eFishery
The Indonesian fish-feeder start-up that hit USD 1.4 billion and collapsed on fabricated numbers
- Founded
- 2013
- Closed
- 2025
- Lifespan
- 12 years
- Total funding
- $315 million
- Peak valuation
- $1.4 billion
- Became a unicorn
- 2023
- Country
- Indonesia
- City
- Bandung
- Sector
- Food and drink
- Founders
- Gibran Huzaifah
- Investors
- 42XFund, SoftBank Vision Fund 2, Temasek, Northstar Group, Aqua-Spark
- At its peak
- USD 1.4 billion valuation after a USD 200 million round in 2023
- Cause of closure
- Fraud
What did it do?
eFishery sold automatic feeders and feed to fish and shrimp farmers in Indonesia. Former fish farmer Gibran Huzaifah founded it in 2013. The company later grew into feed and produce supply chains. By early 2024 it had about 2,600 staff.
Why did it shut down?
In 2023 the company raised USD 200 million at a USD 1.4 billion valuation. After a whistleblower report, Huzaifah and the chief product officer were suspended on 17 December 2024. FTI Consulting's draft report put January to September 2024 revenue at USD 157 million against the USD 752 million reported, and a USD 35.4 million loss against a stated USD 16 million profit. The company claimed more than 400,000 feeders; investigators estimated about 6,300. In February 2025 FTI wrote that the business was not commercially viable in its current form, about 90% of staff were laid off and investors were expected to recover less than 10 cents on the dollar. The court gave Huzaifah nine years on 29 April 2026, reduced to six on appeal in July 2026.
The story
Former fish farmer Gibran Huzaifah began selling automatic feeders in 2013. The idea was simple: spread out feed, the farmer's biggest cost, more intelligently. The story impressed investors, and names such as SoftBank and Temasek came on board.
In 2023 a USD 200 million round took eFishery to USD 1.4 billion. Yet as Huzaifah later told Bloomberg, the fake numbers had started long before: three months from running out of cash, he had typed invented figures into a report.
A whistleblower report arrived in December 2024. FTI Consulting's review showed that USD 752 million of revenue for the first nine months of 2024 was really USD 157 million. The business ground to a halt, most staff were laid off, and investors faced less than 10 cents on the dollar on about USD 315 million of preferred shares.
The court in Bandung sentenced Huzaifah to nine years on 29 April 2026. In July 2026 the term was cut to six.
Lessons for founders
- One fake number forces the next. By Huzaifah's own account it began with figures entered three months before the cash ran out; telling investors the truth when money is tight can cost you the company, not your freedom.
- As an investor, verify the field, not the report. The claim of 400,000 feeders met the reality of 6,300 only after the founder had gone; ask for device data and bank statements directly.
- In a fast-growing company, build the finance team independently of the founder. If one person can enter the numbers, you have no controls.
Sources
- eFishery scandal culminates in nine-year sentence for founder Gibran Huzaifah (Marketing-Interactive, 2026-04-29)
- Founder of eFishery receives 9-year prison sentence (WeAreAquaculture, 2026-05-01)
- SoftBank, Temasek among eFishery investors facing near wipeout: Report (TechNode Global (Bloomberg), 2025-02-26)
- CEO Explains How He Faked Results in $300 Million Meltdown (Bloomberg, 2026-04-29)
- eFishery founder jail term reduced to 6 years after appeal (Caproasia, 2026-07-22)
- Indonesian court cuts prison terms for former eFishery executives (DealStreetAsia, 2026-07-20)
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