Indonesian Unicorn EFishery Allegedly Inflated Revenue by $600 Million

EFishery, a prominent Indonesian agritech startup, is under investigation for allegedly inflating its revenue and profit figures over several years. An internal probe estimates that management falsely reported nearly $600 million in revenue in the nine months to September 2024, representing over 75% of reported figures. Backed by SoftBank and Temasek, EFishery achieved a $1.4 billion valuation. This alleged fraud raises serious concerns about corporate governance and casts a shadow on Indonesia's startup scene.