Collapse of eFishery Haunts Indonesia’s Startup Scene
Failure of the one-time unicorn is turning investors wary, forcing founders to prioritize discipline over big promises.
Indonesian startups are opting for frugality, focusing on revenue over the constant hunt for new backers.
Photographer: Muhammad Fadli/BloombergVincent Tjendra and Marcella Moniaga spent most of this year trying, and failing, to raise fresh capital for Astro, their quick-commerce startup in Indonesia.
Meeting after meeting, the duo felt a growing aversion from investors. A prolonged funding crunch and a full-blown scandal earlier this year at agritech venture eFishery, another Indonesian startup, meant a narrowing of possibilities for entrepreneurs.