The Indonesian startup ecosystem has faced multiple setbacks this year, with several prominent companies grappling with leadership and financial crises. Among these is eFishery, a unicorn specializing in aquaculture technology, which recently removed its CEO, Gibran Huzaifah, following allegations of financial misconduct.

eFishery announced the decision in a statement released on December 18, 2024. The company has since appointed Adhy Wibisono as interim CEO and Albertus Sasmitra as interim CFO to steer the organization during this challenging time. “This decision reflects our commitment to enhancing corporate governance,” the company stated. The leadership changes follow an internal probe into discrepancies in financial reporting and company performance.

While eFishery has refrained from disclosing detailed information, the case highlights the challenges startups face in maintaining transparency and accountability. However, eFishery is not alone in navigating turbulent waters; several other Indonesian startups have faced similar issues this year.

Investree, a peer-to-peer (P2P) lending fintech, is now undergoing liquidation. Its former CEO, Adrian Asharyanto Gunadi, has been declared a fugitive after being accused of financial crimes. On October 21, 2024, the Financial Services Authority (OJK) revoked the company’s operating license due to high levels of non-performing loans.

Investree’s loan repayment success rate (TKB90) was reported at 83.56%, significantly below the OJK’s acceptable threshold of 95%. Its non-performing loan rate (TWP90) was alarmingly high at 16.55%, prompting regulatory intervention. The OJK has since collaborated with law enforcement to address the case against Adrian.

Another fintech player, KoinP2P, is facing scrutiny over delayed payments to lenders. These delays have been attributed to alleged misuse of funds by one of its borrowers. The OJK has stepped in to monitor the company closely. "OJK has implemented strict oversight on KoinP2P following reports of payment delays affecting lenders," stated Agusman, a senior OJK executive, during a press conference on December 13, 2024.

TaniFund, a P2P lending platform specializing in agriculture, also faced a major setback this year. The OJK revoked its operating license on May 10, 2024, after the company reported a loan repayment success rate (TKB90) of only 36.07%, with non-performing loans exceeding 63%. These figures raised concerns about the company’s financial sustainability and governance practices.

TEMPO