April 9, 2024

Indonesian poultry startup Pitik faces operational revaluation

Pitik, an Indonesia-based poultry startup, has undergone a restructuring of its workforce as it revaluates its business strategies, confirmed CEO Arief Witjaksono, Tech in Asia reported.

Witjaksono said the company remains focused on consistently assessing Pitik's operations to ensure alignment with the business objectives and its adaptability to market changes.

The exact number of affected employees remains undisclosed, but Witjaksono assured that proper compensation would be provided.

Established in 2019 by Witjaksono and Rymax Joehana, Pitik offers partner farmers a comprehensive livestock management technology service, leveraging IoT-based systems and tools. Additionally, the company directly distributes chicken products to consumers.

According to Tech in Asia data, Pitik previously secured a US$14 million series A funding round led by Alpha JWC Ventures in May 2022, with participation from MDI Ventures, Wavemaker Partners, and Arise.

In October 2022, Pitik reported a revenue of US$12.2 million, marking a substantial growth of 20x from the US$600,000 recorded in October 2021, as previously reported by Tech in Asia.

Despite the anticipated growth in chicken consumption in Indonesia, projected to increase from 8.2 kg per capita in 2022 to 9.3 kg per capita by 2029, according to Statista, Pitik faces challenges due to fluctuating demand. Many Indonesians still view chicken as a luxury food item.

To mitigate these challenges and diversify its revenue streams, Pitik has expanded its chicken-processing capabilities and extended financing options to chicken farmers. Notable local competitors of Pitik include BroilerX and Chickin.

-      Tech in Asia