SCI Ecommerce, a cross-border e-commerce enabler based in Singapore, has completed a fundraising of more than SGD50 million (US$38 million) in a round led by Asia Partners.
As per a press note, the company plans to use the capital to develop its next generation of software tools for brand partners, as well as expand its geographic capabilities for cross-border e-commerce operations and fulfilment.
As per a Bloomberg report, SCI also plans to set up local teams in Malaysia, Thailand and the Philippines, and hire at least 100 people across Southeast Asia and China.
Additionally, SCI is planning to pursue an IPO in the US at the end of the year with a target market valuation of US$1 billion.
It is not immediately clear how much funds the company plans to raise via IPO. We have contacted a company representative for details.
Founded in 2014 by Joseph Liu Jiannan, SCI provides e-commerce solutions for Southeast and East Asia’s leading e-commerce platforms, including Alibaba’s Tmall platform, Lazada, and Shopee.
SCI provides a comprehensive suite of services to its brand partners, which include Unilever, Abbot, Stanley Black & Decker, Crayola, Nestle, Vinda, and Danone.
Its integrated business model helps its brand partners expand into the Southeast Asia e-commerce market and China Cross Border E-commerce (CBEC) market by setting up and managing over 6,000 online stores across both regions’ major e-commerce platforms and social media channels
Additionally, SCI applies data analytics and e-commerce software tools to optimise online traffic to gross merchandise value (GMV) conversion, brand awareness, consumer loyalty, and the customer service experience, and
It also closely measures e-commerce results for brand partners, which creates a feedback loop which enable partners to refine their products and be more responsive to consumer needs.
With offices in Singapore, China, Indonesia, Malaysia and Thailand, the company claims to have grown its revenues more than 75x over the past three years.
The company further claimed that it more than doubled its 2019 revenues to over US$100 million in 2020. It has been EBITDA positive since 2019 and was net income positive in 2020.
“Our vision is to become the number one e-commerce solutions provider in Southeast Asia. We are deeply committed to our mission of helping both international and local brands enter and succeed in Southeast Asia and in China’s Cross Border E-commerce (CBEC) market,” said Liu Jiannan.
Previously, SCI has received funding from two of the 18 original co-founders of Alibaba — James Sheng and Eddie Wu, besides Singapore-based Jubilee Capital and several additional ultra-high net worth technology industry entrepreneurs from Southeast and East Asia.
Nicholas A. Nash, co-founder of Asia Partners, commented. “As our region’s leading e-commerce enabler, SCI is playing a foundational role in bringing Asia to the world and the world to Asia. Cross-border trade makes the world more prosperous and more cohesive, raising standards of living and quality of life.”
Based in Singapore, Asia Partners is a growth equity investment firm focused on technology and technology- enabled companies. In March, Asia Partners announced the final close of its inaugural fund at US$384 million from institutional investors, family offices, corporations such as the US International Development Finance Corporation (DFC) and the Deutsche Investitions- und Entwicklungsgesellschaft (DEG) from Germany.
Image Credit: SCI Ecommerce
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