B2B manufacturing platform Magma raises $3.3 Mn in seed round
B2B manufacturing platform Magma has raised $3.3 million in its seed round led by General Catalyst with participation from Accion Venture Lab and Titan Capital. Startup founders 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.
According to Magma, the funds will be used towards expanding its product offerings, catering to the existing factory waitlist and growing the team.
Founded by Neal Thakkar, Magma’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. It also helps in finding global buyers through its lead generation tool and getting access to energy and resources for day-to-day production.
The startup claims to have onboarded over 80 factories and is projecting to close its first financial year in March 2023 with an annualised GMV run rate of Rs 150 crore.
In August 2022, Magma raised funding of $515K in pre-seed round with participation from WEH ventures, All in capital, PointOne Capital, Angelist India, along with angel investors.
Lead investor General Catalyst has backed companies like Airbnb, Deliveroo, Guild, Gusto, Hubspot, Illumio, Lemonade, Livongo, Oscar, Samsara, Snap, Stripe, and Warby Parker among others.
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