Growth equity firm Asia Partners has consolidated its position in e-commerce solutions provider SCI Ecommerce by acquiring additional shares in the secondary market, becoming the largest shareholder as the Singapore-based company gears up for a public debut.
In a series of transactions completed last week, Asia Partners acquired 19 million ordinary shares from SCI Ecommerce founder and CEO Joseph Liu Jiannan and an additional 2 million shares from Bideford Global Holdings. Together, the purchases represent an 11.8% stake in the company.
The deals have increased Asia Partners’ holding from 25.9% to 37.7%, making it the largest shareholder, overtaking Joseph Liu Jiannan in equity ownership.
SCI Ecommerce has received a total of $94.7 million in paid-up capital to date, with Asia Partners contributing $66.4 million across four separate transactions. The company’s most recent funding round took place in 2022 at $3.59 per share, giving it a post-money valuation of $641 million.
Top 10 shareholders in SCI Ecommerce
Previous reports suggest the company is preparing for an initial public offering in Singapore, potentially launching as early as mid‑2025, targeting a valuation in excess of $1 billion. While a New York listing was previously considered, the shift to a domestic IPO reflects strategic alignment with its regional operations.
According to recent filings, SCI Ecommerce posted a profit after tax of $34.7 million in 2023, marking a tenfold increase from the previous year. This sharp rise in profitability came despite modest revenue growth of just 2.8%, bringing its total revenue to $492 million.
The disproportionate jump in earnings suggests significant margin expansion, likely driven by operational efficiencies, cost optimisation, or improved monetisation of existing clients.
Singapore takes the lead
While SCI Ecommerce’s 2023 profitability stands out, it comes amid persistent headwinds for the broader e-commerce sector. Like many verticals, e-commerce remains under pressure from the ongoing funding crunch, with investor interest shifting away from consumer tech. As startups struggle to scale and prove profitability, capital is increasingly flowing to B2B models, leaving traditional players with less traction.
DATA VANTAGE’s latest quarterly report, Southeast Asia Deal Review: Q1 2025, highlights the severity of this slowdown. In Q1 2025, e-commerce startups in Southeast Asia raised just $27 million across seven deals—the lowest in at least six years. This marks a sharp drop from 12 deals and $118 million in the previous quarter, extending a downturn that began in late 2022.
Singapore has now overtaken Indonesia as the region’s most active e-commerce market, continuing a trend from late 2023. The shift is fuelled by rising interest in enterprise-focused platforms, which offer steadier margins and stronger fundamentals. A more supportive environment for scaling digital commerce has also made Singapore a preferred base for growth-stage players.
For SCI Ecommerce, this shift could be a strategic tailwind. Its role as a cross-border e-commerce enabler for global brands aligns with investor preferences for profitable, enterprise-oriented models. As capital consolidates around mature, B2B-driven platforms, SCI’s scale and financial performance could enhance its positioning ahead of its planned IPO.
Other updates from DATA VANTAGE
PortOne, a South Korean payments infrastructure firm, recently secured $1.53 million in fresh funding. The capital is expected to support its continued expansion across Asia, where it provides API-based solutions for merchants and platforms integrating local and global payment methods.
Singapore-based Tjufoo, which operates a food redistribution platform tackling supply chain inefficiencies, has issued new shares worth $410,000. The company aims to help suppliers monetise surplus stock while reducing food waste.
Polymerize, a deep tech startup applying AI to polymer development, welcomed a new cap table member following $230,059 worth of equity allotment. Based in Singapore, the company enables faster, data-driven material innovation for industrial and research applications.
Blockchain martech firm Aqilliz has received $186,786 in new capital from UK-based LS Digital Solutions. Founded as part of the Zilliqa ecosystem, Aqilliz builds privacy-centric solutions for programmatic advertising, digital loyalty, and consumer engagement.
Paywatch, headquartered in Malaysia, added $150,000 to its capital base earlier this month. Known for offering earned wage access services to blue-collar workers, the company is scaling partnerships with employers in Southeast Asia to support financial inclusion.
