previous article, mainly from the product and functional perspective, understand the core features of the site.
This article, mainly from the point of view of investment, briefly talk about points and reasons.
personal View
1. This project is worth investing, both for institutions and individuals.
The amount of investment, see personal situation.
2. This kind of project, the business development is slow, the profit pattern needs to explore, is suitable and only holds for a long time.
Fast forward and fast out, it's hard.
The investment community says, "This kind of project is far from the money."
3. Niche markets
Although catering and fresh and other areas of public life related, but the kitchen, food production process, only a few enthusiasts will pay attention to.
1.3 billion people nationwide, the entire target population, up to 30 million.
The above 2 data should be more accurate.
Based on the above data, do some approximate calculations:
Suppose 1 sites, the focus/total, is 10%.
Well, this site is about 2500 of the coverage of users, that is, about 25 million people know this site.
Assuming this site, active/Total, is 20%
Well, the active user of this site, 2500* 20% = 5 million.
5 million, scare me!
Not in line with my general impression of the site.
A different method of estimating.
Focus on users, active/Total, 50%,250*0.5=125
User not concerned, active/total, 10%,2000*0.1=200 million
3 million.
Optimistic estimate: Active users 3 million ~500 million
Pessimistic estimate: Active users 500,000 ~300 million
4. Competitors
Search the "Down Kitchen" app on AppStore, with only a few apps, which means fewer competitors.
It also shows that the field is not so hot, it is not easy to make money.
Otherwise, the others will not do the business.
5. Profit Mode
From PC websites and apps, most of them are "recipes and delicacies" generated by users and platforms, and there is basically no commercial factor such as "advertising".
occasionally see
In the app also did not see, online news said the "market" and other e-commerce.
According to news reports, only the "e-commerce" of the shadow, it seems that the progress is not smooth.
6. Financing situation
Financing situation, looks very good.
But considering the VC industry, like to exaggerate the amount of investment and financing.
Therefore, I seriously doubt the authenticity of the B-round.
The Angel Chakra, millions of, is assumed to be 3 million yuan.
A round, $ millions of, assuming it's $3 million, 18 million yuan.
B round, 30 million dollars, is 180 million yuan, according to a round of sell not more than 20% shares to estimate, this project value is
1.8/(1.8+x) =20%,x=4*1.8=7.2 billion.
Initially, the project is worth more than $100 million, or about 700 million.
But from the website and the app's content, the function, the data to see, is not so beautiful.
7. Data
PC website, the daily IP is about 100,000 million.
Android download volume, App Bao +91 Market, is 20 million, total download probably in 30 million ~4000 million.
And before us, the estimated "30 million" coverage of the crowd, more consistent.
Conclusion
This project can also be done, B-round valuation of about 700 million, may have water.
Such projects can be invested and business monetization is now a bit difficult.
The company was established in March 2011, the 2015 B-round, bigger and stronger, at least 10.
It's a good idea to be bought, to be a bold guess.
Business Research (13): Under the kitchen, look at the outlook and value of the project from an investment perspective
