Ahmedabad-based B2B industrial solutions provider Magma raises $5 million in funding

Magma, a fast-growing provider of vertically integrated industrial solutions, has raised $5 million in a Series A funding round led by Capria Ventures, with participation from Avinya Ventures, Sanjiv Rangrass, and returning backers including General Catalyst, Accion Venture Lab, and WEH Ventures.

The Ahmedabad-based startup said the fresh capital will be used to strengthen its core offerings, invest in backward integration, and accelerate its technology platform tailored to India's manufacturing economy.

The new funding follows a $3.3 million round raised last year from General Catalyst, Titan Capital, and others.

What does Magma do?

Founded in 2022 by Neal Thakker, Magma positions itself as the "infrastructure backbone" of Indian manufacturing. The startup allows factories to source high-quality, customised raw materials, transition to green energy and biomaterials, and manage industrial waste sustainably.

Magma's vertically integrated ecosystem touches everything from materials and logistics to renewable power and recycling solutions, all designed to help factories scale efficiently and responsibly. This approach allows it to maintain consistency and control while remaining flexible to customer needs.

Market presence

The startup currently serves more than 250 industrial customers across sectors such as ceramics, chemicals, and packaging. With its core operations already profitable, Magma claims to be running at a Rs 250 crore annual revenue rate and is targeting Rs 1,000 crore in the next two years.

The momentum, according to the startup, is being driven by increasing adoption among India's SME manufacturers, many of whom are under pressure to modernise amid global supply chain volatility.

Product expansion

Commenting on the investment, Surya Mantha, managing partner, Capria Ventures, said, “We are pleased to partner with Magma as they address a $36 billion opportunity in one of India’s most under-served industrial supply chains. Their ability to ease procurement and unlock underutilised capacity impressed us from the outset.”

Magma’s product roadmap includes expansion into categories such as laminates, PVC, paints, and coatings, and the startup is also exploring waste valorisation as a revenue-generating service line.