Companies that adopt technology to provide an innovative twist to their businesses are thriving, according to a list of the fastest growing companies in Singapore compiled by The Straits Times and global research firm Statista.
The 10 fastest growing companies included ones in car sales and precious metal recycling – traditional service sectors, although what sets them apart is their use of technology to elevate their offerings. Firms are ranked by their compound annual growth rate.
Firms had to meet certain criteria to be considered for the list, such as having generated revenue of at least $150,000 in 2016 and at least $1.5 million in 2019.
The study conducted last year compiled a league table of 75 local companies that achieved high revenue growth between 2016 and 2019. Now in its third year, the study was first done in 2018.
Technology-driven automotive marketplace Carro sped to the top of the ranking, with a compound annual growth rate of 422 per cent.
Founded in 2015, the firm provides a proprietary pricing algorithm to sell second-hand cars while also offering a full suite of services such as in-house financing and car care workshop.
Other companies on the list include online shopping solutions provider SCI Ecommerce, technology-enabled logistics firms Roadbull Logistics and Ninja Van, digital payment solutions provider Coda Payments and precious metals recycler BR Metals.
German-based Statista senior associate partner Thomas Clark, who is responsible for corporate development and international affairs, said: “I believe that hybrid companies will fare best in the future – companies which find a creative twist to do business in a traditional industry, such as transport, leisure or finance, and which are not afraid to apply or acquire top-notch technology to execute their idea.”
He said this ranking does not yet take into consideration the coronavirus pandemic’s impact, but it still offers inspiration that firms continue to grow despite challenges.
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19 January 2021