Ahmedabad-based Magma, a cross-border B2B manufacturing and supply chain enablement platform for building materials, has raised $515,000 in a pre-Seed funding round led by WEH Ventures, with participation from All In Capital, PointOne Capital, and Angelist India.
The round also saw participation from marquee angel investors, including Revant Bhate (Man Matters), Subin Mitra and Pratik Tiwari (Groyyo), Pawan Gupta, and Abhishek Sharma (Fashinza), and more.
Founded in February 2022 by Neal Thakker, Magma is a global supply-first aggregator in the building materials industry with a mission to take small and micro manufacturers global. The startup will use the raised funding to scale the team across manufacturing clusters in India and invest in products and technology.
Magma’s product offerings include a factory app that helps partner factories by giving them more demand through its AI-based lead generation tool, access to global buyers, one-click procurement of cheaper and quality raw materials leading to better conversion and retention, and easy-to-use technology to standardize their factory floors.
The startup claims to have onboarded over 55 factories and is set to close its first quarter of business with an annualized GMV run rate of $3 million.
Neal Thakker said, “The SME manufacturing ecosystem serves as the daily breadwinner for our global economy, yet continues to struggle due to no bandwidth in technology, operations and capacity utilization. As a sourcing manager and merchant exporter myself, I have spent considerable time with these factories and seen the first-hand reality of their aspirations to sell their products all over the world. We realized their need for a partner like us and are excited to cater to millions of manufacturers in the times to come.”
Source @Indianstartupnews
