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Hello Betamax, 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
SCI Ecommerce had attracted prominent investors and clients, raising over US$65 million in funding to date. It was even reportedly targeting an IPO in 2025 that would have valued it at over US$1 billion. Yet within a year, its restructuring efforts had failed, and it’s heading toward liquidation. The company’s unraveling raises questions about the financial controls and corporate governance that were in place as it grew.
FROM OUR ARCHIVES Rising fees are changing the role of SEA ecommerce enablers
Image credit: Ulla
SCI’s troubles come as ecommerce enablers across Southeast Asia are being forced to rethink their business models. Rising marketplace fees and tighter budgets mean brands are looking for services that improve profitability rather than just boost sales. Brands are also becoming less willing to pay for basic services such as uploading product listings and running standard campaigns. In response, ecommerce enablers are expanding into fulfillment, analytics, social commerce, and other services that can help brands cut costs or drive sales. But this shift raises a bigger question: Can ecommerce enablers demonstrate enough value to convince brands to keep outsourcing these functions, rather than bringing them in-house or cutting them altogether?
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