According to the Evening Post, the planned financing amount of $250 million started by Polar Rabbit Express after the Spring Festival has been completed recently, and this fund will be mainly used to explore overseas markets such as the Middle East and Latin America. Before the completion of this financing, Polar Rabbit had already completed the financing of 654.38+08 billion US dollars in April this year. Due to the investment led by Bo Capital, Sequoia Capital and Gaoyao Capital, the post-investment valuation may reach 7.8 billion US dollars.
From Southeast Asia to China, from China to the Middle East, Latin America and Africa, a global express network of polar rabbits is quietly taking shape.
Starting from Southeast Asia, the polar rabbit is the perfect start.
Polar Rabbit was founded in 20 15, but its story of going to sea starts from Indonesia in 20 10.
From 20 10, under the impetus of policies, e-commerce in Indonesia began to flourish. Indonesian President Joko, who was elected on 20 14, advocates the policy line of vigorously developing e-commerce and liberalizing foreign investment in the industry. As long as the investment exceeds US$ 8 million or thousands of jobs are created, 100% can hold shares in Indonesian e-commerce enterprises. Online retail sales in Indonesia increased from $8 billion in 20 14 to $25 billion in 20 16.
For a time, the popularity of the Indonesian e-commerce market increased sharply, and JD.COM directly inserted the banner into Indonesia; "Indonesia Taobao" Lazada received a total investment of 4 billion US dollars from Ali; Shopee, a subsidiary of Tencent, received an additional investment of $550 million and a military order to fully attack the Indonesian market.
Like domestic e-commerce, the rapid development of e-commerce in Indonesia soon encountered the same bottleneck: how to solve the logistics constraints. In Indonesia, a country consisting of five big islands and more than 7000 small islands, the dispersed geographical environment challenges the logistics capacity. Local traditional express delivery companies adopt franchise mode. In order to reduce costs and expand coverage, franchisees will adopt the strategy of covering the whole city, which will extend the delivery time of express delivery to 7 days or even longer. During Ramadan, a Muslim festival that has evolved into a shopping carnival, all logistics will be suspended for about 10 days, which is obviously intolerable for e-commerce platforms.
The change began with the birth of the polar rabbit. 20/kloc-in may, 2005, at the launch conference of OPPO series new products in Jakarta, indonesian CEO Li Jie announced a heavy news in front of thousands of dealers and media: he was leaving OPPO to start his own courier company j&; T express. On August 20th of the same year, J & ampT Express was officially born in Jakarta, Indonesia. T Express later had a more familiar name in China-Speed Rabbit Express.
Li Jie, founder of Extreme Rabbit, 1994 graduated from University of Science and Technology Beijing and joined BBK after graduation. In 2008, he became the general manager of OPPO Suzhou and Anhui. In 20 13, Li Jie, who went abroad for the first time, came to Indonesia alone, built the entire OPPO Indonesia dealer team with his bare hands, and successfully knocked on the door of Indonesia for OPPO. Today, OPPO's market share in Indonesia has tied for the first place with vivo.
Li Jie, founder of polar rabbit
Under the enthusiasm of e-commerce, only execution and business model determine the success or failure of Extreme Rabbit Express. 20 16 years, within half a year, polar rabbit realized the full coverage of Indonesia's express delivery network. In 20 17, polar rabbit decided on the strategy of e-commerce express delivery, and tailored the slogan of "Express your online business" for major e-commerce platforms.
In operation, polar rabbit adopts the direct mode-the headquarters has a distribution point for each administrative region. In a big city like Jakarta, Polar Rabbit has even set up 34 distribution points in 8 administrative districts, reducing the responsibility radius of each courier, reducing the delivery time and greatly improving the delivery efficiency.
Not only that, Extreme Rabbit has also created the Indonesian logistics industry with 24-hour express delivery all year round, and customer service can answer questions online at any time, thus improving the timeliness and stability of the overall service. At that time, JNE, Indonesia's oldest express delivery company, went from Jakarta, the capital, to Dagang, a port city. The official claimed that the express delivery would arrive the next day, and the economy would be 2-3 days. In fact, the company stipulates that packages are not handled on Sundays and holidays, and many agents don't go to work on Saturdays. If it is outside major cities, the delivery time is even as long as 7 working days, that is, at least 9 days, 1 1 day. Under the background of peers, the reputation of "Shunfeng" in Southeast Asia comes from this.
With excellent service and good reputation, Polar Rabbit has quickly become the best choice for Southeast Asian head e-commerce platforms such as Shopee, Lazada and Tokopedia. By1October 20 17, 1 1, Polar Rabbit Indonesia has received more than 300,000 votes per day, making it the second-ranked local express delivery company. By 2020, Polar Rabbit will become the second express brand in Southeast Asia.
With the success of Indonesia, polar rabbits quickly covered seven countries in Southeast Asia, including Vietnam, Malaysia, the Philippines, Thailand, Cambodia and Singapore.
Going back to China to catch the exam, the rabbit's middle game competition.
Do express delivery, do you want to do China express delivery? 20 19 This problem is faced by Li Jie and Ji Tu.
In 20 19, China's express delivery business accounted for more than half of the world, ranking first in the world for five consecutive years, and the parcel volume exceeded the sum of developed economies such as the United States, Japan and Europe. The industry's compound annual growth rate of more than 20% competes with Red Sea, the top six express delivery companies (Tongda and Shunfeng), which accounts for more than 80% of the package volume, thus demonstrating the fire and ice of the express delivery industry in China. There used to be 4 billion halberds of Anneng, and then there was the transformation of Tiantian and Quanfeng. China Express looks delicious, but the water is too deep for ordinary players to catch.
Li Jie made a choice for Polar Rabbit with an open letter to franchisees: Even if we live in Southeast Asia, our competitors will call in sooner or later. How can we live and be immune to it?
In short, the polar rabbit finally chose to return to China to catch the exam. Polar Rabbit officially launched its network in China in March, 2020, and by the end of September, the network covered the whole country. It took only six months to quickly lay out the national network. Li Jie's personal charm accumulated during his work at BBK and OPPO played a decisive role. Some franchisees even bluntly said, "If you don't let me join, you will look down on me."
It is an extremely bold decision to lay out a national network when the daily express delivery volume is unknown. According to a senior person in the logistics industry, if there is not enough express delivery volume as a support, a national express delivery network in China will cost more than RMB 10 million a day.
The incremental market of China express industry is 654.38+0 billion yuan a year, coupled with the strong execution of the polar rabbit team, so that the polar rabbit who returned to China to take the exam handed over a beautiful report card.
According to media reports, in 2020, 6 18, the polar rabbit, which was only launched for 3 months, had a daily order of 5 million. In 2020, the Double Eleven lasted for 8 months, and the daily order of polar rabbits exceeded160,000. 202 1 6 18, the daily order of polar rabbits once exceeded 30 million. Since then, the data has declined. At present, the daily order of polar rabbits is stable between 22 million and 25 million. An amazing fact is that the achievement of Extreme Rabbit was actually achieved without accessing Taobao platform.
According to the data of the State Post Bureau, in July this year, the average daily order volume of China's express delivery industry was 288 million tickets. Based on this calculation, the polar rabbit occupies about 8% of the market share. It took 1.5 years for Polar Rabbit, 16 years for Zhongtong and 25 years for Shentong to complete this journey.
This also makes the polar rabbit quickly become a unicorn in the field of logistics. According to the statistics of IT Oranges, among the unicorns newly added in the first half of 200212002, four companies were valued at more than US$ 6 billion, namely Extreme Rabbit Express, Didi Freight, Wei Long Food and Yuan Qi Forest. After the investment, the valuation of Polar Rabbit reached 7.8 billion US dollars, surpassing Tong Yuan, Shentong and Dayun, and second only to SF, Jingdong Logistics and Zhongtong.
With the rapid growth of single quantity, the playing style of polar rabbit in China is also changing.
In March, 20021year, polar rabbit changed the previous business model of "self-management as the main business, supplemented by joining" and opened the scope of joining the whole network. Adopt the mode of "direct access to the network" and expand network coverage through joining outlets.
This two-level agent mode of "unified management, direct distribution and regional joining" enables the first-level franchisees in each province to develop their own second-level franchisees, which can reduce the operating cost of the headquarters on the one hand and achieve more flexible and rapid expansion on the other. At the same time, with the establishment of the national transshipment network of Polar Rabbit, the headquarters has been inserted from management to the end, and the provincial centers are directly in charge of all franchise outlets.
Some franchisees said: "We are ready to lose money for one year. But soon, some secondary outlets below me will not lose money in three months. The first reason is that the delivery fee is ok, higher than that of peers; The most critical reason is that the volume of transactions has risen very quickly. If the turnover rises slowly, it will eventually consume the confidence of the franchise outlets. In the early days of the Internet, confidence was far more precious than profit. "
After the previous pains, the elimination mechanism of extremely rabbit franchisees has gradually formed: those who fail will be eliminated, and those who succeed will copy their experience to the failed areas and continue to expand their territory.
As of September this year, Polar Rabbit has more than 10000 outlets in China.
It is worth mentioning that while the polar rabbit is expanding rapidly, the service quality is still improving steadily. The complaints of major express delivery companies released by the State Post Bureau this year show that the complaint rate of Extreme Rabbit is decreasing month by month, which is 0.49 in July, and the effective complaint rate is 0.03, which is lower than that of SF, JD.COM, Tong Yuan, Dayun and Shentong.
Sail to the Middle East, Latin America and Africa.
Winners and losers of the extreme rabbit model.
Polar Rabbit can gain a firm foothold in a Red Sea country, which provides more confidence for its expansion in the global network.
According to the Evening Post, polar rabbit has set its sights on the Middle East, Latin America and Africa this year, and plans to officially launch network operations in Saudi Arabia, Egypt, Mexico and Brazil. According to industry insiders, the advance teams of the three places have been recruited in China.
In addition, in June this year, 5438+ 10, Extreme Rabbit International was established and officially started its cross-border logistics business. It relies on polar rabbit's own terminal network in various countries around the world. In August this year, the signing ceremony of strategic cooperation between Polar Rabbit International and SHOPLINE Logistics was held. Dong Hao, the global head of SHOPLINE Logistics, bluntly expressed the hope that the two sides will have opportunities for horizontal cooperation in the future and * * * do a good job in infrastructure construction in serving global sellers.
Cheng Peng, an industry investment analyst, said when analyzing The Polar Rabbit: "E-commerce in Southeast Asia and South America is on the rise. Are all the goods sold locally? Definitely not. Most goods must be made in China. Russia is a typical market. Extreme Rabbit's goal is to connect domestic and overseas express delivery networks and help cross-border e-commerce enterprises in China go to sea. At that time, FedEx followed American multinational companies to the world, and Extreme Rabbit also wanted to follow China's manufacturing industry to the sea and become a new generation of China FedEx. "
The goal of building a global logistics network is obvious, and the sword refers to the global express giants UPS, FedEx and DHL. The market value of UPS is $654.38+070 billion, which is 3.7 times that of SF Express and 6.8 times that of Zhongtong. The ability of express delivery to the sea determines the ceiling of domestic express delivery giants. The success or failure of market expansion in the Middle East, Latin America and Africa will also greatly determine the prospect of the extremely rabbit model.
The genius of the rabbit lies in that it creatively replicates the operation mode of OPPO mobile phones to expand into new countries to internationalize. When Polar Rabbit opened up a new country in Southeast Asia, it had already explored a set of simple, efficient and reproducible internationalization tactics-China team first explored the market, and then unified the culture and brand. After the business model gradually matured, the China team turned behind the scenes and handed it over to the local people for refined operation, which also formed a distinctive label of extreme internationalization-localized operation under the same culture.
If the success of Polar Rabbit in Southeast Asia and China is more or less due to Li Jie and OPPO franchisees, then the success of Li Jie and Polar Rabbit in the Middle East, Latin America and Africa, where they rarely set foot, will greatly prove that this express delivery business model can be copied and pasted on a global scale. This is the revelation that the express delivery industry in China urgently needs to go to sea.
At the speed of rabbits, it won't take long to reveal the answer.