- SCI e-commerce enabler doubled 2022 revenue to $478.9M, posting first-ever profit of $3.5M.
- Services/subscriptions revenue grew over 3x to $273.5M, driving growth.
- Expanded capabilities and funding position SCI for continued expansion success.
SCI’s revenue soars in 2022
According to recent company filings, Singapore-headquartered SCI Ecommerce more than doubled its revenue in 2022 to $478.9 million while recording $3.5 million in net profit.
This marks a turnaround from $2.5 million in losses the previous year. SCI breaks down revenue between merchant solutions at $205.4 million, up 1.5x, and services/subscriptions at $273.5 million, up over 3x.
The latter category drove the most growth. Selling and distribution costs rose 2.8x to $61.5 million, making up a major portion of expenses outside of cost of sales.
As of December 2022, SCI had $145.2 million in cash reserves, over double 2021’s amount.
Profitable turnaround for SCI
Founded in 2014, SCI offers end-to-end e-commerce solutions, helping brands expand into Southeast Asia and Chinese cross-border markets.
Key services include store setup/management on platforms like Shopee and Lazada. SCI also handles marketing, fulfillment, and software tools.
SCI’s E-commerce triumph
Early backers include two Alibaba founders. SCI last raised $37 million 2021 from Asia Partners and others, plus a $28 million extension round.
In 2021, CEO Joseph Liu eyed a 2022 US IPO valuing the company at $1 billion, though current listing plans are unclear.
SCI demonstrates strong momentum among e-commerce enablers in Asia. Expanded capabilities and funding reservoirs position it for continued regional expansion success.
