eFishery will look to expand across Asia, Middle East: CEO Gibran Huzaifah

eFishery, the Indonesian aquatech startup that became a unicorn following a US$200 million Series D funding round early last month, will look to expand into other parts of Asia as well as the Middle East, said Co-Founder and CEO Gibran Huzaifah.

He, however, didn’t share specific details of the plans.

“We aim to expand our presence in several countries across Asia and the Middle East. We recognise the potential and value of tapping into these markets, and our expansion efforts will be geared toward capturing these opportunities,” Huzaifah said in an interview with e27. The company expects its lead investor of the latest round, UAE-based 42XFund, to help with the Middle East expansion.

In addition, eFishery has set an ambitious goal of exporting shrimp products overseas, starting with the US. According to data released by the Ministry of Marine and Fisheries in 2022, the US is the largest export destination for shrimp, accounting for 71.6 per cent of Indonesia’s total national shrimp exports. This indicates a significant market opportunity.

The aquaculture company was established in 2013 to provide an integrated aquaculture ecosystem. Its solutions include feeder technology, access to financial institutions, and a platform to sell fish and shrimp crops. It also provides disease prevention and productivity recommendations, tailored feed prescriptions, credit scoring and financing options.

eFishery also runs several initiatives to empower local farmers, including KASEF (Kampung Super Ekosistem eFishery – Village of eFishery’s Super Ecosystem) and eFishery Point.

KASEF, launched in 2022 in collaboration with various strategic partners, including the local administration, focuses on equipping farmers with the knowledge and skills to become our valued produce partners. As part of this, they can also participate in our programme KABAYAN, which provides access to financial support.

Also Read: eFishery banks US$200M, targets to engage 1M+ aquaculture ponds by 2025

eFishery Point, on the other hand, serves as a collaborative space where farmers can interact with eFishery innovations and learn about the latest technologies. Additionally, the company organises financial literacy workshops to enhance their knowledge and understanding.

The firm currently works with over 70,000 fish and shrimp farmers in 280 cities in the archipelago. In addition to exploring overseas expansion, eFishery will deepen its presence in Indonesia. According to Huzaifah, the Indonesian fisheries sector has experienced remarkable growth over the past year. As per the latest data, the industry now contributes nearly US$30 billion to its GDP (approximately 3 per cent of the total GDP).

“Indonesia is the world’s largest archipelago, consisting of 17,500 islands. Therefore, we approach our expansion one step at a time, ensuring effective implementation and support across different regions,” he noted.

He also revealed that eFishery achieved positive EBITDA for two consecutive years. It distributed a substantial amount of its farmers’ harvest, totalling 13,000 tons, across various regions of Indonesia in 2021. Additionally, the company’s domestic transactions reached 420 billion Indonesian rupiahs (US$27.6 million), which includes shrimp exports within the same year.

“We consistently try to sustain a healthy business cycle in our existing super-ecosystem for fish and shrimp farming nationwide through various initiatives. Our goal is to grow together with farmers within our super-ecosystem by providing support on what they need the most, such as digital fish and shrimp farming management, access to micro-financing, and assurance in the distribution flow of their harvest.

When launched in 2013, eFishery was the only aquaculture startup in Indonesia. However, the landscape has since evolved, and there are now over 50 startups operating within the aquaculture and fishery industries, each with its unique focus.

“The emergence of numerous startups signifies a growing concern and interest in the industry, further motivating us to make a positive impact,” he said. “Our missions and core purpose remain steadfast: to meet global food demands through aquaculture, offer affordable technological solutions to fundamental problems, and foster an inclusive digital economy that reduces inequality,” he explained.

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