Bandung, Indonesia-based aquaculture technology startup eFishery, which has a valuation exceeding USD 1.3 billion (EUR 1.2 billion), is expanding beyond Southeast Asia.
The company, which offers fish and shrimp farmers an end-to-end platform granting access to feed, financing, and markets, has completed its first commercial pilot testing in India, “marking a significant milestone in its global expansion journey.”
"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' profits,” eFishery CEO and Co-Founder Gibran Huzaifah said in a press release. “We recognize the potential and value of tapping into the Indian aquaculture market, which mirrors the size and structure of the Indonesian market, [with] both dominated by small and medium [farming operations]. 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."
eFishery conducted a market and strategy assessment in India prior to beginning its pilot in Andra Pradesh, India, in March 2023 by acquiring over 1,000 acres of ponds under contract and distributing more than 3,000 metric tons of feed.
Huzaifah explained that India is a key part of eFishery's overall growth strategy and
Currently, India's aquaculture industry is valued at over USD 15 billion (EUR 14 billion), and it has posted a growth rate in excess of 8 percent over the last 30 years. Huzaifah said eFishery hopes to help India’s small and medium farmers overcome poor market linkage, inconsistent and non-beneficial pricing schemes, delayed payment terms, and a lack of basic farm management information, protocols, technology, and innovation.
“Addressing these challenges, eFishery steps in to empower farmers to make informed, data-driven decisions promptly,” he said. “The focus is on refining farm operations, optimizing cultivation practices, and enhancing overall yield.”
eFishery International Expansion Lead Neil Wendover said the company now has 50 employees in India and has developed partnerships and collaborations with government entities and input suppliers. The company has achieved growth 10 times over in India since entering the market, according to Wendover.
As for the company's near future, it aims to expand its operations to 10 total markets within the next five years, including China and Vietnam.
“Beyond India, eFishery is eyeing opportunities for one or two countries in Asia and Latin America within a year while continuing to export shrimp products overseas,” Wendover said. “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, IoT technologies, production SOPs, and guaranteed market off-take, ultimately empowering farmers and unlocking their true potential.”
Photo courtesy of eFishery