With this, the firm closed this round at $8 million in total, after raising $5 million from Capria Ventures, General Catalyst, Accion Venture Lab, and WEH Ventures in April this year. In total, the company has raised $11.3 million to date.
The funds will be utilised to scale Magma’s operations, strengthen its precision manufacturing network, and introduce new factory-focussed solutions. The company plans to double down on its presence in Gujarat, Maharashtra, Karnataka, Rajasthan, and Telangana.
“We want to make sure that Magma is that full-stack integrated partner who’s a one-stop solution for factories,” said founder and chief executive Neal Thakker. “We have a full lifecycle of solutions for factories, including advanced and critical materials through TerraMag and waste management and recycled materials offered through Magma Green.”
Founded in 2022, Magma provides factories with high-quality, customised raw materials, powers their operations with green energy and biomaterial solutions, and offers waste management solutions.
“We started Magma with a very clear thesis: that a lot has been talked about China-plus-one and the shift of manufacturing from China to India, but very little has been discussed about whether factories in India are ready for that shift,” Thakker explained. “So, we wanted to build a company which basically helps factories with their critical needs.”
It has over 250 industrial clients across sectors such as ceramics, industrial chemicals, and packaging, and 40% of its clients are mid-sized enterprises, the company said.
Currently, it has 40 people and plans to use the funds to expand the same in the coming months, along with growing TerraMag and Magma Green, Thakker told ET. The company said it is targeting a revenue run rate of Rs 1,000 crore within the next 18 months.
“We believe Magma is positioned to become a defining company in India’s industrial stack, as they address a $36 billion opportunity in one of India’s most underserved industrial supply chains,” said Surya Mantha, managing partner, Capria Ventures, in a statement.
