The story of Gibran not eating for three days, now his wealth is IDR 1.5 T Tech – 2 days ago

Jakarta, CNBC Indonesia – Gibran Huzaifah, founder of a start-up company in the aquaculture sector, eFishery, now has assets reaching IDR 1.59 trillion. However, who would have thought that Gibran had lived a very difficult life.

Gibran lived a mediocre life while studying at the Bandung Institute of Technology (ITB). This man who grew up in Pulogadung lives alone in Bandung, without pocket money and no family.

While living in Bandung, Gibran was forced to move from place to place to rest at the campus or mosque. One time, Gibran didn't eat for three days because he ran out of money. Gibran's father, who worked as a construction foreman, only lost his job when he started studying at ITB.

The idea to establish eFishery emerged when Gibran took a biology class on aquaculture which discussed catfish breeding. From there, Gibran started looking for capital to rent a catfish pond. This business slowly grew until he had 76 pools.

When starting his business, Gibran experienced many obstacles such as thin profit margins because the price of catfish was very low. Apart from that, Gibran also experienced expensive catfish food himself.

From that condition, Gibran started making a prototype of an automatic feeding tool for catfish ponds based on internet-of-things technology. The smart device he made can detect problems in the pond, especially when the fish have too much or not enough food. This IoT technology became the beginning of eFishery which was founded in 2013.

Gibran's persistence finally attracted the attention of big-name investor Patrick Walujo, who is currently believed to be the CEO of GoTo. Patrick first met Gibran when the man had just finished studying at ITB. At that time, Gibran explained the idea of ​​making a tool with sensors to feed fish according to their movements.

Patrick thinks that Gibran's idea is actually very simple. He didn't even believe that this machine would be effective at first. But in the end, he was amazed by the idea and started providing funding to e-Fishery.

“But because I was so amazed by an idea like this and the extraordinary enthusiasm, I also provided a little funding. So I could follow the developments,” said Patrick. “During its journey, the business developed very quickly. Most importantly, the impact was given to advertising farmers.”

e-Fishery has grown its business. Not only does it serve fish farmers who subscribe to its equipment, but it also provides working capital and buys the fish to sell to restaurants.

Patrick said the business offered by e-Fishery was originally from Indonesia. Because in other countries, similar businesses are not successful. “The last month's turnover, multiplied by 12, is IDR 4 trillion. The business is profitable. Much more profitable than Gojek,” said Patrick, quoted from the Unpar Official YouTube channel.

eFishery's latest funding, namely eFishery's series D round, was announced via a press release on Friday, July 7 2023. Abu Dhabi investor 42XFund acted as the main financier with the involvement of a Malaysian pension fund company called Kumpulan Wang Persaraan (KWAP), a Swiss asset management company called responsAbility (rA ), as well as venture capital from veteran Global 500 startup investors.

All the new shareholders join previous investors, namely Temasek, Softbank and Northstar led by Patrick Walujo.

Gibran's hard work produced fantastic results. According to Gibran, after the last round of funding, the shares held by him and one other founder are now worth US$ 100 million (around Rp. 1.59 trillion).

[Gambas:Video CNBC]