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SoftBank-Backed Fish Startup Allegedly Faked Most of Its Sales
EFishery, one of Indonesia's most prominent startups, may have inflated its revenue and profit over several years, according to an internal investigation triggered by a whistleblower's claim about the company's accounting. Bloomberg News: A preliminary, ongoing probe into the agritech startup, backe...
EFishery, one of Indonesia's most prominent startups, may have inflated its revenue and profit over several years, according to an internal investigation triggered by a whistleblower's claim about the company's accounting. Bloomberg News: A preliminary, ongoing probe into the agritech startup, backed by investors including SoftBank and Temasek, estimates that management inflated revenue by almost $600 million in the nine months through September last year, according to a 52-page draft report circulated among investors and reviewed by Bloomberg News. EFishery, which deploys feeders to fish and shrimp farmers in Indonesia, was a darling of the nation's startup scene and scored a valuation of $1.4 billion when G42, an AI firm controlled by United Arab Emirates royal Sheikh Tahnoon bin Zayed Al Nahyan, backed its latest funding round.
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