B2B manufacturing platform Magma raises $3.3 million in seed funding led by General Catalyst
Magmais a B2B supply chain enablement startup operating in the building and construction materials space.
- The funding round also saw participation from Unicorn founder angels Aayush Phumbhra (Chegg),
Varun Alagh(Mamaearth) & Srini (BigBasket, Bluestone).
- The company plans to utilise the investment towards expanding their product offerings, cater to the existing factory waitlist and grow the team.
AdvertisementB2B manufacturing and supply chain enablement platform for building materials, Magma has raised $3.3 million in its seed round led by
The funding round also saw participation from Unicorn founder angels including Aayush Phumbhra (Chegg), Varun Alagh (Mamaearth) & Srini (BigBasket, Bluestone). Existing investors
Founded in February 2022, the company plans to utilise the investment towards expanding their product offerings, cater to the existing factory waitlist and grow the team.
The company’s product stack includes factory and supplier specific applications that aid partner factories in procuring raw materials, finding global buyers and getting access to energy and resources.
“Post covid, factories and suppliers are moving their base from China to Southeast Asia, with India being on the forefront. Additional efforts have been put in by international buyers to diversify their sourcing, further presenting an opportunity for local manufacturers to take a significant wallet share,”
Magma has onboarded over 80 factories and is projecting to close its first financial year in March 2023 with an annualised GMV run rate of ₹150 crores ($18 million).
“We believe that India is emerging as a global manufacturing hub. This is leading to the digitization and upskilling of factories, such as those Magma is empowering in Morbi, Gujarat and other parts of India. We are excited to partner with Magma on their journey to digitise the ceramics and industrial chemicals industry in India and help their customers compete on a global scale,”
In August 2022, Magma raised funding of $515K in pre-seed round with participation from WEH ventures, All in capital,
SEE ALSO: Entropik raises $25 mn from Bessemer Venture Partners, SIG & others
India will grow at 6.4% in FY24 says RBI, projects FY23 growth rate at 7%
Popular on BI
- 10 cool places to hangout in Mumbai
- Indian festival holiday calendar for October and November 2023 at a glance
- Banks closed for 1/3rd of October 2023 – Check out dates and details
- Tax-friendly destinations: A guide to the world's lowest taxes countries
- Commercial LPG prices hiked by ₹209 across India