SlideShare a Scribd company logo
-1-
OUR EARLY INVESTMENT: PINDUODUO
How they became the fastest growing commerce company ever
www.cathayinnovation.com
www.cathay.fr
-2--2-
-3-
PinDuoDuo (PDD) Key Metrics: At a Glance
(1) For 12 months ended June 30, 2018
(2) For 2017
GMV
USD $40B
Annual Orders
4.3B
Active Buyers
350M
Active Merchants
1M+
Number of Employees(1)
(2)
1,300
GMV per Employee
USD 30M
-4-
The extraordinary growth of PDD is unprecedented
PDD ranks 2nd by penetration rate after TAOBAO PDD is 2nd largest by DAU (million) after TAOBAO
Only 2 years to achieve $15B GMV per year The highest 7-day retention rate of up to 77%
0%
10%
20%
30%
40%
50%
60%
18Q216Q1 16Q3 17Q1 17Q3
PDD
JD
51.88%
26.50%
23.52%
16.48%
8.28%
3.42%
0
50
100
150
200
172.03
55.88
34.26
24.81
4.08
2 years, 2015-2017
5 years, 2003-2008
10 years, 2003-2013 JD
74.6%TAOBAO
PDD 76.9%
69.5%
18Q216Q1 16Q3 17Q1 17Q3
Source: Jiguang.cn
-5-
PDD is a social commerce platform that combines convenience & gamification
• Focus on a few SKUs with a
semi-customized batch
processing mechanism
• Improve the efficiency and
quality of the supply chain
• Enhance user experience by
playing games together
• Create a more family- and
friend-oriented shopping
experience
• PDD is a social commerce platform where users can discover new products and obtain substantial discounts
by inviting their family and friends to buy with them
• The company has experienced incredible growth thanks to virality effects of social networks
• The platform is centered around discovery and gamification instead of utility / search commerce
• Their vision is to incorporate the core values of Costco and Disney into the future business model
Source: Company filings
-6-
PDD offers a highly interactive and entertaining interface
Purchase
alone
Team-up
purchase
Join other
group and
purchase
Search
Chat
Entertaining
shopping
functions
imbedded
Selection of
categories
$1 offers
Share
through
social
network
Time limit
for
discount
• PDD’s interface drives customer retention and enhances the overall shopping experience
What’s new
-7-
Shopping on PDD is like playing games with family and friends
Limited offers On sale Red packet Treasure draw Grocery
Lucky
draw
Word puzzle
¥9.9 offer Clothes 1 cent draw Group-free Outlets Global shops
Bonus
question
Invite 7 friends to
bargain with you
and buy the
product for free
Hello Kitty quilt
costs less than $1 if
invited 3 friends to
“Group-buy” with
you
Gaming with
friends to win
shopping coupon
Users can spin a
wheel in order
to win shopping
coupons on PDD
-8-
PDD has an innovative algorithm to match merchants with consumers
• PDD’s consumer traffic distribution mechanism showcases best value-for-money products to customers
• This creates a new opportunity for over a million of long tail merchants who previously had limited visibility
on other platforms such as Tao Bao
Goods find people
Traffic goes to high value-for-
money products
People find goods
Larger order per SKU
Cheaper price and better
supply chain efficiency
Supply and demand better matched
Chance for long-tail merchants
Traffic goes to merchants
who offer the best bid
Scattered SKU distribution
Limited exposure to long-tail
merchants
Top merchants constantly favored
Winner takes it all
Traffic distribution based on
high value-for-money
Traffic distribution based on
product search
-9-
High traffic at low cost
More precise stratification
of the population
Higher network
traffic density
Vast amount of merchants
with strong supply chain
A revolutionary retail channel: population stratification & brand segmentation
Utilize the social media’
network effect to acquire
customers
Stimulate common
shopping needs among
friends
More orders per SKU
assigned to wholesale
mode like Costco
Optimal cost structure is
the key to sustainable high
cost-efficiency
Cost-effectiveness
Traffic
Cost-effectiveness
Traffic
Cost-effectiveness
Traffic
1 Billion+ population on WeChat
Time spent on social: 50-80 min/day
38% of social traffic leads to shopping
traffic
Source: WeChat Statistics 2017
-10-
• PDD’s focus is to fulfill the personalized needs of a vast amount of customers
PDD has a unique value proposition in the shopping worldProductstargetedtospecificcustomerneeds
General channel to reach diversified customers
Vertical E-commerce
Group customers by product categories
Convenient stores
Group customers by location
Traditional shopping
Everything and everyone, no focused marketing
Leisure shopping
Social shopping
Targeting specific needs of all customers
Classical E-commerce
Shopping based on search
Source: Nielsen, News Run
-11-
PDD’s market share grew exponentially due to its unique positioning
57%
10%
33%
JD
Other
2010
56%
27%
17%
Other
48%
23%
10%
19%
Other
2015 2018
PDD has already become the 2nd largest E-commerce platform by DAU and penetration rate
From 2010 to 2015, JD came as a
strong challenger to Alibaba’s
dominance in China E-commerce
business, thanks to the quality in
its self-operated logistic system
From 2015 to 2018, leveraging
the power of social network, PDD
achieved exponential growth and
has become the 3rd largest B2C E-
commerce in China
Source: iResearch.com
• Within 3 years, PDD has become the 3rd largest E-commerce platform in China by GMV.
-12-
PDD is popular among under-penetrated customer segments in eCommerce
30%
70%
Men
Women
10%
50%
31%
8%
40-49
1%
20-29
Below 19
30-39
Above 50
Age distribution
of PDD users
17% 10% 10%
40%
37% 33%
19%
21% 22%
17%
21% 23%
8% 11% 11%
5 tier and below
3 tier
2 tier
4 tier
TAOBAOJD PDD
1 tier
City distribution
of PDD users
Gender distribution
of PDD users
Source: WalkTheChat.com
• PDD is particularly popular with women, customers aged 30-50, living in emerging Tier 3 and Tier 4 cities
• Customers tend to be price sensitive but shopping is leveraged as a form of entertainment
-13-
PDD’s extremely efficient customer acquisition via WeChat and team purchase
Viral spreading via
Social Network
Group-buying
Average Customer Acquisition Cost
110
244
344
20172016 2018
5
23
Total Active Buyers (in Million)
Customer Acquisition Cost (in USD)
Snow-ball effect in PDD’s buyer acquisition
Viral spreading via Wechat or other social networks
and group-buying with friends brings Customer
Acquisition Cost to a unprecedented low level
Source: QQ news - July 2nd, 2018
$2
$39
$41
$18
-14-
80%
20%
Commission fees
Generally charge 0.6% of
the value of merchandise
sold for
▪ payment processing
fees charged by third-
party online payment
service providers
▪ other transaction-
related costs
PDD’s business model is focused on marketplace services
Goods Sold - GMV:
$10 billion
Total Net Revenues:
$220 million
Source: Company filings
Revenues breakout (Q1 2018)
Online marketing services
Merchants bid for
▪ keywords that match product
listings appearing in search
▪ advertising placements such as
banners, links and logos
• The company’s revenues depend almost exclusively on marketplace services, with a strong focus on online
marketing services constituting 80% of the total, and the remaining 20% depending on commission fees
Key Figures (Q1 2018)
-15-
Company milestones and Cathay’s role as an early partner
The company was
established in Apr 2015.
Pin Hao Huo (PHH), its
direct to consumer e-
commerce app for fresh
food, launched
In Jun 2015, PDD
completed its Series
A financing from
Banyan Capital, IDG.
In Oct 2015, Pin Duo Duo, a
testing platform that covers a
broader range of product
categories went online, with
marketplace model
In Jun 2016, the company
finished a Series B+
financing with Cathay
Innovation, New Horizon
and OPPO.
In Oct 2016, PHH & PDD
fully consolidated and PHH
became a merchant on
PDD marketplace.
In Sep 2016, the
monthly GMV exceeded
$150M
In Feb 2017, PDD closed its Series C
financing, led by Sequoia with
co-investment from Tencent,
Banyan, New Horizon, and Cathay
Innovation.
In Mar 2018, PDD finished
Round D financing from
Tencent, Sequoia, and
Banyan Capital.
In Mar 2018, the
monthly GMV exceeded
$6B
In Jul 2018, PDD completed
its IPO on Nasdaq
In Oct 2015, PDD
completed a Series B
round from Banyan
Capital, IDG and
Lightspeed China.
-16-
Other Cathay Innovation invested companies
▪ PinDuoDuo is the fastest growing ecommerce
company ever
▪ Now 2nd ecommerce mobile app in terms of
DAU in China after Taobao (Alibaba), after
only 3 years of operations
▪ Most secured cryptocurrencies storage
solution in the World
▪ Fastest growing company in France in 2017
▪ Leading software solution for data
preparation
▪ Technology embedded in Google Cloud
Platform and top partner of AWS and
Microsoft Azure
▪ On-demand delivery company, n°1 in Spain,
Italy, Portugal and Latam
▪ Exclusive delivery partner of McDonald’s in
Spain and Italy
▪ Largest mobile bank in the U.S.
▪ More than one million accounts opened in
less than 3 years
▪ Image recognition software for autonomous
driving
▪ Best AI team in China in the field
▪ MeetYou is the largest female mobile
community in China around health topics
▪ It is one of the most downloaded app in China
▪ Largest car-rental platform in Europe
▪ Offering 40,000 vehicles in 7 countries, with
keyless access and instant booking
Exited
▪ Platform enabling activities merchants to
seamlessly manage online booking and
supply availability
▪ The B2C marketplace offers consumers a
better booking experience
-17-
Other Cathay Innovation invested companies
▪ Market leader in China on smart home IoT
▪ Strongly backed by Xiaomi, which selected
Lumi as their core partner for smart home IoT
▪ Personalized and contextual mobile
marketing automation and engagement
▪ Allows brands to monetize loyal customers
and revitalize unresponsive customers
▪ Collaborative software platform for retail
▪ Connects retailers and brands to manage,
share and deliver product information to
consumers
▪ China’s largest mobile platform focusing on
aftermarket and car maintenance sectors
▪ LeCheBang works primarily with 4S
dealerships
▪ Data-centric fashion brands incubator
▪ Discovers, develops, promotes and
distributes designer brands, targeting the
Chinese male urban millennials
▪ Platform to help emerging beauty & fashion
brands expand their business on offline &
online channels in China
▪ Strong expertise in digital marketing
▪ Chinese leading mobile platform providing
primary & secondary property information
▪ Only platform where individual users can
check historical real-estate transaction prices
▪ Platform enabling enterprises to correlate
unstructured feedback to operational KPIs
▪ Powerful application for customer insights
and fraud detection
▪ Collaborative data platform for precision
medicine, focusing on oncology
▪ Provides value across the entire chain:
hospitals, oncologists and pharma companies
▪ Leading HR recruitment platform in China
▪ Enable companies to manage job applications
with an automated selection of the profiles to
match the jobs’ description
• Trucking platform connecting shippers and
carriers, with a high level digitized services
• boost trucks utilization, by increasing
volumes shipped and refining routes taken

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PinDuoDuo: How they became the fastest growing commerce company ever

  • 1. -1- OUR EARLY INVESTMENT: PINDUODUO How they became the fastest growing commerce company ever www.cathayinnovation.com www.cathay.fr
  • 3. -3- PinDuoDuo (PDD) Key Metrics: At a Glance (1) For 12 months ended June 30, 2018 (2) For 2017 GMV USD $40B Annual Orders 4.3B Active Buyers 350M Active Merchants 1M+ Number of Employees(1) (2) 1,300 GMV per Employee USD 30M
  • 4. -4- The extraordinary growth of PDD is unprecedented PDD ranks 2nd by penetration rate after TAOBAO PDD is 2nd largest by DAU (million) after TAOBAO Only 2 years to achieve $15B GMV per year The highest 7-day retention rate of up to 77% 0% 10% 20% 30% 40% 50% 60% 18Q216Q1 16Q3 17Q1 17Q3 PDD JD 51.88% 26.50% 23.52% 16.48% 8.28% 3.42% 0 50 100 150 200 172.03 55.88 34.26 24.81 4.08 2 years, 2015-2017 5 years, 2003-2008 10 years, 2003-2013 JD 74.6%TAOBAO PDD 76.9% 69.5% 18Q216Q1 16Q3 17Q1 17Q3 Source: Jiguang.cn
  • 5. -5- PDD is a social commerce platform that combines convenience & gamification • Focus on a few SKUs with a semi-customized batch processing mechanism • Improve the efficiency and quality of the supply chain • Enhance user experience by playing games together • Create a more family- and friend-oriented shopping experience • PDD is a social commerce platform where users can discover new products and obtain substantial discounts by inviting their family and friends to buy with them • The company has experienced incredible growth thanks to virality effects of social networks • The platform is centered around discovery and gamification instead of utility / search commerce • Their vision is to incorporate the core values of Costco and Disney into the future business model Source: Company filings
  • 6. -6- PDD offers a highly interactive and entertaining interface Purchase alone Team-up purchase Join other group and purchase Search Chat Entertaining shopping functions imbedded Selection of categories $1 offers Share through social network Time limit for discount • PDD’s interface drives customer retention and enhances the overall shopping experience What’s new
  • 7. -7- Shopping on PDD is like playing games with family and friends Limited offers On sale Red packet Treasure draw Grocery Lucky draw Word puzzle ¥9.9 offer Clothes 1 cent draw Group-free Outlets Global shops Bonus question Invite 7 friends to bargain with you and buy the product for free Hello Kitty quilt costs less than $1 if invited 3 friends to “Group-buy” with you Gaming with friends to win shopping coupon Users can spin a wheel in order to win shopping coupons on PDD
  • 8. -8- PDD has an innovative algorithm to match merchants with consumers • PDD’s consumer traffic distribution mechanism showcases best value-for-money products to customers • This creates a new opportunity for over a million of long tail merchants who previously had limited visibility on other platforms such as Tao Bao Goods find people Traffic goes to high value-for- money products People find goods Larger order per SKU Cheaper price and better supply chain efficiency Supply and demand better matched Chance for long-tail merchants Traffic goes to merchants who offer the best bid Scattered SKU distribution Limited exposure to long-tail merchants Top merchants constantly favored Winner takes it all Traffic distribution based on high value-for-money Traffic distribution based on product search
  • 9. -9- High traffic at low cost More precise stratification of the population Higher network traffic density Vast amount of merchants with strong supply chain A revolutionary retail channel: population stratification & brand segmentation Utilize the social media’ network effect to acquire customers Stimulate common shopping needs among friends More orders per SKU assigned to wholesale mode like Costco Optimal cost structure is the key to sustainable high cost-efficiency Cost-effectiveness Traffic Cost-effectiveness Traffic Cost-effectiveness Traffic 1 Billion+ population on WeChat Time spent on social: 50-80 min/day 38% of social traffic leads to shopping traffic Source: WeChat Statistics 2017
  • 10. -10- • PDD’s focus is to fulfill the personalized needs of a vast amount of customers PDD has a unique value proposition in the shopping worldProductstargetedtospecificcustomerneeds General channel to reach diversified customers Vertical E-commerce Group customers by product categories Convenient stores Group customers by location Traditional shopping Everything and everyone, no focused marketing Leisure shopping Social shopping Targeting specific needs of all customers Classical E-commerce Shopping based on search Source: Nielsen, News Run
  • 11. -11- PDD’s market share grew exponentially due to its unique positioning 57% 10% 33% JD Other 2010 56% 27% 17% Other 48% 23% 10% 19% Other 2015 2018 PDD has already become the 2nd largest E-commerce platform by DAU and penetration rate From 2010 to 2015, JD came as a strong challenger to Alibaba’s dominance in China E-commerce business, thanks to the quality in its self-operated logistic system From 2015 to 2018, leveraging the power of social network, PDD achieved exponential growth and has become the 3rd largest B2C E- commerce in China Source: iResearch.com • Within 3 years, PDD has become the 3rd largest E-commerce platform in China by GMV.
  • 12. -12- PDD is popular among under-penetrated customer segments in eCommerce 30% 70% Men Women 10% 50% 31% 8% 40-49 1% 20-29 Below 19 30-39 Above 50 Age distribution of PDD users 17% 10% 10% 40% 37% 33% 19% 21% 22% 17% 21% 23% 8% 11% 11% 5 tier and below 3 tier 2 tier 4 tier TAOBAOJD PDD 1 tier City distribution of PDD users Gender distribution of PDD users Source: WalkTheChat.com • PDD is particularly popular with women, customers aged 30-50, living in emerging Tier 3 and Tier 4 cities • Customers tend to be price sensitive but shopping is leveraged as a form of entertainment
  • 13. -13- PDD’s extremely efficient customer acquisition via WeChat and team purchase Viral spreading via Social Network Group-buying Average Customer Acquisition Cost 110 244 344 20172016 2018 5 23 Total Active Buyers (in Million) Customer Acquisition Cost (in USD) Snow-ball effect in PDD’s buyer acquisition Viral spreading via Wechat or other social networks and group-buying with friends brings Customer Acquisition Cost to a unprecedented low level Source: QQ news - July 2nd, 2018 $2 $39 $41 $18
  • 14. -14- 80% 20% Commission fees Generally charge 0.6% of the value of merchandise sold for ▪ payment processing fees charged by third- party online payment service providers ▪ other transaction- related costs PDD’s business model is focused on marketplace services Goods Sold - GMV: $10 billion Total Net Revenues: $220 million Source: Company filings Revenues breakout (Q1 2018) Online marketing services Merchants bid for ▪ keywords that match product listings appearing in search ▪ advertising placements such as banners, links and logos • The company’s revenues depend almost exclusively on marketplace services, with a strong focus on online marketing services constituting 80% of the total, and the remaining 20% depending on commission fees Key Figures (Q1 2018)
  • 15. -15- Company milestones and Cathay’s role as an early partner The company was established in Apr 2015. Pin Hao Huo (PHH), its direct to consumer e- commerce app for fresh food, launched In Jun 2015, PDD completed its Series A financing from Banyan Capital, IDG. In Oct 2015, Pin Duo Duo, a testing platform that covers a broader range of product categories went online, with marketplace model In Jun 2016, the company finished a Series B+ financing with Cathay Innovation, New Horizon and OPPO. In Oct 2016, PHH & PDD fully consolidated and PHH became a merchant on PDD marketplace. In Sep 2016, the monthly GMV exceeded $150M In Feb 2017, PDD closed its Series C financing, led by Sequoia with co-investment from Tencent, Banyan, New Horizon, and Cathay Innovation. In Mar 2018, PDD finished Round D financing from Tencent, Sequoia, and Banyan Capital. In Mar 2018, the monthly GMV exceeded $6B In Jul 2018, PDD completed its IPO on Nasdaq In Oct 2015, PDD completed a Series B round from Banyan Capital, IDG and Lightspeed China.
  • 16. -16- Other Cathay Innovation invested companies ▪ PinDuoDuo is the fastest growing ecommerce company ever ▪ Now 2nd ecommerce mobile app in terms of DAU in China after Taobao (Alibaba), after only 3 years of operations ▪ Most secured cryptocurrencies storage solution in the World ▪ Fastest growing company in France in 2017 ▪ Leading software solution for data preparation ▪ Technology embedded in Google Cloud Platform and top partner of AWS and Microsoft Azure ▪ On-demand delivery company, n°1 in Spain, Italy, Portugal and Latam ▪ Exclusive delivery partner of McDonald’s in Spain and Italy ▪ Largest mobile bank in the U.S. ▪ More than one million accounts opened in less than 3 years ▪ Image recognition software for autonomous driving ▪ Best AI team in China in the field ▪ MeetYou is the largest female mobile community in China around health topics ▪ It is one of the most downloaded app in China ▪ Largest car-rental platform in Europe ▪ Offering 40,000 vehicles in 7 countries, with keyless access and instant booking Exited ▪ Platform enabling activities merchants to seamlessly manage online booking and supply availability ▪ The B2C marketplace offers consumers a better booking experience
  • 17. -17- Other Cathay Innovation invested companies ▪ Market leader in China on smart home IoT ▪ Strongly backed by Xiaomi, which selected Lumi as their core partner for smart home IoT ▪ Personalized and contextual mobile marketing automation and engagement ▪ Allows brands to monetize loyal customers and revitalize unresponsive customers ▪ Collaborative software platform for retail ▪ Connects retailers and brands to manage, share and deliver product information to consumers ▪ China’s largest mobile platform focusing on aftermarket and car maintenance sectors ▪ LeCheBang works primarily with 4S dealerships ▪ Data-centric fashion brands incubator ▪ Discovers, develops, promotes and distributes designer brands, targeting the Chinese male urban millennials ▪ Platform to help emerging beauty & fashion brands expand their business on offline & online channels in China ▪ Strong expertise in digital marketing ▪ Chinese leading mobile platform providing primary & secondary property information ▪ Only platform where individual users can check historical real-estate transaction prices ▪ Platform enabling enterprises to correlate unstructured feedback to operational KPIs ▪ Powerful application for customer insights and fraud detection ▪ Collaborative data platform for precision medicine, focusing on oncology ▪ Provides value across the entire chain: hospitals, oncologists and pharma companies ▪ Leading HR recruitment platform in China ▪ Enable companies to manage job applications with an automated selection of the profiles to match the jobs’ description • Trucking platform connecting shippers and carriers, with a high level digitized services • boost trucks utilization, by increasing volumes shipped and refining routes taken