October 12, 2023

Indonesia's eFishery to leap into Indian market in Q1 2024

Indonesian aquaculture firm eFishery aims to expand commercially to India in the first quarter of 2024.

This would mark the company's first presence outside its home country. It made the announcement during its 10th anniversary event in Bandung, Indonesia, on October 11.

Gibran Huzaifah, co-founder and chief executive officer of eFishery, said the company chose India due to the market's similarities with Indonesia. The firm has conducted a pilot project in India for the past year.

"In India, the farmers are also concentrated in just one state, not scattered like in Indonesia. This makes it easier for us to scale," explained Huzaifah.

The company will also explore expansion opportunities in Vietnam, Thailand, the Philippines, and Malaysia, though Huzaifah emphasised that India remains eFishery's only target for next year.

In addition, the firm launched a blockchain-based digital cooperative for fish farmers. It aims to connect players in the fish and shrimp farming industries across the supply chain.

Founded in 2013, eFishery currently has 200,000 fish farmers across 280 cities in Indonesia. In July, the company raised US$200 million in funding at a US$1.3 billion valuation.

- Tech In Asia