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Fraud Claims Hit Indonesian Unicorn EFishery, an Indonesian fish feeding startup, faces serious allegations of financial misconduct after raising $200 million backed by major investors like Temasek and Softbank. An internal investigation revealed inflated profits ($16M claimed vs. $35.4M actual loss) and exaggerated revenue ($752M claimed vs. $157M actual). Both founders have been removed from their positions following these revelations. For more details, read the article on Bloomberg. #Crypto#Startups#Investing#EFishery#Fraud#Finance#Bloomberg#Investors#Indonesia#Temasek#Softbank#MarketWatch

Indonesian Unicorn eFishery Faces Crisis eFishery, Indonesia's smart fish feeder unicorn, faces severe troubles after a board investigation revealed massive misrepresentation of business metrics. Initially claiming to have sold 400,000 units, true sales were only 6,300 with severe financial losses from 2018 to 2024. Recent data indicates $50 million left in accounts and substantial layoffs, shrinking from 2,600 to 200 employees. Investors like Temasek and Softbank now face losses, expecting only a fraction returned per dollar invested. Concerns arise regarding due diligence practices during funding rounds when financial issues were likely evident. Read more from Bloomberg here. #eFishery#Indonesia#Startup#Unicorn#Softbank#Temasek#Fintech#Investment#Business#Crisis#Economy#Funding#HealthTech#AgriTech#TechNews#FinancialFraud#DueDiligence#InvestorLoss#MarketTrends#Surveillance#TechIndustry