Jan 23, 04:01 AM

eFishery Allegedly Overstated Revenue by $600 Million; Reported IDR 12.18 Trillion, Actual IDR 2.54 Trillion

An internal investigation into eFishery, a prominent Indonesian agritech startup backed by SoftBank, has revealed that the company allegedly overstated its revenue by $600 million. The probe indicates that eFishery may have fabricated the majority of its reported sales for 2024. In response to the allegations, an employee from the company has denied that the entire organization is involved in fraudulent activities. The revelations have raised concerns among investors, as the company had previously reported revenues of IDR 12.18 trillion (approximately $800 million), while actual earnings were only IDR 2.54 trillion (about $170 million). This situation has shaken investor confidence in eFishery, which recently achieved unicorn status following investment from Sheikh Tahnoun bin Zayed Al Nahyan.

#eFishery #Indonesian #SoftBank

Written with ChatGPT (GPT-4o mini).

eFishery Allegedly Overstated Revenue by $600 Million; Reported IDR 12.18 Trillion, Actual IDR 2.54 Trillion

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