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Drop-by-drop public loss bills either lose money or gamble

2019-2-18 15:36| 发布者: 左二爷| 查看: 1060| 评论: 0|来自: 成都桑拿网www.cdr114.net

摘要: Just entering the capital winter, the travel industry occupies a monopoly position, but unexpectedly discloses the results of the loss in 2018, which has caused a stir in the travel industry just ente ...
Just entering the capital winter, the travel industry occupies a monopoly position, but unexpectedly discloses the results of the loss in 2018, which has caused a stir in the travel industry just entering a quiet period.

At noon on February 13, financial data circulated from dripping trips showed that the company sustained a huge loss in 2018, with a loss of up to 10.9 billion yuan throughout the year. Meanwhile, in 2018, a total of 11.3 billion yuan was spent on driver subsidy.

At the monthly plenary meeting on the morning of February 15, CEO Cheng Wei announced that the company would be ready for winter. In 2019, the company would focus on the most important main business of travel, shut down and transfer non-main business, reduce the number of employees whose job overlap and performance are not up to the standard brought about by business restructuring. The overall proportion of redundancies accounted for 15% of the total staff, involving about 2,000 people.

With the help of strong capital annexation, drip-drip travel has reached the monopoly position in the industry in just seven years, but the high subsidies keep drip-drip travel in the abyss of loss. Behind the drip-drip travel bursting out the report card, is it really pressure on the old shareholders, or is it really on the verge of struggle?

Subsidies exacerbate losses

Layoffs and increased losses seem to be a footnote for the start of the spring of 2019. This also makes the previous plan to achieve profits in 2018 a failure.

At noon on February 13, people familiar with the situation got internal financial data of drip trip, which showed that the loss in 2018 was as high as 10.9 billion yuan, which is equivalent to drip's average monthly loss of 908 million yuan, 30 days a month, equivalent to drip's daily loss of 30 million yuan.

Exposed loss bills show that subsidized drivers cost as much as 11.3 billion yuan. Recently, a group of "bills" of subsidized drivers flowing out of drip trips show that the incentive subsidy for drip drivers is as high as 5,000 yuan a month. The bills also show that the proportion of driver's incentive income is close to 1/3.

On the same day, the reporter of the China Times asked the relevant person in charge of the trip to verify, and the response was not to comment.

In fact, before this, the founder and CEO of drip travel Cheng Wei in early September 2018 issued a full letter, also revealed that drip travel has been losing money, and has never been profitable. "We haven't made a profit in six years," Cheng said, adding that the company has returned most of the withdrawals to drivers and passengers, with a gross profit margin of only 1.6% on the total amount of transactions.

According to public data, the total net loss of drip trips in the first half of 2018 was 4.04 billion yuan. According to the above reports, the loss of drip trips in the second half of 2018 was 6.86 billion yuan.

According to Cheng Wei's previous internal letter, the company's overall net loss in the first half of 2018 was more than 4 billion yuan. The average Take Rate (commission rate) for GMV (total turnover) is about 16%. Most of them are returned to drivers and passengers, while the gross profit rate for GMV is only 1.6%, down 0.3% from 2017.

Compared with 2017, the high loss in 2018 seems to have a lot to do with the successive accidents along the way. In 2018, dripping trips encountered many downwind accidents, such as "Zhengzhou stewardess case" and "Yueqing case", and the downwind business was finally suspended in the voice.

Following the windmill incident, drip trips were pushed to the top of the wind, IPOs were delayed, and a series of rectifications were initiated. Even in the past Spring Festival, the drip-drip windmill is still in the period of renovation.

According to media reports, Droplets is scheduled to be listed in the second half of 2018, and the business of splitting up special vehicles is to prepare for the listing. The post-listing valuation may be between $70 billion and $80 billion, or between $480 billion and $550 billion.

In this regard, some insiders on the reporter's analysis, it is not difficult to find that the huge deficit in 2018 is more spent on driver's allowance, which seems to be the hidden danger of price war before drip travel, and for this reason, the development model of drip travel has laid an irreversible disaster.

Accelerate the anxiety of losing money

By burning money, drip trips have lasted for six years. Cheng Wei has disclosed that since its establishment in 2012, Droplet has not made profits, and by 2018, it has expanded its losses to 39 billion yuan.

Strangely, however, there was no official public financing for drip trips in 2018.

"Although the financing announced in 2017 is more than 9.5 billion US dollars, converted into RMB 64 billion to 67 billion, facing the situation of accelerating losses every year, there is no follow-up capital injection and business expansion, how to get rid of the mode dilemma of drip travel is still a problem we have to face." Some people analyzed it to reporters.

In fact, although it is still a unprofitable company, the idea of traveling and investing in novelty is not unwilling to show weakness.

According to the thinking of the previous process, the strategy of the future is internationalization, and the second is to promote the sharing of new energy vehicles and supporting service system. Perhaps it feels like the industry is burning too much money to switch to financial services. As of January 14, dripping financial platform has launched four financial products, including financial management, automobile insurance and other fields.

In addition to finance, public information also shows that drip travel has extended its antenna to many areas such as outsourcing, network security, and has invested in shared buses, financial payments, used cars, shared bicycles, takeout and a number of foreign online car companies.

According to incomplete statistics, by the end of 2017, Drop Travel has invested 4.5 billion US dollars (RMB 31.5 billion), and since 2018, Drop Travel will also invest in chips, cloud computing, network security, and its investment amount is not less than 500 million US dollars (about 3 billion RMB)
In addition, the current drip travel business is increasing the intensity of internationalization, according to the latest news from foreign media, the Indian accommodation industry chain company "OYO Hotel and Suite Company" recently received drip travel company's $100 million investment.

"The drop trip was exposed loss performance sheet, from the surface is to push the loss to the driver's subsidies, to find an excuse for sustained losses." These people told reporters that, through the incident behind, in the drip-drip trip IPO blocked, in the context of disputes over the development of the model, the exposure of loss report cards is actually pressure on shareholders.

According to the reporter's understanding, the drip trip, which was established in 2012, started with the angel round financing, which was first received by millions of yuan. Several capital giants have taken good care of it. After six years'development, drip trip has completed at least nine rounds, totaling more than 20 billion US dollars. The reporter found that not only the domestic capital giants Alibaba, Tencent and China Investment Corporation, Bank of Communications and China Life, but also the overseas capital giants Apple and South Korea's future assets.

"Even if drip-drip travel funds can continue, but to tell the story of drip-drip travel, how to continue next? Capital is undoubtedly a necessary condition." Others in the industry told reporters that in the background of the long-term IPO drip trip, the suspected pressure on shareholders by publishing loss performance is overwhelming.

Some people told reporters that under the background of the endless listing of drip trips and the gradual tightening of funds, it is more likely to put pressure on the capital side, hoping that the old owners will continue to burn money for the drip mode.

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