Magma has raised $3.3 million in its seed round led by General Catalyst, with participation from Accion Venture Lab and Titan Capital. The funding round also saw participation from Unicorn founder angels, including Aayush Phumbhra (Chegg), Varun Alagh (Mamaearth) & Srini (BigBasket, Bluestone) and existing investors WEH ventures and All in Capital also doubled down in this round. The company plans to utilise the investment towards expanding their product offerings, cater to the existing factory waitlist & grow the team.
Magma is a global supply-first aggregator in the building materials industry with a mission of helping factories become export ready. The company’s product stack includes factory & supplier-specific applications that help partner factories in 1-click procurement of cheaper and quality raw materials leading to better conversion and retention, find global buyers through its AI-based lead generation tool & get access to energy and resources for their day to day production. Magma has already 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 crores ($18MM USD).