Indonesia’s eFishery scandal sparks fears of broader reckoning for agritech

[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.”