The founder of the Readme: "Hungry" What is the value of 100 million dollars? "Cock Silk" to sell out!

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November 27, O2O booking platform, "Hungry Mody" announced the completion of the 25 million dollar C round of financing, led by the investment side for Sequoia Capital, cast a "hungry Mody" a round of the Jinsha River, B round also with cast. In the round of financing, "hungry" is valued at nearly 100 million dollars. What makes a O2O meal site worth 100 million dollars?

Today, "Hungry" daily turnover of 100,000 single, many small and medium-sized restaurants rely on "hungry" day revenue over million. Get 25 million dollars in financing less than one months, in a café, "Hungry" co-founder Kangjia, on I black Horse chat about the "hungry" value of 100 million U.S. dollars business logic.

This is dictated by:

In 2008, Zhang Xuhao and I also attended graduate school at Shanghai Jiaotong University. One day in March, we played video games "live football" in our dorm, and when we were hungry we bought takeout food, and I thought that takeout was really a good business, and I was excited to talk about it and decided to start a business in this field.

We were very strong in execution, and soon began to sell out, and the need to take a break from joining our founding team. In fact, we are a few restaurants of the take-away business package down, the site is not, they printed leaflets out, and then engage in a small call center, employing two or three girls to answer the phone, and then have a distribution team. We often go to our own delivery. The earliest we do not call "hungry", called "Food urgent delivery", Www.ele.me's domain name was bought in 2010.

In this way, for a year. Because we are college entrepreneurs, not rich in entrepreneurship or work experience, a lot of things are in stones. Therefore, the first two years is to try to figure out this industry, try to figure out the needs of businesses, 2009 our website online.

(I black Horse Note: "Hungry" is one of the few, college students entrepreneurial success samples. Because of the rise of the university city, "hungry" the initial accumulation of restaurant resources, is relatively low-end. For example, fried rice, Sha County snacks and so on such cheap take-away, this also decided "hungry" gene.

Kangjia told me Dark Horse, "hungry Mody" to serve the small and medium-sized restaurants, accounting for 80%. It also makes "hungry" different from the "home gourmet" such a O2O delivery platform. "Home Gourmet Meeting" founder told me that their customer unit price is about "hungry" more than one times, night for sales peak. and "Hungry" is more suitable for college students, young white-collar sales platform, the price relative to "cock silk." )

2009, "Hungry" Now the CTO Wang Yu joined, we started to do the website. At that time, Shanghai Jiaotong University also called "Small leaves home" of the take-away site to do a good job, is our brother did. About a year later, we pressed it down in the market competition. Frankly speaking, they are not strong enough, because we have no advantage in our products at that time, but our execution may be a lot stronger than the other opponents.

(I black Horse also interviewed Hungry Mody founder Zhang Xuhao, he thought is the competition prompted hungry evolution, the following is Zhang Xuhao dictation:

Competition makes "hungry" no different from other platforms. We want to be able to, in addition to service users, we also have to serve the merchant, really do a two-terminal ordering of the site. We know a lot about the restaurant distribution process. So we decided to develop a set of background management system, and then help him to deal with the order efficiently, the restaurant is more lack of management, so that your restaurant can be standardized to become China's KFC, McDonald's, and then we did a small CRM.

Our CRM order is convenient, may be a person a day can only receive twenty or thirty phone calls, if the order more words to many people, now just click the mouse can print out, can save manpower, and many orders in the background can also see, which dishes sell well, which dishes are poor, I can optimize, Then which users are new users can be seen in the background. Such a number of adjustments after the restaurant feel subversive is very strong, do not have to hand out orders, click the mouse can print, all of a sudden, and other platforms are different. )

Whether it is to promote or product, we are quite focused on, when some college students do pioneering work, this also do, that also do, and finally the whole out of a campus network. Campus Network on what business have, snacks, takeout, laundry ... but we specialize in takeout. We started off by thinking the industry had a chance.

At that time, there is no O2O the word, but the network needs to order the meal is certain, why now Taobao to do Taobao point? We have forgotten how to form a "hungry" idea, may be affected by Taobao or Ctrip, because they are platform thinking. We want to do takeout, the beginning is not to do a restaurant, but Taobao platform model.

I am 85 years, originally should be 2010 graduate student, because the suspension business is one year late, March 2011 graduation. When we were at school, there was a Shanghai venture capital, we went to apply, the final round of the jury is the Jinsha (partner) Zhu Yuhu, after we show our things, he gave each of us a card. After graduating a year, he came to us and cast us an angel of 1 million dollars.

When the Jinsha River VC (Money) comes in, we begin commercial expansion. 2011 Winter I went to Beijing, Zhang Xuhao in Shanghai headquarters, my family are in Shanghai, I came to Beijing alone. Beijing is the largest market in the country, especially when we are doing O2O consumption.

After the expansion of 2011, at that time in the country similar sites actually have a lot of, but also entrepreneurial type, but a year or so, basically we have no opponents. Like Beijing has several websites, basically we arrived in Beijing a year later some of them disappeared, some transformation.

Last year, Evergrande wanted to do a pattern similar to ours, and the pay doubled over us to dig more than 20 people. Knowing that Jiayin was rich, we started to get a little scared, and they failed for a year.

I and Zhang Xuhao are grounding gas entrepreneurs, O2O industry's biggest feature is to push to do more, send leaflets, sweeping buildings, ground activities, we now have a total of 200 people, 50 people are doing to push. What we do is called O2O. O2O This is a service in itself, and it is important that you do not understand the service industry in the end. Many internet entrepreneurs are not really familiar with the service industry. We can say that we do is not the IT industry, we are not the Internet itself, the professional is not it. We go in a more bystander perspective, and we learn something when we need something. So the first thing we do is contract out a few restaurants to study and learn.

First, the takeaway this industry does is hard work, dirty, more laborious than group buying. Small areas are localized. The experience of one region is not necessarily applicable in another region. "Hungry" The best combination of standardization and localization has also set a barrier. "Hungry" The earliest (to cover) shops (small and medium-sized restaurants), I and Zhang Xuhao every family to run 20来, we are particularly able to endure.

Second, "Hungry" to establish a platform system, whether the client or the merchant side, products and services are mature, and in constant innovation.

Third, "Hungry" in a long period of service and competition, formed a strong O2O ability, and faith.

(I black Horse Note: In I black horse contact many O2O entrepreneurial enterprises, each of the industry is full of awe.) They don't talk about subversion like internet companies. O2O domain is different from the development of the Internet domain characteristics is that the "revolution" is initiated by the industry, offline industry accumulation is very important, the Internet for O2O is really just a tool. )

I think now this industry, a lot of strong, including the United States to sell, including "Taobao Point", we are too familiar with the industry, know its temperament, know our customers temperament. The things we accumulate are still ahead of any one. "Taobao Dot" should have played for two months, but did not see any improvement, I think it will become more and more uncomfortable.

"Hungry" There are 20,000 of the settled businesses, mainly small and medium-sized restaurants, accounting for 80%. We ask BD (Business development) personnel not to talk about business, because some restaurant owners you talk to him about platform mode, he does not understand, and some even Taobao, Alipay account for nothing. Restaurant boss Overall quality is not high, so (to) give him the simplest. For example, give him a newspaper, above write some cases-seabed fishing, yellow Tai chi, "Hungry mody" or something, he will slowly understand, these people find me what to do, oh! is to help me to do business, then he slowly accepted.

(I black Horse Note: O2O field of another major feature is that O2O do a good business can be a weak c, but B-end to be very strong, "hungry" there are more than 200 people's team, business development team more than 50 people. It is impossible to complete the O2O closed loop without the deep cooperation of the enterprise in the industry. O2O is more like an industry solution provider that helps industry companies comb information and resources. )

For example, we have just started to open the restaurant, encountered the obstacle is that some restaurants do not have a computer, no computer can not be connected to the Internet, it is difficult for us to do a lot of things. We start with the boss to phone number, the way to text messages, first to send him an order, asked him to receive a text reply. Some restaurants slowly see the effect, and then our people to explain to him, you now use text can only order a dozen, even on the computer, every day can receive twenty or thirty single, bills and anything, directly can print out.

For all aspects of the business grasp, the general team did not we grasp so accurate. All we have to do is to be friends with the restaurant owner. Because the (small) restaurant owner (although) the cultural quality is relatively low, but the simple person, when he trusts you will cooperate with you, and the cooperation is quite good, so we can do very smoothly.

(another founder, Zhang Xuhao, describes the original and the school around the small and medium-sized catering boss to mingle with the situation, the following is Zhang Xuhao dictation:

We are in fact a very remote place, a lot of small and medium-sized restaurants have not contacted the computer, have not been on the net, small businesses have a lot of computer problems, Minhang System are invited us to get. We felt a bit like the early days of Taobao, dealing with the feeling of these small vendors coming online to do business. So we want to copy this pattern throughout China. And then promote the entire entrepreneurial industry process, business. These are the deepest roots of the team. )

In fact, some people do not understand the offline industry, they feel often can see "hungry", think "hungry" must burn a lot of money (do promotion). But think about it, you put a poster in the buffet or restaurant, what's the actual cost? (I black Horse Note: Because the "hungry" team is from the cover of the campus of the takeaway market start, the school's surrounding restaurants are covered by posters and dormitories, flyers, and advertisements on so-called campus journals, and then, in the restaurant, they are advertised directly in restaurants, which need to be cooked with the boss.

After that, slowly the restaurant directly to us, because they already know "hungry" is a what kind of company, can bring him what benefits. "Hungry?" the driving force that erupted in 2011 was that products and services were constantly being iterated to meet the needs of users and merchants for pain points.

"Hungry?" at present (the total order) mobile end accounted for 30%, the core user is "otaku curtilage female", accounting for the proportion of the total user 50%.

(I black Horse Note: "Hungry" in the mobile end of the product is good, but the mobile end of the flow rate is only 30%, not too high. The reason behind this is, "Hungry Mody" butt is "cock silk" restaurant and "cock silk" user needs. College students and young white-collar users on the "hungry" to order meals, are generally in order to choose some cheap delicious, can door-to-door fast food. Can imagine the application of the scene is: they are generally in front of the computer have a job or play games do not open, direct computer can be a single, not necessarily need a mobile phone order. )

I black Horse O2O analysis:

Hungry, daily orders for 100,000, each single price of 30 yuan, settled into a merchant for 20,000.

According to these data, I black Horse estimated that the year turnover of 1 billion yuan, business annual fee income of 80 million. Are you hungry? The valuation of around 100 million dollars is exactly the 7~9 times of 1 billion yuan revenue, within reasonable limits. But compared with 600 million of last year's turnover, hunger grew only 40%, unlike an internet company that had the growth rate.

Do not know if the model is too heavy, so the O2O domain companies will grow more slowly. In contrast, the U.S. regiment than last year's income increased by 300%, if the O2O is slow growth of hard work, then do not sell to the U.S. regiment impact on the market, the United States may be in the future drag the United States to market the pace of the group.