Documents indicate that investors may recover only less than 10% of their investments in eFishery, as founders of the Indonesian agritech startup were dismissed amid misconduct allegations.

A presentation by FTI Consulting Singapore suggested that eFishery is “not commercially viable in its current form” and recommended a partial wind-down.

As of mid-February 2025, eFishery has about US$50 million in cash reserves, which are quickly diminishing without a restructuring plan.

The startup – once valued at US$1.4 billion – raised US$315 million across five funding rounds, with key investors including SoftBank Group, Temasek Holdings, and G42.

Under optimistic conditions, investors may recover only 9.5 cents on the dollar, dropping to 8.3 cents with conservative estimates.

Further investigations highlighted issues with eFishery’s financing methods. The company facilitated loans for farmers but faced losses when borrowers defaulted.

Approximately 76% of its US$68 million in accounts receivable is now considered bad debt, with over 60 days overdue.

Operational inefficiencies and technological barriers also contributed to the company’s losses.

Investigators noted significant gaps in promised technology capabilities, including the undeployed PondTag sensors. Much of its operations still relied on manual processes, contrary to its claims as a tech-enabled provider.

SoftBank, Temasek, and G42 declined to comment, and FTI Consulting, now overseeing parts of eFishery’s management, also did not provide further information.

Recent eFishery developments