EFishery Pte, one of Indonesia’s most prominent startups, may have inflated its revenue and profit over several years, according to an internal investigation triggered by a whistleblower’s claim about the company’s accounting.
A preliminary, ongoing probe into the agritech startup, backed by investors including SoftBank Group Corp. and Temasek Holdings Pte, estimates that management inflated revenue by almost $600 million in the nine months through September last year, according to a 52-page draft report circulated among investors and reviewed by Bloomberg News. That would mean more than 75% of the reported figures were fake, the report said.
