Singapore-based SCI Ecommerce has raised $31.87 million in fresh funding, as the company reportedly plans an initial public offering (IPO), according to recent filings with the Accounting & Corporate Regulatory Authority (ACRA).
This week’s share purchases were led by growth equity firm Asia Partners through its investment vehicle AP I Tycho, as well as George Raymond Zage III, Sentient Enablers Holdings, and EDB Investments.
The recent investment reinforces Asia Partners’s commitment to SCI Ecommerce, with its investment vehicle AP I Tycho picking up nearly 6.9 million shares for $24.62 million at the start of the year.
Just six months ago, Asia Partners acquired 21 million shares from founder Joseph Liu Jiannan and other shareholders, lifting its stake from 25.9% to 37.7% and overtaking Liu as the largest shareholder.
Alongside Asia Partners, other investors also acquired shares this week. EDB Investments purchased approximately 1.39 million shares for $5 million, bringing its total holding to about 7.6 million shares.
Sentient Enablers Holdings acquired nearly 398,000 shares for $1.25 million, while George Raymond Zage III took 278,000 shares for $1 million. Together with Asia Partners’s purchase, these transactions brought the total value of shares acquired during the week to roughly $31.87 million.
Based on its latest filings, SCI Ecommerce recorded a profit of $34.7 million in 2023, a 10-fold increase compared with 2022. Revenue grew by 2.8%, reaching $492 million; while the company’s operating cash flow was a negative $51.18 million, although this represents a 322% improvement from the previous year.
Earlier reports indicated that SCI Ecommerce was preparing for an initial public offering (IPO), with a potential launch targeted for mid‑2025, though that plan did not materialise last year.
In recent months, SCI Ecommerce has overhauled its leadership and strengthened its technology capabilities. In June 2025, former Lazada executive Magnus Ekbom was appointed Group CEO, succeeding founder Joseph Liu. The company also acquired Ekbom’s AI startup, SEAI Technologies.
