SCI Ecommerce is planning to use the funding to develop its e-commerce tools. Here are the top-line bullets you need to know.
SCI Ecommerce, a cross-border e-commerce enabler, has raised $38M in its latest funding round, which values the company at $235M. The round drew participation from Asia Partners, Jubilee Capital, and some of Alibaba co-founders, among others.
How’s the company performing?
- Singapore-based SCI Ecommerce helps brands set up and manage their online stores across Southeast Asia and China.
- SCI’s net income doubled year-over-year to reach over $100M in 2020. The company reports having a positive EBITDA & net income in 2019 and 2020.
- The company has offices across China, Singapore, Indonesia, Thailand, and Malaysia.
- SCI has helped set up over 6,000 online stores for its partner brands which include Unilever, Abbot, Nestle, Vinda, Crayola, and Danone. It is also a certified e-commerce solutions provider for shopping platforms like Shopee, Alibaba’s Tmall, and Lazada.
Source: SCI Ecommerce
Why does the market matter?
- The e-commerce market is growing at a CAGR of 22.9% and is expected to reach $16.2T by 2027, according to Meticulous Research. This has fueled the growth of allied industries like the e-commerce enablement market.