Synagie Corporation Ltd (Synagie) is a Singapore-based company that provides end-to-end commerce enablement solutions to businesses selling online and offline in Body, Beauty and Baby (BBB) sector. The company provides end-to-end commerce enablement and fulfillment solutions through its cloud-based Synagie Platform for businesses to shift their business online.
Established in 2014 and headquartered in Singapore, Synagie helps its clients (which it calls Brand Partners), which include small and medium enterprises and multi-national corporations such as Johnson & Johnson, Kimberly-Clark, and Shiseido, to execute their e-commerce strategies by selling their goods or services to consumers online and providing one-stop services and integrated technology to manage their multi-channel e-commerce operations.
Synagie’s business model is a hybrid of the distribution model, consignment model and the subscription model, and has a platform-based, asset-light business model with three (3) business segments: E-commerce, E-logistics and Insurtech - On 20 April 2018, Synagie Corporation Ltd acquired 1Care Global Pte Ltd and its subsidiaries, forming Synagie's Insurtech service offerings.
Synagie has sought to expand operations throughout Southeast Asia. For example, in October 2018, the company incorporated a subsidiary in the Philippines, and in December 2018 the company incorporated a new subsidiary in Vietnam.
Synagie Corporation Ltd is listed on the Singapore Exchange (SGX) under the code V2Y.
E-commerce - The e-commerce segment provides online distribution services for its client's products through various online marketplaces such as Lazada and Qoo10, and conducts online-to-offline distribution of client's products to various retail chain stores in Singapore such as NTUC. The e-commerce segment also provides marketing support services ranging from channel and content management, inventory and order management, digital marketing and customer services, and big data analytics. In the year end 31 December 2019, the e-commerce segment accounted for 79.43% (SGD 12.03 million) of total revenue.
Insurtech - In April 2018, Synagie acquired 1Care Global Pte Ltd (1Care Global), forming Synagie's insurtech operations. 1Care Global provides regional third party administration (TPA) for extended warranty and accidental damage protection services for customers which reportedly included Fortune 500 companies in the 3C (computing, communication, and consumer) sector. 1Care Global also worked with insurance partners such as Great Eastern General Insurance Limited, at the time of the acquisition. 1Care Global is engaged by Synagie's clients and serves as an administrative intermediary between clients and the insurance partners, with the aim of reducing the administrative burden. In the year end 31 December 2019, the insurtech segment accounted for 16.02% (SGD 3.10 million) of total revenue.
E-logistics - The e-logistics segment provides fulfilment services which consist of on-demand warehousing services and last mile delivery services for fulfilling both B2C e-commerce orders and B2B orders. Synagie operates on an asset-light e-logistics model, which means it does not own any warehouses or delivery vehicles but instead works with third party logistics partners and manages the entire logistics and fulfilment process via the company's Synagie Platform. In the year end 31 December 2019, the e-logistics segment accounted for 4.56% (SGD 0.88 million) of total revenue.
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