Hi readers,
Last year, the tech industry was haunted by a prolonged winter. Many startups attempted to cut costs by laying off employees, and quite a few eventually had to close their operations.
Investment deals also declined, attributed to the worsening global macro environment, rising interest rates, and weaker consumer and business sentiment.
Amid these seemingly grim conditions, there was one startup moving in the opposite direction. EFishery, an aquaculture firm based in Indonesia, raised US$200 million last year and officially entered India.
The company didn’t announce any layoffs, but instead, it moved to a larger new office and even held a lively 10th-anniversary celebration in October.
I had the opportunity to interview eFishery CEO Gibran Huzaifah in Bandung. He spoke extensively about international expansion, profitability, and the company’s future plans, especially in the consumer business.
The CEO made it clear that eFishery raised funding not because of a narrowing runway, but rather to sustain the company as it began pursuing the said plans. Still, some investors have expressed doubts about its valuation.
Nevertheless, the startup seems to be pressing ahead with its expansion agenda. While its market penetration in Indonesia is only around 7% to 8%, eFishery is already eyeing other countries beyond India for its global ambitions.
— Jofie Yordan, journalist at Tech in Asia
Top stories this week
Image credit: Timmy Loen
1️. EFishery takes on global aquaculture in a balancing act
The newest Indonesian unicorn has kicked off an international expansion despite having only a 7% to 8% market penetration in its home country.
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The Parentinc, which operates community platform theAsianparent, can augment Motherswork’s data on mom purchasing behavior “in real time.”
3. From telco to ‘techco’: the Philippines’ Globe seeks next unicorn after GCash success
GCash’s success has spurred Globe to go harder on its various digital ventures that span climate, health, education, and more. Can they succeed?
4. Rising AI entrepreneur admits to faking his Cambridge Ph.D.
Dennis Lee, the CTO of dot-com startup Elipva infamous for falsifying his credentials, has resurfaced as Jon Lee, CEO of AI firm Vizzio.
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