SINGAPORE – Once Indonesia’s start-up darling, eFishery is eliminating more than 1,000 jobs, or about 90 per cent of the workforce as the agritech firm, hit by fraud allegations, 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 start-up, backed by investors including SoftBank Group and Temasek, is unraveling 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 start-up…
