India based business-to-business (B2B) eCommerce firm Ramp has announced a fourfold revenue growth in the year 2020. The company also said that it has maintained its ‘vast majority’ of equity funding.
Ramp is a B2B eCommerce startup that provides an end-to-end platform which helps traders and manufacturers in digitizing their business operations, from sourcing to fulfilment. The company said that it has seen a fourfold growth in 2020, compared to 2019, and is now generating an estimated revenue of Rs 300 crore. Ramp was founded in 2017 and has a presence in seven countries in the world.
The company also announced a Series B funding round, worth Rs 395 crore, led by Sequoia Capital India, along with participation from existing investors such as Aurum Ventures and Matrix Partners. Anand Daniel, a partner at Sequoia India said that the company has become a leader in the B2B eCommerce market, and that they are excited to be joining Ramp’s journey. “Ramp is in a unique position to build a comprehensive SaaS-driven platform that can help digitize India’s manufacturing and trading ecosystem, by enabling efficient access to global supplies for Indian businesses”, he said.
The company has also been investing heavily in technology, which has helped make it more efficient in terms of operations, and has enabled it to scale up quickly. Ramp said that it is now focusing on expanding its presence in India and abroad, by signing up more merchants and launching new products.
Ramp is also looking to expand to foreign markets, with plans to launch in South East Asia, US and Middle East. “The B2B commerce space we operate in is a massive, growing market. Our vision is to become the go-to platform for merchants and manufacturers to conveniently fulfil their needs on a global scale. This investment will help us to continue our rapid growth and market leadership”, said the company’s founder and CEO Prabhkiran Singh.
Ramp said that it still has the ‘vast majority’ of its equity funding, and that its focus will now be on expanding its operations and investing in technology. With the new capital infusion from investors such as Sequoia India, Ramp is well placed to capitalize on the rising popularity of B2B eCommerce across the globe.
