Gibran Huzaifah addresses eFishery fraud scandal for the first time

With additional reporting by Putra Muskita

Once hailed as a visionary in Indonesia’s agritech scene, eFishery co-founder and ex-CEO Gibran Huzaifah now finds himself at the center of a scandal that promises to go down as one of the most explosive in Southeast Asia’s startup scene.

He was ousted from eFishery in December 2024, following an investigative audit that uncovered how the aquatech firm allegedly inflated revenue by US$600 million. Since then, it has laid off more than 90% of its workforce, leaving its future hanging by a thread.

Huzaifah, whose rags-to-riches journey captivated many in the region when eFishery became Southeast Asia’s only startup to achieve unicorn status in 2023, now finds himself back in Bandung – where it all began.

Image credit: Timmy Loen

He deeply regrets that the fallout has left former eFishery employees facing uncertainty and struggling to find jobs, especially as Ramadan draws near. Fish farmers, too, were suddenly forced to halt their operations.

“I sincerely apologize to the employees and farmers who have been affected by a problem that should have remained between the founder and investors,” he says.

Speak now

In 2013, Huzaifah co-founded eFishery in Bandung, the city where he earned his bachelor’s degree.

While he was studying at the Bandung Institute of Technology, a professor encouraged him to explore catfish farming. This was how Huzaifah found out that feed management was a major challenge for farmers, leading him to develop a tech-powered fish feeder.

EFishery set out to revolutionize aquaculture by helping farmers boost production and scale efficiently. A powerhouse lineup of investors including Northstar Group, Temasek, SoftBank, Aqua Spark, and 42XFund bet big on the startup’s vision.

Image credit: Timmy Loen

Over the years, eFishery has evolved beyond its flagship eFeeder, expanding into ecommerce and financial services tailored for fish farmers.

That’s why when DealStreetAsia broke the scandal, it sent shockwaves through Southeast Asia’s startup community, which is still reeling from the tech winter.

Sudden downfall

Can the mission continue?