Embattled unicorn eFishery accelerates mass layoffs

Aquatech unicorn eFishery is ramping up plans to axe employees as it struggles to manage the fallout from its ongoing crisis, Tech in Asia has learned.

Multiple sources tell Tech in Asia that a round of layoffs is set to take effect today – February 13 – with another potentially coming later this month.

“The layoffs are happening in multiple waves, with different last days for affected employees: January 31, February 13, and February 20,” said one employee, who requested anonymity. “So far, everything has been carried out according to regulations, both in terms of procedure and compensation.”

The exact number of affected employees remains unclear, but another source familiar with the matter suggests that up to 90% of employees could be affected. Those remaining will likely be staff in core business areas such as the fish and shrimp value chains, the source added.

Tech in Asia has reached out to eFishery and its union for comment.

Gibran Hudzaifah, eFishery’s co-founder and former CEO (center) with fish farmers / Photo credit: eFishery

Emails shared with Tech in Asia show that eFishery had instructed all employees to work from home today, citing a “sterilization process” at its office building.

The layoff process appears to be accelerating after FTI Consulting took over management of eFishery on February 4. At the time, eFishery stated it had to make several “difficult decisions” to align operational costs with the group’s “actual business scale.”

A general meeting of shareholders is expected to be held soon to determine the future of the company, confirms one senior executive.

EFishery has been grappling with a deepening crisis. In December 2024, it launched an internal probe into allegations of financial fraud. Co-founders Gibran Huzaifah and Chrisna Aditya stepped down following the investigation, which was led by FTI Consulting.

A draft audit of eFishery later uncovered more troubling details, including the company’s use of “external books” to present inflated financials to outside parties such as its board, shareholders, banks, and auditors. The report also identified several senior executives as “implicated employees” in the alleged fraud.

EFishery hit unicorn status in 2023 after attracting funding from top-tier investors likes Temasek Holdings, Northstar Group and SoftBank.

See also: Should Temasek cast net in startup waters after eFishery fiasco?