Ahmedabad based B2B industrial solutions company, Magma has announced the closure of its INR 42.70 crore (~USD 5 million) Series A funding led by Capria Ventures. The round also saw participation from new investor Avinya Ventures, Capria’s venture partner Sanjiv Rangrass, and existing investors General Catalyst, Accion Venture Lab, and WEH Ventures.

Founded in 2022 by Neal Thakker, Magma is building itself as a foundational infrastructure layer for India’s industrial ecosystem. The company wants to help Indian manufacturers scale efficiently and sustainably by offering vertically integrated solutions across raw material sourcing and customization, green energy, biomaterials, industrial waste management, and logistics.

The fresh capital will be used to:

• Enhance core factory offerings
• Backward integration
• Technology investments, particularly in procurement agility and multi-touchpoint supply chain solutions

In a statement, Founder and CEO Neal Thakker said “We want to be the industrial infrastructure layer for India—something every factory plugs into. If you’re a manufacturer in India, we want to be the first partner you think of, whether it’s for materials, power or waste solutions.”

Magma’s model is supply-side-first, end-to-end integration from industrial inputs to outputs. The company provides its clients with access to high quality, customized raw materials and solutions to convert waste into recyclable inputs, thus improving efficiency, sustainability and cost effectiveness.

Since inception, Magma has grown rapidly, with a 250+ industrial customers across ceramics, industrial chemicals, packaging and more. It is currently at an annualized revenue run rate of INR 250 crore and is already operationally profitable.

In the next 24 months, the company plans to reach a INR 1,000 crore revenue run rate as the demand from India’s digitizing and sustainability focused SME manufacturing sector grows.

Investors are very bullish on Magma’s vision and capital efficient growth strategy. Surya Mantha, Managing Partner at Capria Ventures said:“We are excited to back Magma as they go after a USD 36 billion opportunity in one of India’s most under served industrial supply chains. Their procurement and capacity utilization solution impressed us from the beginning.”

The funding comes at a time when Indian industrial solution startups are gaining traction with investors, driven by tech, AI and sustainability. Magma joins the list of other emerging players like CapGrid Solutions and RecommerceX who have recently closed big funding rounds.

Magma had raised INR 28.18 crore (~USD 3.3 million) in seed round in 2023 from General Catalyst, Accion Venture Lab, Titan Capital and others. The Series A is a vote of confidence in the company’s vision and execution.

With this funding, Magma is now set to become the foundation of India’s next gen industrial landscape, enabling manufacturers through sustainability, digital agility and vertically integrated solutions. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.