Photo credit: Love, Bonito

Singapore-based ecommerce firm Love Bonito recorded S$44 million (US$32.8 million) in revenue across its markets in 2021, marking a 34% year-on-year growth, according to financial statements obtained from ACRA.

The company’s most popular market was Singapore, contributing US$20.8 million, which is also a 34% bump from the previous year. Malaysia and Indonesia were the runners-up.

In 2021, the firm’s revenue from the rest of the world – minus the three markets – rose by nearly 80% to US$4.7 million.

The company ships to 18 countries, with other key markets including Hong Kong and Cambodia.

Its net loss for the year was US$8.2 million, widening by over 2x compared to 2020.

In 2021, its cash and cash equivalents grew over 3x to US$43.3 million, due in large part to the US$50 million it raised in its series C funding round that year.

Tech in Asia has reached out to Love Bonito for comment.

The direct-to-consumer (D2C) brand, founded in 2010 by Rachel Lim and Viola Tan, sells its women’s fashion products through both online and offline channels.

The firm acquired activewear brand Butter in October 2022, a month after it purchased a stake in healthtech company Moom. This year, Love Bonito aims to open a store in the US and eventually go public in the country.

See also: Can Love Bonito triumph over a D2C model under threat?

Currency converted from Singapore dollars to US dollars: US$1 = S$1.34