The platform partners with factories and raw materials suppliers to offer supply chain services from the supplier to the customer
Magma said that it will deploy the incoming funds to scale the team and invest in its product and technology
Magma claims to have onboarded more than 55 partner factories
Manufacturing and supply chain enablement platform for building materials Magma has raised $515K in pre-seed funding from WEH Ventures.
The funding round saw participation from All in Capital, PointOne Capital, Angelist India and angel investors including Revant Bhate (Man Matters), Subin Mitra and Pratik Tiwari (Groyyo), Pawan Gupta and Abhishek Sharma (Fashinza) and more.
Magma said that it will deploy the incoming funds to scale the team and invest in its product and technology.
Founded in 2022 by Neal Thakker, Magma is a manufacturing platform in the field of building materials. The platform partners with factories and raw materials suppliers to offer supply chain services from the supplier to the customer.
The platform includes a factory app that helps partner factories generate more demand. Further, partner factories also get access to procurement of raw materials, AI-based lead generation tool and access to global buyers. Magma claims to have onboarded more than 55 partner factories.
Speaking about the building materials industry, Thakker said, “The SME manufacturing ecosystem serves as the daily breadwinner for our global economy, yet continues to struggle due to no bandwidth in technology, operations and capacity utilization.”
“As a sourcing manager and merchant exporter myself, I have spent considerable time with these factories and seen the first-hand reality of their aspirations to sell their products all over the world. We realized their need for a partner like us and are excited to cater to millions of manufacturers in the times to come,” the founder added.
Rohit Krishna, partner at WEH Ventures, said, “Neal has been one of the most agile founders we have ever met; every week he not only brings new insights to the table on what the industry needs but he also turns those ideas into a product and deploys it incredibly quickly.”
According to Magma, the global building materials market is poised to hit a $1 Tn market size by 2026, with SMEs aiming for a $200 Bn mark. Magma competes directly with unicorns OfBusiness and Infra.Market, both of which are B2B ecommerce platforms focused on manufacturing and building materials.
Aditya Birla Group also recently entered this field with a B2B ecommerce platform focused on building materials of its own via Grasim Industries, armed with an INR 2,000 Cr investment from the parent entity.