According to Gibran Huzaifah, the Co-Founder and CEO of eFishery, the Indonesian aquatech startup recently achieved unicorn status after successfully securing a US$200 million Series D funding round in the previous month. Now, the company has ambitious plans to broaden its reach beyond Indonesia. eFishery aims to expand into various regions in Asia and the Middle East.
Nevertheless, he refrained from divulging specific details regarding the company’s expansion plans.
In an interview, Huzaifah stated, “We aim to expand our presence in several countries across Asia and the Middle East. We recognise the potential and value of tapping into these markets, and our expansion efforts will be geared toward capturing these opportunities,” The company is optimistic that their lead investor from the recent funding round, 42XFund based in the UAE, will play a vital role in supporting their expansion into the Middle East.
Furthermore, eFishery has set an ambitious goal to venture into the international market by exporting shrimp products, with their initial focus on the US. Data from the Ministry of Marine and Fisheries in 2022 reveals that the US holds the position of the largest export destination for shrimp, constituting 71.6 per cent of Indonesia’s total national shrimp exports. This underscores a substantial market opportunity for eFishery to tap into.
Founded in 2013, the aquaculture company was established with the vision of offering an all-inclusive aquaculture ecosystem. Their comprehensive solutions encompass various aspects such as cutting-edge feeder technology, facilitating access to financial institutions, and a dedicated platform for selling fish and shrimp crops. Moreover, the company extends its support through disease prevention strategies, customized feed prescriptions, credit scoring services, and flexible financing options to optimize productivity for farmers.
In addition to its core offerings, eFishery actively spearheads multiple initiatives aimed at empowering local farmers. Notably, they lead KASEF (Kampung Super Ekosistem eFishery – Village of eFishery’s Super Ecosystem) and eFishery Point, which are designed to provide crucial support and resources to farming communities.
Launched in 2022 through strategic partnerships, including collaboration with the local administration, KASEF has a primary objective of empowering farmers by providing them with essential knowledge and skills, transforming them into esteemed produce partners. Through KASEF, farmers gain the opportunity to participate in our KABAYAN program, which facilitates access to vital financial support for their agricultural endeavors.
On the other hand, eFishery Point serves as a collaborative hub where farmers can engage with eFishery’s innovations and stay abreast of the latest technologies. Beyond that, the company arranges financial literacy workshops within this space, aiming to enrich farmers’ knowledge and comprehension of financial matters.
At present, the company collaborates with more than 70,000 fish and shrimp farmers across 280 cities in the archipelago. Besides their overseas expansion plans, eFishery is also committed to strengthening its footprint within Indonesia. According to Huzaifah, the Indonesian fisheries sector has witnessed impressive growth in the past year, and recent data indicates that it now contributes nearly US$30 billion to the country’s GDP, amounting to approximately 3 per cent of the total GDP.
“Indonesia is the world’s largest archipelago, consisting of 17,500 islands. Therefore, we approach our expansion one step at a time, ensuring effective implementation and support across different regions,” he noted.
Furthermore, he disclosed that eFishery has accomplished a positive EBITDA for two consecutive years. In 2021, the company successfully distributed an impressive quantity of its farmers’ harvest, totaling 13,000 tons, to various regions throughout Indonesia. Additionally, their domestic transactions reached 420 billion Indonesian rupiahs (equivalent to US$27.6 million), encompassing shrimp exports within the same period.
“We consistently try to sustain a healthy business cycle in our existing super-ecosystem for fish and shrimp farming nationwide through various initiatives. Our goal is to grow together with farmers within our super-ecosystem by providing support on what they need the most, such as digital fish and shrimp farming management, access to micro-financing, and assurance in the distribution flow of their harvest.”
Back in 2013, eFishery emerged as the pioneering aquaculture startup in Indonesia, with no other competitors in the market at that time. However, over the years, the landscape has transformed significantly, and currently, there are more than 50 startups operating in the aquaculture and fishery industries. Each of these startups has its distinct focus and offerings, shaping a more diverse and dynamic industry.
“The emergence of numerous startups signifies a growing concern and interest in the industry, further motivating us to make a positive impact,” he said. “Our missions and core purpose remain steadfast: to meet global food demands through aquaculture, offer affordable technological solutions to fundamental problems, and foster an inclusive digital economy that reduces inequality,” he explained.
