Magma raises $5M in Series A led by Capria Ventures
The startup plans to use the fresh capital to expand its core factory offerings, strengthen backward integration, and invest in technology to improve procurement processes.
B2B industrial solutions provider has raised $5 million in a Series-A funding round led by .
The round also saw participation from existing investors , , and , along with new investors Avinya Ventures and Sanjiv Rangrass, Venture Partner at Capria.
The startup plans to use the fresh capital to expand its core factory offerings, strengthen backward integration, and invest in technology to improve procurement processes.
“We want to be the industrial infrastructure layer for India—something every factory plugs into. If you're a manufacturer in India, we want to be the first partner you think of, whether it’s for materials, power, or waste solutions,” said Neal Thakker, Founder of Magma.
By operating in a supply-chain-focused model, Magma helps factories with access to customised raw materials, green energy, and biomaterial solutions, and waste management systems that convert industrial waste into recyclable inputs.
“We are pleased to partner with Magma as they address a $36 billion opportunity in one of India’s most underserved industrial supply chains. Their ability to ease procurement and unlock underutilized capacity impressed us from the outset. Neal and his team have been ahead of the curve in building a capital-efficient, high-growth business with strong fundamentals and clear expansion levers across products, sectors, and geographies,” said Surya Mantha, Managing Partner, Capria Ventures.
The startup currently caters to over 250 industrial clients across sectors such as ceramics, industrial chemicals, and packaging.
In 2023, Magma had earlier raised $3.3 million from investors including General Catalyst, Accion Venture Lab, Titan Capital, WEH Ventures, and other investors.
Edited by Megha Reddy