The startup has gone on to develop a range of offerings for fish and shrimp farmers and has been widely praised for their role in helping to improve the sustainability and profitability of smallholders © eFishery
Deal Street Asia broke the news yesterday after an undisclosed source shared an official communication by the company to its shareholders.
According to the website, Huzaifah, who is the startup’s CEO, is being investigated for "financial risk reporting of performance and revenue", while Aditya, who is chief product officer, will also step down. Both men hold shares of around 9 percent in the company.
The turmoil marks an unwelcome low for the high-flying company, which was the first startup in the global aquaculture industry to reach a valuation of over USD$1 billion in July 2023, following a $200 million series D investment round.
Aqua-Spark, whose investment portfolio includes Hatch, is eFishery's largest shareholder, with nearly 20 percent, valued at $284 million.
eFishery, which was established in Indonesia in 2013, uses data and technology from its IoT smart feeder device to improve the farming operations of smallholder fish and shrimp farmers. This data can provide farmers with insights into productivity and well as improve their access to well-priced feed and financing.
While they started off with a focus on smallholder fish farmers in Indonesia, they have since branched out into the shrimp sector, both in Indonesia and, since late 2023, in India. They have previously announced plans to expand more widely in Asia, as well as gain a foothold in South America.
