- Aquaculture unicorn eFishery launched in India while staying profitable in Indonesia.
- It sees huge potential in India’s $15B industry to replicate its success improving small farmer efficiency.
- But entering one country at a time and focusing on core offerings helps eFishery balance global growth.
Indonesian aquaculture startup eFishery defied the recent tech downturn by avoiding layoffs and continuing its international expansion.
The world’s first aquaculture unicorn secured $200 million in funding last July, boosting its valuation to $1.4 billion. It then launched commercial operations in India, targeting its $15 billion industry.
Operational launch in India
But this raises questions – can fishery effectively scale its model globally while achieving its ambitious growth goals?
Why India, and how does it balance regional moves with Indonesia operations, where it holds just 7-8% penetration?
eFishery sees the potential to disrupt India’s small and mid-sized farmers facing market access and pricing challenges. Its Indonesia playbook of automatic feeding, marketplace, and B2B sales could unlock efficiencies.
The firm has already secured 1,000+ acres in pilot contracts.
The startup says India is key to overall growth, including Indonesia’s footprint and exports, which began with shrimp to the US last year. But entering one country at a time helps focus efforts for real impact.
Financial stability and prospects
Amid expansion, eFishery’s bottom line has stayed positive recently by streamlining value chains like its core feed marketplace. This generates the highest revenue with layered sales cut out. Profitability is promising, given aquaculture’s relatively high margins.
Some investors think the unicorn’s valuation expanded too quickly. But backers like 500 Global and Aqua-Spark emphasize revenue, growth, and global market upside in justifying recent funding rounds.
eFishery now prioritizes consumer seafood while determining to time for a potential future IPO.
