December 26, 2023

 

Indonesia's eFishery completes pilot project in India

 

 

Indonesia-based aquaculture company eFishery has announced the completion of its commercial pilot project in India, marking a significant milestone in its global expansion journey.

 

eFishery said in a statement on December 14 that it kicked off the pilot project in March this year. It also successfully acquired over 1,000 acres of ponds under contract, and has now distributed more than 3,000 metric tonnes of feed. This achievement brings the firm closer to expanding its footprint to five Indian states by the end of 2024.

 

The pilot project also signals a broader expansion beyond Southeast Asia with the company's deliberate, 'one-country-at-a-time' approach to sustainability and impact assessment.

 

Beyond India, eFishery is eyeing opportunities to venture into up to two countries in Asia and Latin America within a year while continuing to export shrimp products overseas.

 

The company's global expansion strategy also focuses on tapping into diverse markets, offering a comprehensive ecosystem to farmers and creating a Digital Co-Op model that provides access to high-quality inputs, internet of things (IoT) technologies, production standard operating procedure and guaranteed market off-take, ultimately empowering farmers and unlocking their potential.

 

eFishery chief executive officer and co-founder Gibran Huzaifah explained that India is a key part of eFishery's overall growth strategy, which also includes expanding the company footprint in Indonesia and growing in export markets.

 

"Beginning with the Indian pilot project, I take pride in our global impact, unlocking the potential of aquaculture worldwide through Indonesian-made technology, resulting in a remarkable average two to three-fold increase in farmers' profit," he said.

 

Huzaifah added that the firm recognised the potential and value of tapping into the Indian aquaculture market, which mirrors the size and structure of the Indonesian market — both dominated by small and medium farmers.

 

"By supporting them as partners, these key contributors to local and regional food security help ensure a sustainable and accessible source of protein for global communities," he added.

 

eFishery's focus in India is on refining farm operations, optimising cultivation practices and enhancing overall yield.

 

Neil Wendover, eFishery's international expansion lead, highlighted the company's commitment to enhancing farmers' profitability in every market it enters.

 

"Our business objectives are centered on solving problems for the farmers and improving profitability through heightened productivity and efficiency," Wendover said. "Rather than dividing the aquaculture pie, we are essentially doubling the size."

 

Commencing its operations in Andhra Pradesh, which contributes to 35% of India's total aquaculture production, eFishery conducted a thorough market and strategy assessment there.

 

"We have grown a dedicated Indian team to 50 employees with strong local leadership in place," Wendover said. "This, together with collaborations with government entities and input suppliers, is also instrumental in navigating the unique challenges of the Indian aquaculture sector, which remains a fragmented but vast and exciting market."

 

He added that eFishery is on track to grow by 10 times, aligning with its international expansion objective.

 

- TN Global