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In 2019, a video about a fish being loaded into a chute through a rubbery, translucent sleeve – the “fish tube,” as the internet decided to call it – went viral.
Even before the fish tube became well-known, television host John Oliver paid tribute to the device by assembling an impressive cast of celebrities that included Tom Hanks and Homer Simpson and shooting fish at them.
The takeaway was clear: Inventive solutions in the fisheries space made headlines.
Making our top story today is Indonesia’s eFishery, which stands within striking distance of US$1 billion in valuation. It has capitalized on the challenges that the country’s fisheries sector faces, including a lack of access to capital and inefficiencies in production, by building products that specifically cater to these bottlenecks.
Today we look at:
- A fisheries startup that is set to be Indonesia’s next unicorn
- The newest inclusion in India’s billion-dollar club
- Other newsy highlights such as Didi’s short-lived stint on the New York Stock Exchange and Ant Group’s second chance at public markets.
Also, do fill out this CDP x Tech in Asia questionnaire survey and be part of our campaign to help the startup ecosystem go green.
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Unicorns in the sea
Image credit: Timmy Loen
Indonesia-based eFishery’s revenue has grown by over US$100 million in 2021, up 10x from 2019. This boost in revenue came as the number of farmers in its ecosystem skyrocketed 1,248% over the last year. The company currently supports around 150,000 ponds and has 30,000 fish farmers on its platform in Indonesia.
EFishery’s products help farmers by “selling them cheaper feed, giving them access to loans, and helping them sell their harvest,” Paul Santos, managing partner at Wavemaker Partners, told Tech in Asia.
- eFishery catalog: The company has three main revenue sources: its feeder device, which allows farmers to track and schedule feeding via a smartphone app; eFishery Mall, a marketplace for selling fish and shrimp feed; and eFishery Fresh, which sells fresh fish and shrimp to B2B customers such as restaurants, export buyers, and wholesale traders.
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