For Xiaomi's valuation, Lei Jun's psychological expectation is $200 million, and of course, the final result is the higher, the better.
He had fantasized about $300 million, $500 million, but that is not very realistic.
It would also be inconvenient for the subsequent rounds of valuation.
He just didn't expect that the new proposal from Donghao Venture Capital not only didn't suppress the price but instead offered a valuation of $250 million.
Of course, there is no free lunch in the world.
Donghao Venture Capital also came with conditions.
They demanded exclusive rights to the Series A financing, with an investment of $80 million for a 30% stake.
This condition was something Lei Jun found hard to accept.
Firstly, he didn't want to raise that much money; business financing is for burning, and it's enough to burn as much as needed, not the more, the better.
If you give away 30% in the first round, how much will you give away in the second round?
