EFishery Pte, the poster child for Indonesia’s shiny startup scene, is now looking less like a unicorn and more like a cautionary tale. Per Bloomberg, an internal investigation claims the agritech darling fabricated over $600 million in revenue in just nine months last year because apparently, you can fake it till you make it, as long as no one checks your books… or tanks.
The whistleblower-triggered probe alleges that 75% of EFishery’s 2024 revenue was imaginary, along with its claim of profitability. Instead of a $16 million profit, the company actually swallowed a $35.4 million loss. Turns out, selling smart fish feeders isn’t quite as lucrative as convincing investors it is.
And about those feeders? EFishery boasted 400,000 units in use. The investigation says it’s closer to 24,000, which is still impressive… if you’re grading on a curve for massive overstatement. Assets worth $220 million? Sure, if you count $63 million in “accounts receivable” and $98 million in investments that probably smell like last week’s catch.
CEO and co-founder Gibran Huzaifah has already been tossed overboard, but EFishery’s investors like SoftBank, Temasek, and UAE royal Sheikh Tahnoon are stuck holding the bag. Or maybe the net. Now they’re scrambling to figure out whether to keep this bloated fish afloat or chop it up for parts.
For Indonesia’s startup ecosystem, this is a stinking reminder that not every unicorn is magical.