Industrial B2B Firm Magma Closes Series A At $8 Million Funding
- Industrial B2B startup Magma closes its Series A at $8 million, following a $3 million extension to its earlier $5 million raise, with support from existing and new investors.
- Total funding reaches $11.3 million, with capital to expand operations across key Indian states and scale precision manufacturing and the TerraMag industrial materials brand.
- Founded in 2022, Magma builds an ‘Industrial Operations Stack’ for factories, serving 250+ customers across sectors like chemicals, plastics, paper, and ceramics, with plans to grow its green manufacturing platform Magma Green.
Industrial B2B solutions company Magma has concluded its Series A funding round at $8 million after getting an extension of its already announced $5 million fund raise by an additional $3 million investment in April 2025. The Series A funding round also got an injection of $1.2 million from its existing backers, namely Capria Ventures and Avinya Ventures, and $1.3 million from the VC arm of the Gujarat state Govt., GVFL. Another contribution of $0.5 million came from the AVNM Ventures.
Magma has raised a total of $11.3 million till now, including seed funding worth $3.3 million. The funds will be utilized in building the capacity of operations in the states of Gujarat, Maharashtra, Karnataka, Rajasthan, and Telangana; enhancing the networks of precision manufacturing; accelerating the development of TerraMag, an innovative industrial materials brand; as well as new offerings focused on factories by Magma.
Started by Neal Thakker in the year 2022, Magma creates an ‘Industrial Operations Stack’ for factories and contract manufacturers. Having a deep pocket in terms of being very close to the industrial clusters and a fundamentals-based approach focusing primarily on profits, the firm partners with the mid-market manufacturers to optimize production and enhance flow and introduce transparency into the Indian industrial landscape.
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Magma boasts of having more than 250 industry customers in the realms of ceramics, industrial chemicals, paper, polymers, plastics, and packaging companies like Reliance, Adani, and Arvind Group, among others. The startup operates in the 12 states of India and caters to other sectors like chemical, packaging, polymers, paper, plastics, and ceramics.
The Ahmedabad start-up plans to further invest in Magma Green, which is a green manufacturing and materials platform that provides waste management and recycled material solutions in the areas of paper, plastic, agro, and sawdust products.
Capria Ventures is the global southern focus venture capital firm investing in the applications of AI innovations that are defining the emerging markets of the future, including the Indian subcontinent, Southeast Asia, Africa, and Latin America. Capria manages more than $200 million assets. They invest in high-growth startups that integrate AI technologies in the foundational sectors including employment, finance, health, agriculture, and enterprise.
