1. Startups

eFishery Continues to Attract Interest from Financing Companies, HSBC Turns to Provide Loan of IDR 487 Billion

This time, eFishery will use the financing to support the company's working capital needs

PT Bank HSBC Indonesia (HSBC Indonesia) has provided a loan "green and social loans" worth $30 million or around IDR 487 billion to eFishery to support the company's working capital needs. HSBC Indonesia is also trusted as the sustainable financing coordinator for eFishery, with the aim of helping companies integrate ESG aspects in their business operations.

This loan is possible eFisheries to expand their eFeeder product. This technology is leased to hundreds of thousands of small-scale fish farmers in the eFishery network, enabling them to increase feed efficiency by up to 30% and production capacity by up to 24%.

For expand export business, eFishery taps into the Chinese market by selling shrimp harvests after successful exports to the US. Apart from that, eFishery is also expanding tilapia exports to these two countries and targeting other countries such as Singapore, Malaysia, Europe and the Middle East.

Founder & CEO of eFishery Gibran Huzaifah stated that loans green and social loans from HSBC Indonesia is an important step in revolutionizing the aquaculture industry in Indonesia. "This loan allows us to expand our eFeeder fleet and empower small-scale fish farmers and shrimp farmers with the technology and resources they need, so they can be more productive and sustainable," he said.

Managing Director Head of Wholesale Banking HSBC Indonesia Riko Tasmaya said, "This is part of our ambition to support the growth of the new platform-based economic sector in Indonesia. Through green and social loans, HSBC Indonesia also supports the aquaculture sector in the country implementing sustainable practices throughout its supply chain."

Partnered financing institutions

eFishery is also quite diligent in building partnerships with financial institutions providing financing services. Apart from supporting business operations, most of the forms are: loan channeling. This is to support partner financing services via Kabayan (Kasih Pay Later) in the eFisheryFund application.

Based on our records, there are a number of partnerships announced to the public, including:

MitraCategoryPartnership Year
EXPERIENCEFintech Lending2020
AmarthaFintech Lending2023
Amar BanksBanks2024
BRIBanks2020
CrowdoFintech Lending2021
DanamasFintech Lending2021
investreeFintech Lending2020
Comrade CicilFintech Lending2021
KoinWorksFintech Lending2023
KredivoMultifinance2021
OCBC extensionBanks2022
QazwaFintech Lending2023

Latest in April 2024, PT Bank Amar Indonesia Tbk (IDX: AMAR) announced a strategic collaboration with eFishery to distribute credit facilities to aquaculture or fishery MSMEs. This joint credit facility is in the form of: closed-loop financing or ecosystem financing with a value of up to IDR 100 billion.

Positive business achievements

The trust of these financial partners is inseparable from eFishery's business performance. According to the data submitted, since 2023 the company has attracted more than 200 thousand fish farmers and shrimp farmers with 1,1 million active ponds spread across 280 cities and districts throughout Indonesia. It was stated that the company's valuation reached $1,3 billion, making it a startup aquatech with the largest valuation in the world.

Until 2022, the company has facilitated 1,1 trillion freshwater fish sales transactions and 1,12 trillion shrimp sales transactions. If nominalized, it is equivalent to IDR 8 trillion in total sales transactions for fish and shrimp, and IDR 4 trillion in total sales transactions for fish and shrimp feed. The largest contribution was contributed from West Java with a percentage of almost 40%.

Meanwhile, for exports, the figure is said to reach 20 million kilos per month for 10 commodities in eFishery to the United States and China.

Its financial solution, Kabayan, has been supported by dozens of financial companies, such as Bank OCBC NISP, Amartha, Investree, and Kredivo. The total funds distributed reached IDR 1,07 trillion for 24 thousand fish and shrimp farmers.

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