We talked about some things after the last Internet conference, and there are still some loose ends to deal with. Xiao Ma always knows that I am here, and it is very likely that I will come to this financing conference in person."

Wei Yutong looked at Wang Yu for a while and then said: "I'm just curious. This is the last round of financing before going public. How could you think of suddenly inviting Tencent to participate?"

"Because they have money."

Wang Yu blinked: "And he's willing to spend money!"

"You don't want them to be catfish, do you?"

Wei Yutong said in surprise: "Maybe other companies will unite to boycott."

"Don't worry, this won't happen."

The two talked while walking, and now they had reached the tea room next to the villa. Wang Yu hugged his son and sat down at the tea making position. While teasing him, he began to play with the tea sets, and at the same time kept replying: "The prospect of Guocheng takeout has been clearly revealed to these people. Who would be willing to travel a hundred miles to get only half of it?"

Wei Yutong also sat down and fell into thinking.

At this time, Wei Yunpeng was sitting on Wang Yu's lap, holding a brush in his hand and stuffing it into his mouth, which made Zhang Dongyue tremble with fear.

Wang Yu took it away casually and put it somewhere out of his reach.

As a child, if something is robbed, he will immediately turn his face and cry.

Zhang Dongyue saw her grandson crying and immediately walked over to take Wei Yunpeng away: "You guys talk about things, I'll take Pengpeng to learn how to walk."

However, Wei Sirong was very interested in what Wang Yu and Wei Yutong were talking about, so she stayed. "If the valuation this time is between 500 billion and 600 billion, how much do you plan to let us release?"

Wei Yutong was not asking about the share of this financing, because this had been discussed long ago, and at least 30% of the equity would be released in the third financing.

However, from the perspective of equity ratio, even after three rounds of financing, the equity held by Wang Yu and Wei Yutong will exceed 42%. This is extremely inconsistent with the interests of those venture capital institutions, so Wang Yu has long privately Through word of mouth, in addition to this 30%, he and Wei Yutong will also give away part of the discount.

What Wei Yutong is asking now is this proportion.

"Let's give at least 5% each!"

Wang Yu didn't hold the child in his hands, so he naturally made tea much faster. While washing and ironing the tea set, he said: "Reduce our combined equity ratio to less than 35%."

"Don't worry."

Wei Sirong interjected: "If those institutions hold too much equity, you and Yutong may be kicked out."

The three words "kick out" have multiple meanings, including not allowing Wei Yutong to continue to serve as the CEO of Guocheng Food Delivery, but also including completely squeezing Wei Yutong and Wang Yu out of Guocheng Food Delivery.

Don’t think this is just random imagination. There are not too many examples of founders of companies who were eventually squeezed out. There are simply too many to mention.

Didi Kuaidi, Dianping, Mengniu, and South Beauty are all living examples.

"Auntie, you don't have to worry about this. It's possible for others, but Wang Yu and I can't."

Wei Yutong smiled and responded to Wei Sirong: "The situation you mentioned does exist, but there are some necessary prerequisites. For example, I made irreparable strategic mistakes in decision-making, such as increasing capital and diluting shares. By that time, Wang Yu and I had no money.”

Wang Yu listened quietly to their conversation, and did not speak until the second water boiled and the tea was made.

"You previously put the valuation of the third round of financing of Guocheng Food Delivery at between 500 billion and 600 billion. I don't agree with it!"

Wei Yutong: "."

Wei Sirong: "."

The two people who were still talking enthusiastically looked at Wang Yu at the same time.

"Then what's the valuation in your mind?"

Wang Yu has memories in his mind. In his previous life, he remembered that the last round of financing of Mi Tuan was led by Tencent, and its valuation reached 300 billion yuan.

Of course, it was already the F round, and the timeline was wrong. In the previous life, Mi Tuan’s last round of financing was already in 2017, but now it’s not even 2011.

But Wang Yu fanned the wings of butterflies, founded Guocheng Takeout earlier, and also acquired rice balls, turning Guocheng Takeout into a giant that monopolizes the domestic takeout market.

Not to mention his pioneering copying of the Orange Delivery model to Southeast Asia, which has now been successful, which shows the vitality of this model.

In addition, smartphones were widely promoted earlier, and the number of users far exceeded those of the same period in previous generations.

All these factors combined make Wang Yu feel that the valuation of 500-600 billion local currency is low.

"Let's just calculate it based on the most basic principles."

Wang Yu did not directly state the numerical value: "General venture capital institutions invest in a target company in the early stage and expect to obtain a return rate of about 10-15 times. In the later stages of expansion, they will require an investment return of 3-5 times."

Wei Yutong blinked: "Originally, our second round of financing was valued at 135 billion. Even with the later acquisition of Mi Tuan, the valuation is only around 150 billion. Calculated based on 10 times the income, these ventures Investment institutions are also optimistic that the market value of Guocheng Food Delivery will reach 1500 billion yuan after its listing, so this round of valuation of more than 500 billion yuan is calculated in this way, is it okay?"

"But you didn't take into account the factors of this round of currency issuance!"

(End of this chapter)