eFishery, a leading aquaculture company based in Indonesia, has announced the successful completion of its commercial pilot project in India. The pilot, initiated in March of this year, covered over 1,000 acres of ponds, facilitating the distribution of more than 3,000 metric tons of feed. This accomplishment positions the firm to extend its presence to five new Indian states by the conclusion of 2024.
The pilot project not only signifies eFishery’s growing footprint in Southeast Asia but also marks the beginning of a broader international expansion strategy. The company adopts a methodical, one-country-at-a-time approach to ensure sustainability and assess impact. Following its success in India, eFishery is eyeing opportunities in one or two countries in Asia and Latin America within the next year, while maintaining its focus on exporting shrimp products globally.
CEO and co-founder of eFishery, Gibran Huzaifah, emphasized the strategic importance of India in the company’s overall growth plan. He stated, “Beginning with the Indian pilot project, I take pride in our global impact, unlocking the potential of aquaculture worldwide through Indonesian-made technology.” Huzaifah highlighted the positive impact of eFishery’s technology, resulting in a substantial increase in farmers’ profits.
The aquaculture industry in India, valued at over US$15 billion, has experienced an impressive >8% Compound Annual Growth Rate (CAGR) for the last three decades. Despite its vast potential, small and medium farmers face challenges such as poor market linkage, pricing issues, delayed payments, and a lack of technological support. eFishery aims to address these challenges by empowering farmers with a comprehensive ecosystem, including high-quality inputs, IoT technologies, production SOPs, and guaranteed market off-take.
Neil Wendover, eFishery’s International Expansion Lead, highlighted the company’s commitment to enhancing farmers’ profitability in every market it enters. He stated, “Our business objectives are centered on solving problems for the farmers and improving profitability through heightened productivity and efficiency. Rather than dividing the aquaculture pie, we are essentially doubling the size.”
Commencing operations in Andhra Pradesh, a state contributing to 35% of India’s total aquaculture production, eFishery has strategically grown its local team to 50 employees. The company has collaborated with government entities and input suppliers to navigate the unique challenges of the Indian aquaculture sector. Wendover expressed satisfaction with the progress, stating, “I am pleased that our strategic efforts have paid off, and we are on track to achieve a 10x growth, aligning with our international expansion business objective.”