Magma Funding: B2B manufacturing startup Magma raises $3.3 million in funding led by General Catalyst

Business to Business (B2B) E-commerce Startup magma raised $3.3 million in seed funding led by Common Catalyst and participation from Accion Venture Lab and Titanium Capital.

Founders of startup Unicorn, including Varun Allah of Mamaearth, Aayush Phumbhra of Chegg and Srinivas Anumolu, as well as existing investors WEH Ventures and All in Capital, also participated in the funding round.

The company said it plans to use the funds to expand its product range, meet the plant’s existing waiting list and hire more people.

Founded in February 2022, magma provided an e-commerce service for factories and manufacturers of ceramics, industrial chemicals and sanitary ware to meet their raw material, energy, inventory and demand needs.

In August 2022, Magma raised $515,000 in a preliminary round involving venture capital firms WEH, All in Capital, PointOne CapitalAngelist India, as well as business angels, including the founders GroyoFashinza, ManMatters and others.

Magma has already connected over 80 factories and plans to close its first fiscal year in March 2023 with an annual GMV output of Rs 150 crore.

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Magma wants to take advantage of the manufacturing shift to China+1, which is a transition between multinational companies to diversify their manufacturing operations from the world’s second largest economy. Asia, with India at the forefront. International buyers have made an extra effort to diversify their suppliers, further enabling local manufacturers to capture a significant share of the wallet,” said Neil Thakkar, founder and CEO of Magma.

Thakkar said that for a sustainable transition, factories in India must adapt to new methods, responsible production methods and use quality raw materials.

“We believe India is emerging as a global manufacturing hub,” said Anand Chandrasekaran, partner at General Catalyst. “This is leading to the digitization and upskilling of factories such as those that Magma is expanding capacity in Morbi, Gujarat and other parts of India.”

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