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eFishery layoffs driven by lack of domestic demand, analysts say
Homegrown aquaculture unicorn eFishery has laid off an undisclosed portion of its workforce and announced a shift in focus.
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eFishery founder Gibran Huzaifah is pictured in this undated file photo. (JP/Yuliasri Perdani)
H
omegrown aquaculture unicorn eFishery has laid off an undisclosed portion of its workforce and announced a shift in focus, a move analysts say is the result of a lack of domestic demand for fisheries products.
Nailul Huda, director for digital economy at the Center of Economic and Law Studies (CELIOS) told The Jakarta Post on Monday that the company might have found that the local market lacked sufficient appetite for its products. The firm was also facing tight funding.
“Indeed, it seems the local market is not absorbing as much as we thought. That's why they might try not just to sell domestically but to countries like China, Thailand and others, as they also need food sub-bases from Indonesia,” Nailul said.
M. Chairil, vice president of public affairs at eFishery, confirmed in a statement on Saturday that the company had laid off some of its workers, a decision he said the company had considered carefully.
Read also: VC industry hopes for market turnaround in second half of 2024
The company did not disclose the number of people impacted by the layoffs, claiming that it was still in the process of calculating the figure. It vowed to assist the laid off employees, including by helpng them find new jobs.
The firm said the move was part of a shift in strategy that also included plans to pursue growth through overseas markets.
