Capria Ventures is leading a $5 million Series-A funding round for B2B industrial solutions provider Magma. Avinya Ventures, Sanjiv Rangrass, and its current backers General Catalyst, Accion Venture Lab, and WEH Ventures also participated in the round.
The Ahmedabad-based business has already raised $3.3 million from a number of sources, including WEH Ventures, Titan Capital, Accion Venture Lab, and General Catalyst.
According to a press release from Magma, the new funding will be utilized to improve backward integration capabilities, boost technological investments that improve procurement agility for clients, and fortify the company’s position across core factory offerings.
Magma, a B2B provider of industrial solutions founded in 2022 by Neal Thakker, helps Indian factories grow effectively and sustainably. With a vertically integrated ecosystem that includes waste management, biomaterials, green energy, raw material customization, and logistics, it seeks to establish the foundation for India’s manufacturing industry.
According to Magma, it makes it possible for factories to responsibly manage waste by turning it into recyclable inputs, access premium, customized raw materials, and power their operations with green energy and biomaterial solutions. Through the development of deep supply-side capabilities, the business has established a value-chain-first model that provides efficiency, control, and consistency at scale while remaining responsive to client demands.
Over 250 industrial clients from a variety of industries, including packaging, industrial chemicals, and ceramics, have been acquired by Magma since its founding, according to the company. As of right now, the business is operating profitably and growing at a revenue run rate of Rs 250 crore.
In the upcoming 24 months, Magma hopes to reach a revenue run rate of Rs 1,000 crore, propelled by swift adoption throughout India’s SME manufacturing sector.
