(Feb 13): EFishery Pte is eliminating more than 1,000 jobs, or about 90% of the workforce, as the Indonesian agritech company suspected of fraud weighs a potential liquidation.
The cuts began recently and more reductions are set to follow, people familiar with the matter said, asking not to be identified as the matter is private. The company’s total headcount stood in the region of 1,600 jobs.
The high-profile startup, backed by investors including SoftBank Group Corp and Temasek Holdings Pte, is unravelling after a board investigation revealed it may have inflated its revenue and profit over several years. The company had raised hundreds of millions of dollars, and its demise would deal a blow to the local startup industry’s efforts…
