Indonesian "unicorn" eFishery, Southeast Asia's leading aquaculture company, has successfully concluded its first commercial pilot in India, which the company describes as "significant milestone" in its global expansion drive.
Launched in March this year, the pilot saw eFishery securing contracts for over 1,000 acres of ponds and distributing more than 3,000 metric tons of feed. The company says it is now positioned to extend its presence to five additional Indian states by the end of 2024.
The completion of the pilot signals not only eFishery's commitment to sustainable growth but also a broader expansion strategy beyond Southeast Asia, the company said.
The Indonesian startup is taking a "one-country-at-a-time" approach, eyeing potential expansions in Asia and Latin America within the coming year while continuing its global shrimp product exports.
In line with its global expansion strategy, eFishery emphasizes diversifying markets and introducing a "Digital Co-Op" model. This model offers farmers access to high-quality inputs, IoT technologies, production SOPs, and guaranteed market off-take, empowering them and unlocking their true potential.
"Beginning with the Indian pilot project, I take pride in our global impact, unlocking the potential of aquaculture worldwide through Indonesian-made technology," said CEO and co-founder Gibran Huzaifah in a press release announcing the pilot's successful conclusion in India.
"We recognize the potential and value of tapping into the Indian aquaculture market, which mirrors the size and structure of the Indonesian market, both dominated by small and medium farmers."Gibran Huzaifah, CEO of eFishery
India's aquaculture industry is valued at over US$ 15 billion, and has achieved more than 8% Compound Annual Growth Rate (CAGR) for the last three decades.
However, despite this growth, small and medium farmers face challenges such as poor market linkage, inconsistent pricing, delayed payment terms, and a lack of essential farm management information and technology.
That's where eFishery comes in, said Neil Wendover, eFishery's International Expansion Lead, by aiming to address these issues by empowering farmers with data-driven decisions.
"Our business objectives are centered on solving problems for the farmers and improving profitability through heightened productivity and efficiency," Wendover said.
"Rather than dividing the aquaculture pie, we are essentially doubling the size," he added.
eFishery commenced operations in Andhra Pradesh, a state contributing 35% of India's total aquaculture production. Wendover said the company was satisfied with progress.
"Our strategic efforts have paid off, and we are on track to achieve a 10x growth, aligning with our international expansion business objective," Wendover said.
Local participating farmers have given the thumbs up to the eFishery solution. Ch. Veera Nageswar Rao, a fish farmer from Kakinada District and an eFishery partner, described the collaboration as "game changing".
"My collaboration with eFishery has been a game-changer for my small farm. Their innovative solutions and support have improved efficiency and enhanced the overall sustainability of my aquaculture operations," Rao explained.