B2B manufacturing and force chain enablement platform for structure accoutrements, Magma has raised $3.3 million in its seed round led by General Catalyst, with participation from Accion Venture Lab and Titan Capital. The company’s product mound includes plant and supplier specific operations that prop mate manufacturers in earning raw accoutrements, changing global buyers and getting access to energy and coffers.
“Post covid, manufacturer and suppliers are moving their base from China to Southeast Asia, with India being on the van. Fresh efforts have been put in by transnational buyers to diversify their sourcing, further presenting an occasion for original manufacturers to take a significant portmanteau share,” Neal Thakkar, author and CEO, Magma said. The backing round also saw participation from Unicorn author angels including Aayush Phumbhra (Chegg), Varun Alagh (Mamaearth) & Srini (BigBasket, Bluestone). Being investors WEH gambles and All in Capital also doubled down in this round. Innovated in February 2022, the company plans to use the investment towards expanding their product immolations, cater to the being plant waitlist and grow the platoon. Magma has boarded over 80 manufacturers and is projecting to close its first fiscal time in March 2023 with an annualised GMV run rate of ₹ 150 crores ($18 million). “We believe that India is arising as a global manufacturing mecca.
This is leading to the digitization and upskilling of manufactures, similar to those Magma is empowering in Morbi, Gujarat and other corridors of India. We’re agitated to mate with Magma on their trip to digitise the pottery and artificial chemicals assiduity in India and help their guests contend on a global scale,” Anand Chandrasekaran, mate at General Catalyst, said. In August 2022, Magma raised backing of $ 515K in pre-seed round with participation from WEH gambles, All in capital, PointOne Capital, Angellist India, along with notable angel investors including authors of Grotto, Fashinza, ManMatters and further.