Aqua Bridge Holding, an investment firm linked to Dubai’s royal family, has emerged as the sole party pursuing an acquisition of beleaguered Indonesian aquatech startup eFishery, DealStreetAsia has learnt, even as the once high-flying startup is grappling with the fallout of a series of financial irregularities at the firm.
In February, DealStreetAsia reported that eFishery was seeking private equity investors by marketing its feeder unit. Since then, interest has narrowed sharply.
According to sources familiar with the matter, an audit by FTI Consulting triggered initial interest from four to five local and international players.
However, Aqua Bridge is now the only party still in the frame. The structure of a potential transaction remains fluid, ranging from a full acquisition of the company’s technology and team into a new entity, to a more conventional equity investment.
DealStreetAsia has reached out to Aqua Bridge Holding, FTI Consulting, and major shareholders, including AquaSpark and Wavemaker, for comment. Northstar, meanwhile, declined to comment.
Headquartered in Dubai and Abu Dhabi, Aqua Bridge Holding operates across the aquaculture, marine sustainability, and blue economy sectors in the Middle East, South Asia, and the Mediterranean.
Founded in 2018 by Mohammad Tabish, the firm has led several large-scale projects, including a $461-million aquafeed and fish farming facility in the Indian state of Uttar Pradesh and the acquisition of Greek assets from seabass and seabream producer Avramar.
It has also partnered with EnerTech in Kuwait to develop low-carbon aquaculture systems and operates breeding and hatchery businesses in Saudi Arabia through Aqua Bridge Farms Company.
IBR report
According to a draft Independent Business Review (IBR) by FTI Consulting in February 2025 and reviewed by DealStreetAsia, eFishery had two possible paths for recovery: either wind down operations and liquidate assets, or monetise/spin off the company’s intellectual property (IP) portfolio into a new entity.
Under a wind-down scenario, the IBR estimated investors could recover between $39.3 million and $42.7 million, driven largely by cash reserves held in eFishery’s subsidiaries across Indonesia, Singapore, India, and the US. This would translate to a recovery of approximately $0.0832–0.0947 per dollar invested, while ordinary shareholders are unlikely to see any returns.
FTI also recommended a second scenario involving monetisation or spin-off of eFishery’s underdeveloped yet potentially valuable IP assets. The company holds 20 IPs—13 granted and seven pending reviews—across its digital aquaculture ecosystem.
According to the report, the IP portfolio could yield future returns if development is completed, a process estimated to require $8 million in additional capital. A spin-off into a new company may allow existing investors to participate in long-term upside potential if the technology can eventually be scaled.
Gita Rossiana and Aastha Maheshwari contributed to the story
