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In focus
- SCI Ecommerce unravels amid accounting concerns
- From our archives: Marketplace fees are forcing SEA’s ecommerce enablers to adapt
- Revolut commits US$274 million to fuel Singapore expansion
Hello reader,
Concerns over possible financial misconduct are once again casting a shadow over Southeast Asia’s startup industry.
This time, the spotlight is on SCI Ecommerce, a Singapore-based ecommerce enabler that once was on the path of becoming a unicorn but could now face liquidation.
In today’s Top Story, I take a closer look at SCI’s FY2025 financial statements, which reveal more than just potential financial irregularities. The company’s auditor flagged civil proceedings involving SCI’s former management and a failed restructuring attempt.
Meanwhile, SCI’s financial position has deteriorated sharply. Cash and cash equivalents plunged 94% at the end of 2025 compared with a year earlier, while revenue fell 69% over the same period.
It’s a dramatic reversal for a company that was previously reported to be eyeing an IPO at an over US$1 billion valuation.
We’re continuing to look into what happened at SCI. If you have information to share, get in touch with me at jofie@techinasia.com or editors@techinasia.com.
SCI’s troubles come at a difficult time for Southeast Asia’s ecommerce enablers. In July, I wrote about how rising marketplace fees are reshaping the industry.
As costs mount, merchants and brands are becoming more cautious about spending, forcing ecommerce enablers to rethink their value proposition. Rather than simply helping brands grow gross merchandise value, they need to show how their services can improve profitability.
Jofie Yordan, journalist
Top Story
Once an IPO hopeful, SCI Ecommerce nears collapse
Digital collage by Ulla, photo courtesy of SCI Group
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