Telco software firm Circles targets listings on Nasdaq, SGX: CEO

Circles.Life co-founder and CEO Rameez Ansar said the IPOs will depend on market conditions and regulators in both countries. ST PHOTO: GIN TAY
SINGAPORE – The parent company of local virtual telco pioneer Circles.Life may opt for a listing on the Nasdaq in New York, while the telco itself looks to hold an initial public offering (IPO) on the Singapore Exchange (SGX).
Mr Rameez Ansar, who is the chief executive officer and co-founder of Circles, told The Straits Times on May 27 that the IPOs will depend on market conditions and regulators in Singapore and the US.
He noted that the double listings would aim to let Circles.Life and the fast-growing Circles software business focus on how they can each best grow, yet retain the benefits of their shared roots.
Though he was reticent to pin down when the IPOs might occur, Mr Ansar noted the company has a two-year target to reach 'world-class' business metrics to secure sterling share performance.
'We should be (in a position where), if we have to flip a switch and list, we'd have a good starting point in the US business,' he said, adding that the company has already tied up with American telecommunications giant AT&T.
The software business sells and helps deploy a one-stop platform that allows telcos to oversee billing, activate e-SIM cards and provide customer service, among other features.
The software, called Circles X and originally built for Circles.Life, has now been adopted by customers as far afield as Japan, Pakistan and Mexico.
Mr Ansar had just returned from a work trip to the US earlier in May where he had talks with six or so telcos about potential partnerships.
'We have a global software business; it's critical software we make, it's got the right margins, the right revenue growth, so the option is up to us,' he said at the company's new headquarters in Alexandra Terrace.
'I would say that the IPO is a primary strategy right now, but it is also something that gives the business focus.'
He declined to reveal specific numbers for the privately held company, but said annual revenue for the software business has crossed the US$100 million (S$129 million) mark, with a growth rate at well above 30 per cent a year and gross margins of over 70 per cent.
The software business also has an order book in excess of US$100 million, Mr Ansar added, noting that the unit grew larger than Circles.Life around a year ago.
The company's backers include private equity giant Warburg Pincus and EDBI, the investment arm of Singapore's Economic Development Board.
Mr Ansar did not entirely rule out another round of private equity fund raising as an alternative to the two listings, nor divesting Circles.Life to fund the software unit's growth plans.
However, divestment is not on the cards at this point, despite a November 2024 report from financial news outlet Bloomberg that Circles was weighing up a sale.
Mr Ansar said customers have approached Circles on the basis that its software was used to build a viable digital telco – Circles.Life – from scratch.
The experience has let Circles understand what telcos need, underscoring how interlinked both brands are, he said.
'I think (the way) people still look at us is like: 'Wow, you guys are a real operator. You're not coming in telling me how the world works as a vendor.''
Still, he conceded there was a possibility for the Circles.Life story to become less relevant to the software business if it gains a much larger customer base on the basis of the platform's brand.
The organisational restructuring to allow the listings occurred in 2024, with the delineation of three units: Circles the software provider; Circles.Life; and travel eSIM business Jetpac.
But an SGX listing would allow Circles.Life to stand and grow on its own merits, including expanding the digital telco beyond Singapore under its own financial muscle, rather than that of the software business, he added.
Circles.Life could even, in time, pay licence fees to Circles for the use of Circles X in this scenario.
Circles.Life, which was launched in 2016, currently operates only in Singapore, though Circles has been operating digital telcos for some overseas customers who do not want to run these digital telcos themselves.
Mr Ansar also said each of Circles' individual business lines, as well as the group as a whole, has broken even.
He said the idea of listing on the SGX was spurred by the Government's push to revitalise the local bourse.
The equities market review group proposed giving corporate income tax rebates for new listings, a recommendation the Government accepted earlier in 2025.
Mainboard-listed telcos Singtel and StarHub have posted strong earnings in recent months, albeit on the back of business from enterprises such as data centres and smart city connectivity.
Mr Ansar also said the cut-throat price competition in Singapore's consumer telecoms market has led to underinvestment in infrastructure, innovation and providing customers with a better experience.
'Your telco service is being given to you at a price that is one-fourth the price of a cocktail you can buy in that country. It's not about... accessibility, affordability. This is not the question here any more. The question is: What is the trade-off you've made?'
For its part, Circles.Life has been trying to provide fresh offerings to customers, such as free, unlimited use of OpenAI's GPT-4.1 generative artificial intelligence model for mobile subscribers.
Mr Ansar added that contrary to the past, when infrastructure and consumer-facing parts of a telco business had to be integrated to operate efficiently, it is now more efficient for telco infrastructure and consumer businesses to be separated.
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'He was the first Asian chef to take Asian food to a three-star level. He is able to execute Asian food at such a high level.' On his return to Benu in 2022 after the pandemic cut short his time there in 2020, he says he struggled for the first year. The restaurant runs a tough kitchen. Chef Wong says: 'Things are very thorough at Benu. Everything has a reason for being. There is pretty much nothing that hasn't been thought about before it is put in place and, because of that, there's a lot of responsibility to be shared by everyone. 'There's also consistent effort and attention to tiny details, the drive for continuous improvement and progress, all of which I think is integral to the longevity of a restaurant and when it comes to nurturing people.' He describes chef Lee as someone who demands a lot of everybody. 'He never settles for anything less. He's at work every day, without fail, unless he's not in town. He's always there for the guests, always there for the team. 'His work ethic is very inspirational for the team, it sets the tone in the kitchen for everybody. When you step into the kitchen, you see everyone working. Chef Corey is working, the executive chef is working, the chef de cuisine is working, everybody is working. ' That first year, he says he had to get used to the way the kitchen did things. How chefs would have to plan the mise en place, which involves organising and preparing ingredients and equipment so that things go smoothly when the orders come in. 'A lot of times, I would miss the checkpoints,' he says, referring to the checks chefs need to make on whether portions of protein and other ingredients are properly prepared. 'We go to service and you realise the fish is cut wrong. So, I got into a lot of trouble. But it's through failure that you learn.' He says what got him through that year was the desire to want to improve and be better. 'I don't live far from the restaurant, so I walk to and from work,' he says. 'On nights when I've had a really rough day, I'd think about it on the walk home. Today, I made this stupid mistake, what can I do tomorrow and in the future to prevent all these mistakes?' Together with chef Lee, he makes Benu's signature xiao long bao, the only two people in the kitchen who do it. They split the task in half, with each making 50 dumplings. To master the pleating, chef Wong says he practised before and after work for a year before he could make a dumpling good enough to serve. He is still refining his technique. He can make 28 to 30 pleats on each dumpling, although chef Lee thinks 21 to 24 is sufficient. A xiao long bao at Din Tai Fung has 18 folds. The best is yet to be Asked how he celebrated his promotion, chef Wong says: 'I feel I shouldn't be celebrating yet.' After all, there is work to be done. New dishes to create. A team of 18 to 20 to manage now. He adds: 'I prefer to lead by example. I think it's important for the team to know that the chef is not worried about getting his hands dirty if he has to and that he has everyone's back.' Chef Lee adds: 'He has been a great example for staff to calibrate their work ethic, organisational skills and commitment. But I feel his greatest impact is yet to come.' If chef Wong had not left Singapore, where would he be right now? 'Perhaps I might be the head chef of some restaurant,' he says. 'But I also think I most probably would have left Singapore in time to come.' So, does a Singaporean chef need to leave the country to come into his own? Chef Wong says: 'I think Singapore as a society needs to look inwards and realise the intrinsic value of the things we have. Things like our local hawker food should really be more appreciated and perceived the same way as a bowl of ramen or a plate of pasta. 'Why is it that we demand that our local food be dirt cheap when it is more labour-intensive to make, but we are willing to fork out more for a plate of pasta that comes from a plastic package? I think everyone should try cooking a bowl of laksa at home from scratch and see what it takes to make that humble bowl of noodles with broth and toppings. 'If Singapore society is able to change that mindset and be more like the Japanese, who value their own culture and heritage, then Singaporean chefs and food will be more valued and appreciated.' He cites restaurants such as Belimbing by chef Marcus Leow and Mustard Seed by chefs Gan Ming Kiat, Wu Shin Yin and Desmond Shen as those doing a 'good job of progressing what we have in Singapore'. Eventually, he might join them in taking Singapore food to a new level. He sees himself working at Benu for three to four years, and he would like to come back to Singapore. 'Singapore is home,' he says. 'I see and feel the difference between home and over here. Family and friends are very important. They bring me joy and keep me going in life.' If he does open a restaurant in Singapore, it is likely to be an Asian one. In fact, he is looking at working in a Chinese restaurant kitchen to broaden his skills. The chef, whose father is Hainanese and mother is Hokkien, says: 'At the end of the day, it's important to cook your own cuisine. When I was young, I went to learn how to cook French cuisine. 'It was only when I got a bit older that I realised it's more important to learn your own cuisine. You don't want to be a yellow person cooking white man food.' Tan Hsueh Yun is senior food correspondent at The Straits Times. She covers all aspects of the food and beverage scene in Singapore. Check out ST's Food Guide for the latest foodie recommendations in Singapore.