Magma, the B2B Manufacturing startup, has announced that it closed its first operational year with annualised revenue run rate of INR 200 crore.
The organisation works with factories across core avenues of their business and enables them to go global. It provides the factories with access to consistent energy and logistics for their day-to-day production. It also helps them in procuring cheaper yet quality raw materials leading to better sales and output. Additionally, it also helps in upskilling factories in Asia to compete well with their global counterparts by providing them with easy-to-use technology to enable faster growth.
Magma has partnered with over 100 industries in a span of just one year. The company has experienced remarkable 5x growth over the past year, which has enabled it to become a supply chain partner to large enterprise brands such as Kajaria, Asian Granito India, Simpolo and Varmora. Magma had also recently announced diversification of its tech stack which includes a suite of five products that provides a factory with global buyer options, optimises production, monitors energy consumption, track high-value cargo and procures high-quality, low-cost raw materials with a single click while driving profits and expanding the manufacturer’s reach.
Magma has also partnered with over 50 new suppliers over the past 12 months. According to Magma’s Founder & CEO Neal Thakker, a lot has been talked about the China+1 manufacturing shift, but very little about whether these factories are actually ready. He opined that for factories to really thrive and leverage the macro shift, a lot needs to be done to ensure upskilling of these factories and solve problems on the ground. Magma helps these factories unlock their true export potential as the world looks to de-risk their supply chains out of China.
The company’s focus continues to be on expanding its share in the wallet with factories. This has allowed Magma to venture into different verticals – logistics being the most recent. The company aims at serving the factories by providing control and visibility of the wider value chain said Ashish Jani, Chief Operating Officer, Magma.