Indonesia’s eFishery scandal sparks fears of broader reckoning for agritech
Market watchers are preparing for a major overhaul, as focus shifts from unchecked growth to prioritising sustainable profitability
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[JAKARTA] The alleged fraud at Indonesia’s aquaculture unicorn eFishery has shaken the agritech sector, with the once-thriving industry, driven by fast growth and overblown valuations, now rattling investors and poised for a reckoning. The next big question now is: Who is next?
Market players are also not ruling out a broad cleanup or major overhaul in the ecosystem as focus turns towards sustainable profitability.
Harsh Rajpal, the founder of Capital Code, said: “My concern is that eFishery may not be the only case. Many businesses in the food and agritech sector are significantly overvalued.”
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