October 12, 2022

Indonesia's eFishery receives US$32 million loan
 

Indonesian startup eFishery has secured a US$32 million loan from DBS Bank Indonesia.

This is DBS Indonesia's first funding for the aquatech sector and eFishery's first loan deal.

In a statement, DBS Indonesia banking director Kunardy Lie said this funding will support the expansion of eFishery's business and improve its quality and productivity. It also hopes to better connect its farmers to international markets with the new capital.

eFishery hopes to increase its production and scope by 300% going forward. Its co-founder and chief executive officer, Gibran Huzaifah, said the Bandung-based company plans to expand its products and services to international markets.

Huzaifah added that the company aims to expand to 10 countries within five years. India will be its first expansion target, with China and Vietnam next.

In January, the aquatech startup raised US$90 million in a series C funding round co-led by Temasek, SoftBank and Sequoia Capital India. At the time, it marked the largest-ever VC financing for an aquaculture startup globally.

Founded in 2013, eFishery has banked a total of US$140 million in funding to date, including the current loan deal.

- Tech In Asia