Ahmedabad, India — April 16, 2025 — Magma, a leading B2B industrial solutions provider, has successfully closed a $5Mn Series A funding round led by Capria Ventures. The funding round comprises a mix of equity and debt financing. The round also saw participation from existing backers General Catalyst, Accion Venture Lab, and WEH Ventures, all of whom doubled down on their investments, along with Avinya Ventures and B2B veteran Sanjiv Rangrass (Venture Partner at Capria) joining as new investors. The funds raised will be used to strengthen Magma’s position across core factory offerings, expand its backward integration capabilities, and accelerate technological investments that enhance procurement agility for customers.
“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,” said Neal Thakker, Founder of Magma. “The future of manufacturing isn’t just automation — it’s intelligent ecosystems that solve for cost, sustainability, and agility together. Magma is that ecosystem.”
What sets Magma apart is its multi-touchpoint integration across the factory lifecycle — from industrial inputs to outputs. Magma enables factories to access high-quality customized raw materials, power their operations with green energy and biomaterial solutions, and manage waste responsibly by converting them into recyclable inputs. By building deep supply-side capabilities, the company has created a value-chain-first model that delivers consistency, control, and efficiency at scale — while staying agile to customer needs.
“Our philosophy is simple: own the entire value chain, optimize every step, and pass efficiency back to the customer while retaining profitability as we grow. We’re now applying this proven model to new sets of manufacturers in laminates, PVC, paints, renewables, coatings, and more — on our path to becoming the de facto operating system for factories across India,” added Thakker.
Since launching in August 2022, Magma has built a diverse client base of over 250 industrial customers across various sectors, including ceramics, industrial chemicals, and packaging. The company has been operationally profitable since inception and is currently growing at a ₹250 crore revenue run rate, with a customer base including industrial leaders like Adani, Reliance, Arvind, and more.
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 underserved industrial supply chains. Their ability to ease procurement and unlock underutilized capacity impressed us from the outset. Neal and his team have been ahead of the curve in building a capital-efficient, high-growth business with strong fundamentals and clear expansion levers across products, sectors, and geographies. With AI embedded across operations, and plans to broaden access through automated procurement workflows, we believe they are well-positioned to scale Magma into a category-defining company”
Looking ahead, Magma aims to achieve a ₹1,000 crore revenue run rate within the next 24 months, driven by rapid adoption across India’s SME manufacturing sector.
You can read more about why we invested in Magma here.
