Dear reader,
The unravelling of Indonesia’s eFishery offers a sobering reminder of how quickly a celebrated success story can collapse. Once Southeast Asia’s darling in the aquatech space and Indonesia’s only homegrown unicorn as of 2023, eFishery now faces an existential crisis amid allegations of systematic financial fraud spanning five years.
At the centre of this storm stands Gibran Huzaifah, the ousted CEO whose rags-to-riches narrative captivated investors and media alike. While Huzaifah acknowledges discrepancies in the company’s accounting, he vehemently denies personal enrichment and challenges recent reports about his compensation.
The fallout has been catastrophic, with 98% of staff made redundant and thousands of fish farmers left in the lurch. What makes this case particularly troubling is the apparent scale of misrepresentation, with revenue allegedly inflated by a staggering US$600 million.
As Southeast Asia’s startup ecosystem continues navigating the tech winter, the eFishery scandal raises uncomfortable questions about due diligence practices and the pressure to show impressive growth metrics. With shareholders now contemplating winding down operations – potentially recovering just 10% of their investments – this cautionary tale highlights the fragility of unicorn valuations when built on questionable foundations.
The coming weeks will likely bring further revelations as investigations continue, but the damage to trust in Indonesia’s startup ecosystem may prove far more enduring than eFishery’s brief moment in the spotlight.
Sainul,
Editor.
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NEWS & VIEWS
eFishery ex-CEO calls billion-rupiah salary claim ‘untrue’
Gibran Huzaifah’s salary slips for Jan, Sept, Oct, and Nov 2024 show that his gross salary was about 313M rupiah (US$19,138, while his take-home pay was around 206M rupiah (US$12,550) per month.
Kredivo acquires earned wage access company GajiGesa for nearly US$12M
Reports suggest the GajiGesa sale was prompted by shareholder pressure due to problems obtaining further funding, which may have resulted in losses for investors.
TECHCOOP secures US$70M in one of Vietnam’s largest agritech funding rounds
The investors include TNB Aura, Ascend Vietnam Ventures, AppWorks, and Capria Ventures | TECHCOOP provides a B2B platform that delivers end-to-end solutions for export-oriented supply chains.
Ant International appoints Grab veteran Worachat to lead 2C2P
Worachat will spearhead 2C2P’s strategic upgrade from serving mainly enterprise customers to serving businesses of all sizes, including SMEs across Southeast Asia.
Indonesia to inject US$20B into sovereign wealth fund yearly
Danantara will collaborate with other investors, including Ray Dalio’s Bridgewater, holding a 50:50 ownership in certain projects | This partnership could allow the firm to manage investments worth up to US$160B annually through leverage mechanisms.
FBI says North Korea ‘responsible’ for US$1.4B Bybit heist
On February 21, Bybit said it had been a victim of a heist where hackers netted 401,346 Ethereum | Bybit has since launched a US$140M bounty to get help tracing and freezing the stolen funds.
SG-based Horizon Quantum Computing explores US$500M public merger
Horizon and dMY Squared have signed a non-binding LoI to explore a potential merger | The LOI values Horizon at US$500M pre-money, with both parties aiming to finalise a definitive agreement by Q2 2025 and close the transaction by year-end.
Duolingo forecasts up to US$978.5M revenue in 2025
For Q1 2025, the company expects revenue between US$220.5M and US$223.5M, aligning closely with projections of US$221.1M | For 2025, adjusted core profit is forecasted between US$259.9M and US$274M.
Mosaic Solutions acquires HelixPay, partners with PayMongo to streamline PH commerce
This move aims to create a unified commerce platform, connecting in-store and digital operations for businesses across all consumer sectors.
Alpha JWC leads pre-Series A round for Indonesian healthtech startup Bumame
500 Global and Kopital Ventures are the other investors | Bumame provides modern diagnostic solutions, proactive health screenings, and personalised health guidance.
Lorien Finance nets US$2.25M to expand student loan access in India, SEA
The investors include FlatIronX, Seedstars, and The Rockefeller Foundation | Lorien connects students to a US$3B+ lending pool from 17+ international lenders offering interest rates as low as 3.49%.
Singaporean SMEs bleeding millions due to poor cash management
Nearly half of Singapore’s SMEs prioritise guaranteed returns and liquidity, opting for low-yield traditional banking, finds Syfe survey.
Taiwanese AI firm Crescendo Lab expands to Singapore
The AI-driven conversational commerce solutions firm aims to assist local businesses in enhancing customer engagement and streamlining operations through WhatsApp integration.
Indian court fines Amazon US$38.9M for trademark violation
The Delhi High Court has ordered Amazon to pay US$38.89M to Lifestyle Equities for trademark infringement related to the Beverly Hills Polo Club (BHPC) logo | Lifestyle Equities argued that Amazon’s private label, Symbol, sold products with a similar logo.
Malaysia’s Ficus Capital invests in Singapore’s Morpheus Labs
Morpheus Labs is an AI-powered Web3 implementation platform | The funding will support its work in simplifying blockchain implementation, making it easier for businesses and developers to build, deploy, and manage decentralised applications.
FEATURES & INTERVIEWS
South Korea’s top 30 VC deals of 2024: A year of shifts and surprises
South Korea’s 2024 startup funding saw a downturn, but key sectors like AI, healthtech, and semiconductors attracted major VC investments.
Efficiency and data ownership: Why citizen-centric service design is key to Estonia’s e-government
One of Estonia’s most innovative approaches to digital governance is its decentralised data management system.
Skelas’s incubation programme empowers Indonesian MSMEs
By supporting MSMEs, the programme is laying the groundwork for a more sustainable business ecosystem in Indonesia.
Greater creative ownership is key to win TikTok in 2025
As businesses plan their digital strategies, the What’s Next Report 2025 outlines several critical considerations for success on TikTok.
AI adoption is an area of maturity for SMEs, but they have advantage over big corporations: Aicadium’s Robert Young
AI enables SMEs to scale efficiently and compete in the evolving tech landscape, a process that begins with quality and productivity.
FROM THE ARCHIVES
From general knowledge to personalised recommendations: The evolution of AI search engines
AI has become an accessible, efficient tool for users seeking anything from basic facts to complex legal definitions in search queries.
Navigating Asia’s startup ecosystem: Where to build, grow, and scale your company
This guide covers Asia’s top startup hubs, tips for selecting the right location, and strategies for scaling your venture across the region.
AI: The secret ingredient for unlocking developer success in Asia
AI offers developers more time to build new skills while also serving as an excellent coach to enhance their growth.
Procrastination and the Zeigarnik Effect: A founder’s guide to getting things done
Procrastination goes beyond laziness, often arising from fear of failure, perfectionism, low self-control, or feeling overwhelmed by a task’s size.
Notice periods: Are long goodbyes a sign of inefficiency?
Shorter notice periods reflect efficiency, enable smoother handovers, and boost morale by allowing employees a clean and timely transition.
Top 5 strategies on how startup founders can drive healthy, rapid growth in an uncertain economy
Startups can still thrive in a volatile market by making smart and sustainable decisions that align with the unique regional context.
Is generative AI the game-changer for productivity?
While Generative AI can automate various tasks, it cannot entirely replace human creativity, empathy, and critical thinking.
Harnessing AI for robust backup and disaster recovery
With AI, organisations can ensure their data is securely backed up, protected against evolving cyber threats, and recoverable during disasters.
Business travel in the new normal: Strategies and tools for SME travel programme
As the pandemic eases, the strategies and tools need to reflect the shift of the new travel landscape for SMEs.
How to not let the bots ruin your travel plans
As the travel industry emerges from the pandemic’s disruption, fraudulent activity continues to plague its digital advertising campaigns and marketing budgets.
How one LinkedIn message changed the fate of my failing startup
The inspiring pivot story of BeLive technology and how it survived its near-fatal death with a single opportunity.
Future-proofing hotels to stay ahead of the curve
How can hotels future-proof themselves against labour shortages, supply-chain disruptions, climate change and even new pandemics?
How technology can influence the beauty and cosmetics industry
The demand for high-tech beauty products has boomed since the lockdown, giving rise to a range of devices that claim to improve the efficacy of skincare products to those that replicate anti-ageing spa treatments.
Are you using your air miles? The future of air miles with NFTs
Using NFTs, airlines can create a tamper-proof way to record customer preferences for loyalty program benefits and ensure that the points are secure for future benefits.
Navigating Asia’s business boom: The quantum leadership advantage
At the dawn of a new era in business, quantum leadership principles provide a compelling path to success in Asia.
Navigating the relationship between ChatGPT and the travel industry
ChatGPT is still a new application anyway, and travel information is endless with changes happening almost daily.
Is India on the verge of shifting gears to EVs?
To emerge as a leader in the global space for electric vehicles, India should chart a plan to manufacture every sub-system required by EVs.
Why continuous learning is key to employee retention in the modern workforce
To retain Gen Z employees, it’s crucial to understand their workplace values and why continuous learning is important to them.
Singapore’s green future – Are homes and condominiums ready for EVs?
As the adoption of electric vehicles (EVs) accelerates, Singapore’s homes and condominiums must prepare for this shift.
THOUGHT LEADERSHIP
Beyond the launch: What makes app fail?
Avoid common pitfalls in app startups by focusing on retention, scalability, and understanding real user needs for success.
Market recap: Europe gains, crypto falls, and trade fears grow
Global markets react to Trump’s latest trade policy signals, economic data, and corporate earnings, fueling uncertainty and volatility.
The future of work: Navigating the shift to flexible talent models
The future of work blends traditional and flexible models, creating an ecosystem where both coexist and complement each other.
Is job hopping a new form of career mobility?
Millennials and Gen Z are increasingly pursuing career growth through job hopping over traditional internal development within a single organisation.
Market wrap: Consumer sentiment dips, stocks slide, bonds gain and crypto brief dip
Explore today’s market trends as scepticism grows amid policy uncertainty, tariff fears, and slowing economic growth.
Build a scalable, profitable businesses without the cash burn
Learn how to build sustainable businesses that thrive by focusing on smart growth strategies rather than just scaling fast.
Rethinking AI adoption: Why Southeast Asia’s businesses must transform to thrive
The future of Southeast Asia’s digital economy depends on its ability to embrace AI with purpose, innovation, and integrity.
The post Ecosystem Roundup: eFishery ex-CEO denies billion-rupiah salary claim | Kredivo acquires GajiGesa for ~US$12M | TECHCOOP raises US$70M appeared first on e27.