188bet best bookmaker is raising food and grass for the final battle of group buying again。July 9，WSJ broke the news，188bet best bookmakercom plans a new round of financing，The financing amount will exceed 1 billion US dollars。

The “planning to” used in the original report is meaningful，Indicates that this high-amount financing has not yet been received。USD 1 billion may be 188bet best bookmaker’s “asking price”，Financing intentions that may have been reached。if CEO Wang Xing’s wish，188bet best bookmaker’s valuation will exceed US billion。In January of this year，When 188bet best bookmaker announced it had received US0 million in Series D financing，Wang Xing revealed that the company’s valuation is 70 100 million US dollars。Its main competitor Dianping，Announced in March of this year 8.USD 500 million financing，The rumored valuation at the time was billion。

The valuation of such a large company doubled in half a year，Many people will be stunned。1 billion U.S. dollars is such a big sum of money，It shouldn’t be easy for 188bet best bookmaker to negotiate。But this money has the power to change the market pattern，188bet best bookmaker can use this to directly surpass its opponents in terms of valuation。

188bet best bookmaker is indeed extremely hungry for capital。Past year，188bet best bookmaker is desperately trying to expand its market share，It’s expensive。It has been revealed by the media，188bet best bookmaker burns more than 200 million yuan every month，Based on this calculation, there should not be much left of US0 million。Can’t get money，The investment in the past was wasted，188bet best bookmaker itself will also suffer serious blood loss。

Early 2015，Wang Xing said at the 188bet best bookmaker annual meeting: “This year it will be O2O The year of the real decisive battle”。Now I see that what I said is true，188bet best bookmaker is standing in front of the final battlefield - win，Then take all the future;Defeat，It will destroy everything。

Decisive moment

This battle，Without delay。More than 188bet best bookmaker，There is not much time left for players on the battlefield，At most 6 - 12 left months。The loser may not die，Perhaps I can still live silently。188bet best bookmaker、Dianping、There may be something else about glutinous rice，For these companies that have had such big battles，That would be a life worse than death。

If counting from the Thousand Regiments War，188bet best bookmaker war has been going on for five years。Everyone in the battle has reached the most exhausted moment，People around can’t wait anymore。

The capital 188bet best bookmaker is the easiest place to lose patience。Fighting a stalemate battle at such a high valuation，No matter which company，The attitude of the capital 188bet best bookmaker may change overnight。

Although it is not uncommon to have ultra-high financing amounts exceeding US0 million this year，But those that have received financing include Xiaomi、Jingdong was already a standout at that time，Money is used to expand new business segments。No one wants to see the money invested being burned，Plunging into a war that doesn’t know when it will end，For example, Didi and Kuaidi at that time。The two companies received US0 million and US0 million in financing respectively in the second half of 2014，But not two months，The two companies merged quickly with the help of capital。Today, 188bet best bookmaker is still deeply involved in the O2O platform war with Dianping，The patience of capital is very limited。It’s not like JD.com，Amazon has a mature business model as a benchmark，Anyone can see the future of a mature logistics system guaranteed，And the valuation of JD.com’s D round is 6、USD 7 billion，Not as high as 188bet best bookmaker’s US billion。

The team is 188bet best bookmaker tired.

For Internet companies，Listing is the best way to motivate the team。188bet best bookmaker or Dianping，The team has been fighting hard for five or six years。Some of the early employees who received high-value options were extremely exhausted，Options are also mature。Subsequent options become larger as the company grows，Relatively less attractive，Cannot compete with external entrepreneurial temptations。So there was news at the end of last year，I started a business with Wang Xing when I was in school、Yang Jun, who later joined 188bet best bookmaker as vice president of sales, resigned，There are also rumors about the resignation of senior executives from various places.。The same goes for Dianping，Although there are currently no core executive changes，But some senior executives have been working hard for more than ten years，It is inevitable to feel tired。This is not a question of which one is good or which one is bad，A similar situation happened in JD.com、What happened between Alibaba in the past and Xiaomi now。

Baidu has poured a bucket of oil on the fierce war.

It spent 20 billion yuan on Nuomi，Directly ignited the decisive battle。200 Even if 100 million is not enough, give Nuomi a place，It’s enough to disrupt the market，Squeezing the original market share。The market structure will change dramatically as a result。Both 188bet best bookmaker and Dianping，Everyone must seize the time window，Quickly establish a dominant position。Wang Xing and Dianping CEO Zhang Tao both agree，Group buying is a winner-take-all market。Before the top three allocated market shares achieve 721 or 631，The price war will not stop，No one can make money。

So various forces are squeezing these companies that are at the forefront，War is inevitable，Imminent again。

Achilles’ heel

billion vs. billion，A valuation that can directly leave Dianping behind。If the story happened elsewhere，See the outcome immediately，Why does 188bet best bookmaker have to continue fighting even if it raises money?

188bet best bookmaker has its Achilles heel。It cannot be explained to the capital market，How can it make money。Although it is a bit ridiculous to ask an Internet company trying to scale whether it can make money，When a company’s valuation reaches 150 100 million US dollars，This is not a ridiculous question。188bet best bookmaker has an overall group buying business with a market share of about 60%，Maoyan movie business with a market share of more than 70%，Night volume exceeded 4500 10,000、The hotel business that ranks first in the market，There is also the takeout business that is fighting with all its strength。Today its transaction volume is planned to exceed one trillion，But gross profit is still very low，Can’t make money。

And the business model of group buying itself is also being widely questioned。Groupon, the originator of group buying, announced last year that 188bet best bookmaker would transform into e-commerce。In fact, after the "Thousand Regiment War"，The group buying model has basically faded away in China。

Essentially，Group buying is a marketing tool that brings mixed joy to merchants。The happy point is that group buying can indeed bring direct sales to merchants，The worry is that profits will be significantly cut，The result of this antagonistic relationship is that 188bet best bookmaker is difficult for both the website and the merchant to make a profit。 The earliest company under the banner of group buying，Or 188bet best bookmaker has been silent，Successful companies such as Jumei Youpin have already taken advantage of the group buying concept to transform into e-commerce。

188bet best bookmaker is obviously aware of this。Since 2014，188bet best bookmaker begins to build a T-shaped strategy，De-group buying，Make independent business more flexible，The trillion-dollar market that covers the entire O2O。

In its vertical business, 188bet best bookmaker accounts for 70% of the market share ’s Maoyan Movie is undoubtedly the most stable of these three vertical businesses。But even the Maoyan movie，Not yet profitable，And in the booming film and television entertainment industry，Theatrical ticket sales revenue is actually not a big deal，The fatter business module is actually occupied by the more upstream Youku Tudou - the shooting and distribution of film and television dramas，188bet best bookmaker is a more profitable business。

The most worrying thing is，188bet best bookmaker has not formed a deep-rooted correspondence in the hearts of users，Just like Ali corresponding to shopping、Tencent corresponds to communication，Baidu corresponds to finding information。

188bet best bookmaker needs a clearer future。In comparison，Dianping’s story about the future is beautiful。

At least two years ago，Dianping has established a new business logic - 188bet best bookmaker solves the decision-making needs of users，Essentially solving the problem for O2O users、Information asymmetry between merchants。Pursue quality of life、What compares service quality must be the user group with higher net worth，The spending power is much stronger than that of price-sensitive users，Dianping can make more money。

188bet best bookmaker has always been a very profitable company。Before group buying appeared，You can support yourself with Dianping。From the initial offline release of "Restaurant Guide"、To obtain commission income through points card (membership card)， We will vigorously promote electronic coupons in the future，We have always been doing real business。

Currently, Dianping’s main profit model is packaged promotion，Contains keyword ranking、Group buying and others，The wedding business is not only profitable，And 188bet best bookmaker grows quickly，The monthly turnover in March last year reached 10 million，Monthly revenue and monthly traffic both achieved 100% growth。

188bet best bookmaker also found a super strong cash cow。March 2014，Dianping officially established the wedding department，Mainly provides wedding photography、Wedding、12 wedding-related services including wedding banquet。Dianping’s wedding business’s monthly turnover reached tens of millions，Monthly revenue and monthly traffic achieved 100% growth。

Dianping has established a new business model。2015 Dianping Annual Meeting，Zhang Tao disclosed: Currently only 40% of Dianping’s revenue comes from group purchases，Nearly 60% of the revenue comes from advertising or other businesses。 And he said: “Dianping not only changed tires at high speed in 2015，Also wants to transform its 188bet best bookmaker business，Ultimately rely on "service" to win。”

But the weaknesses of the reviews are also very obvious，In the Internet business world where there is a superstitious belief in “fast and unbreakable”，Dianping has always been regarded by the outside world as a representative of a slow company，188bet best bookmaker has stayed away from market hot spots for a long time in the past 8 years，Until the end of 2011，The entire e-commerce and group buying industry has encountered a cold wave of capital、When mourning fills the land，Became the companion only、VC and media are paying close attention。

188bet best bookmaker and Dianping，One with scale，A clearer future，This represents two value orientations。At present, the capital market obviously chooses the former，They believe in the time window that scale can buy，Finally find areas of high gross profit。

Fighting each other

Money，Firm but not firm。188bet best bookmaker will flow firmly to the place where the most money can be made，But I will never stick to a certain person or company。

Can we get money，188bet best bookmaker has to do two things at the same time。First，Continue to trade scale for a longer time window;Second，Find your own high-margin area。But there is a natural contradiction between price sensitivity and high gross profit。So 188bet best bookmaker has been looking for a balance between left and right competition。The US billion that may be raised will eventually be spread to these two tracks。

The overall group buying business still needs a large amount of capital injection，To maintain the growth of the platform’s order volume and transaction volume，Further occupy the group buying market share，Reach 70% or higher，The most basic chassis to stabilize the overall ecology，It can also bring traffic to other new businesses。Therefore，188bet best bookmaker needs to burn a lot of money on overall promotion，This money，Comments、Glutinous rice also needs to be burned。

At the same time, 188bet best bookmaker also needs a lot of funds for larger urban expansion。It involves two types of high subsidies: one is the cost of local promotion personnel for expansion in various places and the operating subsidies for daily maintenance of merchants;The second is direct price subsidies to users。

This money，188bet best bookmaker is destined to make more money than Dianping。Due to the pressure of scale, 188bet best bookmaker is expanding to a larger city area，Dianping’s money is mainly spent in cities with greater consumption potential。But the 20 billion yuan of glutinous rice just received cannot be underestimated，It will also throw money into a large number of cities to quickly expand the scale。On urban expansion，It is likely that 188bet best bookmaker has been staring at the tiger in front of it，As a result, another wolf came next to it。

The remaining money will be invested in vertical business，For example, takeout delivery。July 1 this year，188bet best bookmaker announced the establishment of a food delivery business group，Said “it will focus on catering takeout，Extended to fruits and vegetables、Convenience store、Drug、Delivery of new categories such as desserts”，In other words，In addition to facing the competitor Ele.me，188bet best bookmaker may also cooperate with JD.com O2O project JD Daojia faces competition。Therefore，Self-built logistics team，Promote offline merchant cooperation O2O in large quantities ，For 188bet best bookmaker，Another big expense。And I want to be in this Ali (Tao Diandian)、Tencent(Eleme)、Baidu (Baidu Takeout) has already entered the market and set off a wave，I’m afraid a lot of subsidies are needed。

Anyway，188bet best bookmaker’s large financing signal of this round of US billion in financing，It more or less indicates the upcoming six months of O2O Pictures of fierce war。In this war，The answer 188bet best bookmaker needs to give is profit points，The answer Dianping needs to give is the growth rate that can expand the scale of profitable business。

With the merger of Didi Kuaidi in the front，Some people are already discussing the possibility of a merger between 188bet best bookmaker and Dianping。No matter which side the battle is on，We haven’t reached an absolutely safe position yet。Predictable，The fighting will be more intense in 2015，More people will feel distressed because of burning money，There will also be more people talking about the possibility of various mergers。It’s not surprising even if a company suddenly goes public within a few months。

Very likely，Six months is 188bet best bookmaker、Dianping、Nuomi’s common deadline。They want to prove they are safe enough，No one is absolutely safe。