Indonesia's eFishery to expand Indian market after positive first year achievements

EFishery, an Indonesian aquaculture technology company, intends to continue expanding the Indian market by targeting other strategic areas in India, especially South and East India, after positive first year achievements.

The firm said in a statement on Friday that the firm wants to introduce tilapia and other fish commodities for production here.

It is noted that since its presence in India in 2023, eFishery has successfully transformed India’s aquaculture industry, resulting in rapid growth and providing a significant impact on farmers.

Furthermore, eFishery has thrivingly adopted business practices that have been implemented in Indonesia, including the automated smart eFeeder, feed trading services, fingerling support, medication, and pond management with best practices for farmers.

“During our one year of operation in India, eFishery not only replicated Indonesia’s technology and business model, but we managed to reached the break-even point (positive earnings before interest, taxes, depreciation, and amortization [EBITDA]),

“This achievement is a benchmark for us to continue providing solutions and innovations that can positively impact farmers in India and help them grow,” said Gibran Huzaifah, Chief Executive Officer & Co-founder of eFishery.

According to him, eFishery’s commitment to providing advanced technology, comprehensive support from upstream to downstream, and implementing sustainable practices is part of the firm’s strategy.

“Our hope is to reach more farmers in India to build a more integrated fisheries ecosystem,” he added.

Currently, eFishery manages 60 farms in India, consisting of 132 active ponds, and partners with 114 fish farmers through the ‘Aqua Mithra’ program, which aims to empower local farmers with various technologies and training.

EFishery has covered a vast area in the state of Andhra Pradesh, which contributes 35 percent of India’s total aquaculture production, including Kakinada, Konaseema, Eluru, Krishna, as well as Godavari and West Godavari.

The commodities of fish cultivated in India include indigenous Indian carp such as rohu, catla, and grass carp as well as catfish and pomfret.

It is noted that India, with a population of 1.4 billion, has a seafood consumption rate of 60 percent to 70 percent.

Besides, India’s aquaculture industry is valued at more than $15 billion and has a compound annual growth rate (CAGR) of over 8 percent over the last three decades.

This illustrates the vast potential of the aquaculture industry in India.

However, amidst this potential, small and medium-scale farmers in India still face various challenges, such as weak market access, inconsistent and unfavorable pricing schemes, delayed payment systems, and lack of basic farming management information in terms of methods, technology, and innovation.

One of the impacts recognized by farmers in India is increased productivity and financial benefits.

Thus, eFishery’s eFeeder technology helps in precise and efficient feeding, reducing feed waste, and improving the feed conversion ratio.

This results in healthier fish and better growth rates.

“In line with eFishery’s vision and mission, we aim to provide innovative solutions from upstream to downstream regardless of where we operate, optimizing farming practices and improving overall yields,” concluded Gibran.

Established in 2013, eFishery is the an aquaculture technology company to pioneer innovations in the field of aquaculture.

The firm provides innovative solutions within the aquaculture ecosystem by offering an end-to-end platform that provides access to feed, funding, and markets for fish and shrimp farmers.

News Source: https://technode.global/2024/09/20/indonesias-efishery-to-expand-indian-market-after-positive-first-year-achievements/