Magma Nets $5 Mn To Fuel Industrial Solution Offerings

SUMMARY

The funding round also saw participation from Avinya Ventures and Capria Ventures’ partner Sanjiv Rangrass and existing investors like General Catalyst, Accion Venture Lab and WEH Ventures

Magma looks to deploy the fresh proceeds to boost its core factory offerings, expand backward integration capabilities and push for technological investments

Founded in 2022 by Neal Thakker, Magma is a B2B industrial solutions provider that helps factories in processing and sourcing raw material, green energy solutions, industrial waste recycling, biomaterials and logistic services

B2B manufacturing startup Magma has secured $5 Mn (around INR 42 Cr) in Series A funding round led by Capria Ventures.

The round also saw participation from Avinya Ventures and Capria Ventures’ partner Sanjiv Rangrass, along with existing investors, including General Catalyst, Accion Venture Lab and WEH Ventures.

The startup seeks to deploy the fresh proceeds to boost its core factory offerings, expand backward integration capabilities and push for technological investments.

It claims to offer end-to-end solutions that optimise factory operations and drive efficiency.

“We want to be the industrial infrastructure layer for India — something every factory plugs into. If you’re a manufacturer in India, we want to be the first partner you think of, whether it’s for materials, power, or waste solutions,” said Thakker.

The startup says that it helps in multi-touchpoint integration across the factory lifecycle from industrial inputs to outputs.

The Ahmedabad-based startup claims to serve more than 250 manufacturers, ranging from SMEs to large enterprises across ceramics, industrial chemicals, and packaging.

The startup is targeting INR 1,000 Cr revenue run rate within the next one year as it is claims to be currently growing at an INR 250 Cr revenue run rate.

In 2023, it raised $3.3 Mn in a seed funding round led by General Catalyst along with participation from Accion Venture Lab and Titan Capital.

The development comes amid a slew of startups eyeing the industrial solution services market due to advanced technology and AI’s intervention in the sector. These startups are also attracting investors who have spotted potential in the industry through technology.

For instance, B2B manufacturing startup CapGrid Solutions secured $5 Mn in February in an extended Series A funding round led by Anicut Growth Fund. It builds precision parts and components for various industries, including spare parts and EVs.

Prior to that, it bagged INR 29.16 Cr from its extended Series A funding round in January, led by its existing investor Anicut Capital.

Last year in September, Chemical recycling and sustainability startup RecommerceX raised $3.6 Mn in a seed funding round co-led by Accel and Kae Capital.