eFishery fiasco: Are state-linked investors risking their reputation investing directly in startups?
It might be wiser for such investors to stick to a fund-of-fund strategy than to do direct investments. The reputational fallout from a failed startup isn’t worth it
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INVESTORS in Indonesian unicorn eFishery must have felt their hearts sink with the revelation that the declared revenue and profits may have been faked for several years.
An investigation commissioned by the company’s board indicates that the eFishery management allegedly inflated its revenue by nearly US$600 million from January to September 2024. The final investigation report is yet to be completed.
The company provides feeders to fish and shrimp farmers in Indonesia.
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