Carro, a technology-driven automotive marketplace, was last year’s fastest growing firm and one of the top 10 firms this year. | PHOTO: CARRO via The Straits Times/Asia News Network
SINGAPORE – Being savvy and meeting consumer demands through innovation and technology have propelled some companies in Singapore to the top, according to a list of the fastest growing firms here released on Tuesday (Jan 18).
The ranking, which was compiled by The Straits Times and global research firm Statista, showed that the top 10 firms came from a variety of sectors including support services, precious metal recycling and retail.
Many of the firms harnessed innovative technologies and solutions to meet their consumers’ ever-evolving needs, especially during the Covid-19 pandemic.
The companies were ranked by their compound annual growth rate. They had to meet certain criteria for potential inclusion to the list, such as having generated revenue of at least $150,000 in 2017 and at least $1.5 million in 2020.
The study conducted last year – the fourth since the first iteration of the list in 2018 – compiled a league table of 75 local companies that achieved high revenue growth between 2017 and 2020.
Human resources platform provider Workmate topped the ranking this year, with a compound annual growth rate of 346 per cent.
The firm, which was founded in 2016, provides an end-to-end platform that integrates automation tools, real-time performance data and a network of pre-screened candidates so firms can hire and optimize their blue-collar workforce.
It now has 90 staff across Singapore, Thailand and Indonesia.
Online shopping solutions provider SCI Ecommerce came in second, followed by Haulio, South-east Asia’s largest container haulage platform.
German-based Statista senior associate partner Thomas Clark, who is responsible for corporate development and international affairs, said: “Tech and support services will always spearhead the list of growth champions in modern and innovative economies like Singapore.”
Statista senior analyst Michael Bausch added: “E-commerce is certainly the most prominent sector that directly benefited from the pandemic.”
Singapore Management University assistant professor of finance Aurobindo Ghosh observed that globally, tech firms have achieved a rapid pace of growth over the last few years, such as the well-known FAANG – Facebook, Apple, Amazon, Netflix and Google.
National University of Singapore business professor Lawrence Loh said: “Going forward, the fastest growing sectors will be those resilient to the pandemic. These may include information technology, logistics, healthcare and green sectors.”