Ahmedabad-based industrial solutions startup Magma has raised $5 million in a Series-A funding round led by Capria Ventures, with additional participation from Avinya Ventures, Sanjiv Rangrass, and existing backers General Catalyst, Accion Venture Lab, and WEH Ventures.
This funding round builds on Magma’s previous $3.3 million raise from notable investors including Titan Capital, WEH Ventures, and others. The startup plans to deploy the fresh capital to deepen its factory solutions, enhance backward integration capabilities, and accelerate its technological investments — all aimed at improving procurement agility for its expanding customer base.
Founded in 2022 by Neal Thakker, Magma is transforming how Indian factories operate by offering a vertically integrated ecosystem that spans customized raw materials, green energy, biomaterials, waste management, and logistics. The company’s mission is to serve as the infrastructure backbone for India’s burgeoning manufacturing sector, enabling factories to scale both efficiently and sustainably.
Magma supports industrial clients by providing access to high-quality, tailored raw materials, renewable energy sources, and innovative waste management solutions that convert waste into recyclable inputs. Its value-chain-first model offers consistency, control, and efficiency at scale, with the flexibility to adapt to customer needs.
Since its launch, Magma has built a diverse customer base of over 250 factories across sectors such as ceramics, industrial chemicals, and packaging. The company currently operates at a Rs 250 crore revenue run rate and is already operationally profitable.
Looking forward, Magma has set its sights on reaching a Rs 1,000 crore revenue run rate within the next 24 months, fueled by strong adoption in India’s SME manufacturing sector.
“Our goal is to redefine how industrial supply chains operate in India — with a focus on sustainability, reliability, and speed,” said Neal Thakker, Founder and CEO of Magma.
As India’s manufacturing landscape continues to grow, Magma is positioning itself as a critical enabler of the next phase of industrial innovation.
