To the circumstances of the current capital market regulations, startup with the balance of a

loss is still difficult to enter the capital market. Financial ratios will be the benchmark of
achievement. Strategies are dominating and making high fence resist other competitors
entered with countless marketing dollars will be difficult to implement. Target reached profit
would split the long-term focus, management will have to compromise to find a base clappers
from elsewhere that financial ratios look better. Traveloka almost certainly will not be able to
dominate the market as they are now if into the market in the early years of the life of their
startup.

Every startup commonly goes through several phases or cycles that begin from the concept
phase, research, prototype making, trial and error, then it is opened for public users to try out
the technology and services of the product and that's when it is really visible whether it gets a
response market well or not. This initial phase is usually assisted by certain types of investors
called Angel Investors or sometimes even friends or family.

The next phase is very dependent on market response and this is where venture capitalists
begin to look at startups that have entered this phase, which is often referred to as the early or
early phase. Next, startups must prove themselves able to increase market response to be
categorized as a startup phase of growth. The types of investors or venture capitalists in this
phase will be different from the initial phase.

Only in the final phase where growth has begun to enter the stage of maturity or mature /
stable, this is where the startup usually starts to have financial reports that may be feasible to
enter the capital market. Capital market regulations are arguably quite appropriate to
accommodate later stage companies compared to previous stages of the startup cycle, and
their valuation calculation methods are still relatively similar using the DCF method, book
value, P / E ratio and other ratios commonly used by the capital market.

Online travel agent company, Traveloka reportedly is exploring new financing round. When
the new investment was successfully achieved Traveloka, the valuation is estimated at US $
4.1 billion, or Rp 61.5 trillion. Earlier, one of Indonesia's unicorn get from Expedia
investment of US $ 350 million in July 2017. The funding injections made valuations
Traveloka reach US $ 2 billion. Then, at the end of last year, Traveloka also reportedly
received an investment of approximately US $ 500 million from several investors. In the
funding round, some investors like East Ventures, Hillhouse Capital Group, JD.com, and
Sequoia Capital took part. Traveloka Indonesia is the first technology startup that develops
business to Southeast Asia. Founded by Ferry Unardi, Derianto Kusuma, and Albert Zhang,

If you use the liquidation valuation calculation method of capital investment obtained by
Traveloka, then you can calculate the outstanding traveloka market price as follows.

P=L/S
P: price
L: Estimated value of company valuation
S: Number of shares outstanding
If we use real investment data last year (2017) of US $ 350 million (5.25 trillion) as an
estimate of valuation and are willing to release 20 percent to the public at around 1.05 trillion,
then assuming the number of shares outstanding reaches 1 billions of shares, then it can be
formulated as follows
P = 1,050,000,000,000 / 1,000,000,000
P = 1,050,
The Traveloka company can bid at the price of 1,050 / share.
Pros Cons

Traveloka's website and mobile application The price is very cheap to make people not
uses an encrypted HTTPS private network. believe.
Especially for payment via credit card,
Many persons are not responsible for abusing
Traveloka partners with CyberSource®, your
authority by using the same web domain
credit card data cannot be read and used by
name 'Traveloka'.
anyone.
Traveloka uses a multi-layer cyber security On the site there is a promotion slide, which
solution to ensure the security of your makes consumers with weak bandwidth be
transactions. disrupted.
Your privacy is very important for In international flights, not yet covering all
Traveloka. Traveloka will never share your regions of the world, only for a few favorite
data with any third party. regions.
Offering a very cheap and competitive price In the event of fraud on behalf of Traveloka,
from the original price, then added attractive there may be a mistake from the customer
promos that make the price even cheaper. himself who is not careful