Strengthen eFisheryFund, eFishery Collaborates with Alami Sharia Presents "PayLater" Sharia

eFisheryFund, aimed at helping fish/shrimp farmers to get additional capital, collaborating with Alami Sharia as a partner and encouraging their presence paylater sharia-based. The eFishery financing service, which was introduced earlier this year, has also partnered with iGrow, BRI Syariah, Amartha, and Batuumbu.

To DailySocial, CEO of eFishery Gibran Huzaifah said, through eFisheryFund, farmers can now connect with eFishery partner institutions to obtain loans to improve their business development.

"This strategic partnership is part of the previously launched eFisheryFund and eFisheryFeed products. The bottom line is that we created a program PayLater called Kabayan (Love, Pay Later), where cultivators who use eFishery can buy feed by paying later."

Gibran emphasized that the difference between partners is more in the transaction process and how it works.

"With Alami Sharia, it can be said that the transactions are sharia, murabahah contracts, transaction processes and transactions disbursement can match eFishery's Kabayan model," said Gibran.

Even though it is still new, the company claims that this service is getting a lot of attention from fish/shrimp cultivators. Most of the loans submitted are used by farmers to buy feed directly purchased from the eFishery platform and for additional business capital needs.

To ensure farmers have a good track record when applying for loans, eFishery implements a fairly strict curation process.

"We have a system credit scoring itself by using existing data from IoT, applications, and eFishery's field data," said Gibran.

Currently eFisheryFund has been launched in 10 districts. It is planned that this year eFishery will increase its financing service area to 100 districts. Most of the borrowers come from areas outside Jabodetabek.

Expanding business channels

In addition to eFisheryFund, this year eFishery has also launched the eFisheryFresh product. This innovation is presented departing from the problem of distribution. After harvesting, they find it difficult to sell products with high bargaining value, due to the lack of efficient sales channels.

Through eFisheryFund and eFisheryFresh, the company is trying to add business channels to help more fish farming farmers. The two products were developed based on input and research on the problems often faced by fish/shrimp farmers.

The last company to get Series A pendanaan funding worth Rp58 billion from Wavemaker, 500 Startups and a number of other investors at the end of 2018. Until now eFishery has not launched a further stage of fundraising.

The company's focus is now said to be developing a digital platform to help the fishpond business process from upstream to downstream.