B2B manufacturing and supply chain enablement platform for building materials, Magma has raised $3.3 million in its seed round led by General Catalyst, with participation from Accion Venture Lab and Titan Capital.
The funding round also saw participation from Unicorn Founder angels including Aayush Phumbhra (Chegg), Varun Alagh (Mamaearth) and Srini (BigBasket, Bluestone) and existing investors WEH ventures and All in Capital also doubled down in this round.
The company plans to utilise the investment towards expanding its product offerings, catering to the existing factory waitlist and growing the team.
Neal Thakkar, Founder and CEO, Magma said “Post Covid, factories and suppliers are moving their base from China to Southeast Asia, with India being on the forefront. For a sustainable transition, we must ensure that factories in India are adapting to new practices, responsible production techniques and using quality raw materials.”
At Magma, we enable factories not only to cater to global buyers with the best quality products but also to improve their efficiency and profitability. With the new funding, we are excited to continue serving millions of manufacturers aspiring to be global players through our platform, he added.
Magma is a supply-first aggregator in the building materials industry with a mission of helping factories become export ready. The company’s product stack includes factory and supplier-specific applications that help partner factories in 1-click procurement of cheaper and quality raw materials leading to better conversion and retention, find global buyers through its AI-based lead generation tool, and getting access to energy and resources for their day-to-day production.