Jofie Yordan · · 2 min readEFishery to enter India in Q1 2024, launches blockchain-based cooperative
eFishery co-founder and CEO Gibran Huzaifah / Photo credit: eFishery
Indonesian aquaculture firm eFishery aims to expand commercially to India in the first quarter of 2024. This would mark the unicorn’s first presence outside its home country.
The company made the announcement during its 10th anniversary event in Bandung on Wednesday.
Gibran Huzaifah, co-founder and CEO of eFishery, said the company chose India due to the market’s similarities with Indonesia. The firm has conducted a pilot project in India for the past year.
“In India, the farmers are also concentrated in just one state, not scattered like in Indonesia. This makes it easier for us to scale,” explained Huzaifah.
The company will also explore expansion opportunities in Vietnam, Thailand, the Philippines, and Malaysia, though Huzaifah emphasized that India remains eFishery’s only target for next year.
In addition, the firm launched a blockchain-based digital cooperative for fish farmers. It aims to connect players in the fish and shrimp farming industries across the supply chain.
The news comes days after ID Food, a state-owned food company, announced a partnership with local Web3 firm D3 Labs to establish a blockchain-based fish exchange in Indonesia.
Founded in 2013, eFishery currently has 200,000 fish farmers across 280 cities in Indonesia. In July, the company raised US$200 million in funding at a US$1.3 billion valuation.
See also: Indonesia’s aquaculture industry rises to the helm amid farmer decline
Editing by Putra Muskita and Lorenzo Kyle Subido
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