Magma raises $3.3 million in seed funding led by General Catalyst
Building materials B2B manufacturing and supply chain enablement platform Magma has raised $3.3 million in a seed round, which was led by General Catalyst and included Accion Venture Lab and Titan Capital. The Unicorn founder angels Aayush Phumbhra (Chegg), Varun Alagh (Mamaearth), and Srini participated in the investment round as well (BigBasket, Bluestone). WEH Ventures and All in Capital, two previous investors, increased their stake in this round.
The company, which was founded in February 2022, intends to use the funding to hire more employees, meet the demands of the waiting list at the plant, and expand its product line. The company's product line comprises applications tailored to manufacturers and suppliers that help partner factories discover worldwide customers, procure raw materials, and access energy and resources.
"Factories and suppliers are relocating from China to Southeast Asia as a result of COVID, with India leading the way. International buyers have made further efforts to diversify their procurement, which presents local manufacturers with a potential to capture a sizeable market share, according to Neal Thakkar, founder and CEO of Magma. With more than 80 factories on board, Magma anticipates wrapping up its first fiscal year in March 2023 with an annualised GMV run rate of Rs. 150 crores ($18 million).
"We think that India is becoming a major base for manufacturing worldwide. As a result, manufacturers like those Magma is empowering in Morbi, Gujarat, and other regions of India are becoming more digital and skilled. Anand Chandrasekaran, partner at General Catalyst, said: "We are thrilled to join with Magma on their drive to digitise the ceramics and industrial chemicals business in India and assist their customers compete on a global basis.
Magma secured $515K in pre-seed funding in August 2022 with the help of WEH ventures, All in capital, PointOne Capital, Angelist India, and a number of other illustrious angel investors, including the founders of Groyyo, Fashinza, ManMatters, and other startups.
The company, which was founded in February 2022, intends to use the funding to hire more employees, meet the demands of the waiting list at the plant, and expand its product line. The company's product line comprises applications tailored to manufacturers and suppliers that help partner factories discover worldwide customers, procure raw materials, and access energy and resources.
"Factories and suppliers are relocating from China to Southeast Asia as a result of COVID, with India leading the way. International buyers have made further efforts to diversify their procurement, which presents local manufacturers with a potential to capture a sizeable market share, according to Neal Thakkar, founder and CEO of Magma. With more than 80 factories on board, Magma anticipates wrapping up its first fiscal year in March 2023 with an annualised GMV run rate of Rs. 150 crores ($18 million).
"We think that India is becoming a major base for manufacturing worldwide. As a result, manufacturers like those Magma is empowering in Morbi, Gujarat, and other regions of India are becoming more digital and skilled. Anand Chandrasekaran, partner at General Catalyst, said: "We are thrilled to join with Magma on their drive to digitise the ceramics and industrial chemicals business in India and assist their customers compete on a global basis.
Magma secured $515K in pre-seed funding in August 2022 with the help of WEH ventures, All in capital, PointOne Capital, Angelist India, and a number of other illustrious angel investors, including the founders of Groyyo, Fashinza, ManMatters, and other startups.
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