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E-Commerce Service Valued at $235 Million Targets U.S. IPO

  • New funding round said to value SCI Ecommerce at $235 million
  • CEO says SCI aims to go public on Nasdaq in 2021 or 2022
Updated on

SCI Ecommerce, the online shopping service provider backed by two of Alibaba’s earliest employees, has raised more than S$50 million ($38 million) to expand in Southeast Asia ahead of a potential Nasdaq listing.

Asia Partners led the new funding round, which valued the seven-year-old startup at $235 million, a person familiar with the matter said, asking not to be identified. Armed with an aggressive expansion strategy in Southeast Asia, the startup is planning to pursue a primary listing in New York as early as the end of this year with a target market valuation of $1 billion, Chief Executive Officer Joseph Liu said in an interview over Zoom. The company, which last year obtained in-principle approval to list in Singapore, will consider a potential secondary listing in city’s stock exchange, he added.