Can eFishery swim from Indonesia to India?

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Hello reader,

The past couple of years have had more bad news than good, what with the tech winter and overall bear market.

That’s why it was so refreshing to read eFishery’s story in today’s featured premium article. After achieving a US$1.4 billion valuation off the back of a US$200 million series D round in July 2023, the Indonesian startup has now launched commercial operations in India ahead of schedule.

What’s more, it’s doing all of this while maintaining a positive bottom line.

As we proceed into the new year, I hope I can also be that successful. I could certainly do with US$200 million in my bank account.

Today we look at:

• EFishery’s dip into international waters
• Grab’s competitor in Vietnam gets a US$30.3 million capital injection
• Other newsy highlights such as the US$30 million fundraise of a mystery AI startup by an ex-Twitter CEO and the US$11 million series A round of a Thai beauty ecommerce platform

Premium summary

There’s always a bigger fish

Image credit: Timmy Loen

When I was young, I used to think that there was an “end” to growing – that, at some point in adulthood, people have it all figured out and then the rest of life is just about cruising along with this complete set of knowledge.

Of course, I now know that’s not the case. There’s always something new to learn, whether it’s something we’re compelled by others to do or if it comes innately. And, tough as it might be sometimes, this kind of growth makes for the most rewarding moments in life.

This might be how eFishery is looking at its future. Perhaps its recent expansion to India is just the first of many planned steps.

• India strategy: For its pilot program in India, eFishery says it has secured contracts with farmers that work on over 1,000 acres of ponds. The firm has also partnered with local feed suppliers to offer their products on its marketplace. Moving forward, the Indonesia-based company intends to launch water quality monitoring solutions as well.
• Global plans: Besides India, eFishery is exploring pilot projects in Vietnam and Thailand. It is also eyeing opportunities in small cities in Malaysia and the Philippines and already started exporting shrimp to the US last year.
• A larger problem: According to Khailee Ng, managing director of 500 Global – which invested in eFishery’s series D round – the startup’s “competitor isn’t the next aquaculture company. Its competitor is our antiquated global food supply chain.”

Is US$30 million enough to battle Grab?

Quick bytes