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Hello reader,
Just as there is more than one way to skin a cat, there are several avenues that a startup can take to hit profitability.
Today’s premium story and news spotlight illustrate two different paths to the same important milestone.
Ecommerce enabler SCI Ecommerce recorded profit in 2022, just a year after raising its first disclosed venture round from the likes of Asia Partners and EDBI. In contrast, customer data platform Meiro has eschewed external funding until very recently but has been profitable for several years.
Is one way better than the other? Maybe, but it doesn’t matter too much, as long as the balance sheet is colored black rather than red.
Today we look at:
- SCI doubles its revenue and posts profit
- Customer data platform Meiro raises external funding for the first time
- Other newsy highlights such as Hong Kong’s HashKey hitting unicorn status after new funding and South Korea’s plan to build the world’s biggest chipmaking center
Premium summary
I spy with my SCI some profits
Image credit: Timmy Loen
Ecommerce enabler SCI Ecommerce scored net profits of US$3.5 million in 2022, reversing US$2.5 million in losses from the previous year.
The Singapore-headquartered company also doubled its revenue to US$478.9 million, per company filings.
- By segment: The firm splits its revenue into two categories: merchant solutions and services and subscriptions. The figure for the latter increased dramatically from 2021. soaring by more than 3x to US$273.5 million. Revenue from merchant solutions also increased but less rapidly.
- Regional presence: SCI Ecommerce has offices in Singapore, China, Indonesia, Malaysia, and Thailand. The company helps brands expand in the Southeast Asian and Chinese cross-border ecommerce markets, which includes helping them run their online stores on platforms like Shopee, Tokopedia, and Lazada.
- Expansion: While the company started out by offering ecommerce solutions, it has since expanded to offer a bevy of services. These include social commerce, direct-to-consumer, and online food commerce.
Read more: SCI Ecommerce doubles revenue to $479m, turns profitable in 2022
I can be your Meiro, baby
Quick bytes
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