B2B manufacturing platform Magma raises $3.3 million in seed funding led by General Catalyst

• Magma is a B2B startup that enables the supply chain and operates in the building and construction materials space.
  
• The funding round also included founding angels Aayush Phumbhra (Chegg), Varun Alagh (Mamaearth) & Srini (BigBasket, Bluestone).
  
• The company plans to use the investment to expand their product offerings, accommodate the existing factory waitlist and grow the team.
  

Magma, a B2B manufacturing and building materials supply chain platform, has raised $3.3 million in its launch round led by General catalystwith the participation of Accion Venture Lab and Titan capital.

Unicorn founders also participated in the funding round, including Aayush Phumbhra (Chegg), Varun Alagh (Mamaearth) and Srini (BigBasket, Bluestone). existing investors WE H ventures and All in Capital also doubled in this round.

Founded in February 2022, the company plans to use the investment to expand their product offerings, accommodate the existing factory waitlist and grow the team.

The company’s product stack includes plant and supplier-specific applications that help partner factories source raw materials, find global buyers, and gain access to energy and resources.

“After covid, factories and suppliers are moving their base from China to Southeast Asia, with India leading the way. International buyers have gone the extra mile to diversify their sourcing, offering local manufacturers a chance to take a significant share of their pockets. Neal Thakkarfounder and CEO, said Magma.

Magma has more than 80 factories on board and expects to close its first financial year in March 2023 with an annual GMV run rate of ₹150 crores ($18 million).

“We believe India is emerging as a global manufacturing center. This leads to the digitization and upskilling of factories, such as those that Magma supports in Morbi, Gujarat and other parts of India. We are excited to partner with Magma on their journey to digitize India’s ceramic and industrial chemical industries and help their clients compete on a global scale. Anand Chandrasekaranpartner at General catalystsaid.

In August 2022, Magma raised funding of $515,000 in the pre-seed round with participation from WEH ventures, All in capital, PointOne CapitalAngelist India along with notable angel investors including founders of Groyyo, Fashinza, ManMatters and more.

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