Investigators hired by the board of eFishery have determined the Indonesian startup is in far worse shape than they previously thought, and that investors are likely to get back less than 10 cents for every dollar they invested, according to documents seen by Bloomberg News.
The company, which deploys feeders to fish and shrimp farmers in Indonesia, incurred several hundred million dollars in losses between 2018 and 2024 and misrepresented its financial figures for years, according to the documents and a person familiar with the matter who asked not to be identified because the information isn’t public.
“EFishery is not commercially viable in its current form,” said a presentation prepared for the firm’s investors by FTI Consulting Singapore, the adviser hired to review the business and take over management of the company.
