magma

Key Highlights:

  • Magma has raised $515K in pre-seed funding from WEH Ventures.
  • The Platforms even offer supply chain services from suppliers to customers by partnering with factories and raw materials suppliers.
  • The platform competes directly with unicorns OfBusiness and Infra. Market, both of which are B2B eCommerce platforms focused on manufacturing and building materials.

Manufacturing and supply chain enablement platform Magma has raised $515K in pre-seed funding from WEH Ventures.

The round saw participation from All in Capital, PointOne Capital, Angelist India and angel investors including Revant Bhate (Man Matters), Subin Mitra and Pratik Tiwari (Groyyo), Pawan Gupta and Abhishek Sharma (Fashinza) and more have seemed to have participated in the round.

With this funding, Magma plans to scale the team and invest in its product and technology.

The company was founded in 2022 by Neal Thakker. It’s a platform based on manufacturing in the field of building materials. The Platforms even offer supply chain services from suppliers to customers by partnering with factories and raw materials suppliers.

As part of the platform, partners are able to generate more demand through a factory app. Aside from purchasing raw materials, partner factories have access to a lead generation tool based on artificial intelligence (AI) and global market access. The platform claims to have onboarded more than 55 partner factories.

The founder said regarding the building materials industry, “Due to lack of bandwidth in technology, operations, and capacity utilization, the SME manufacturing ecosystem continues to struggle.”

According to Magma, the Building materials market size is expected to reach $1 Tn by 2026, with SMEs targeting $200 Bn.

The platform competes directly with unicorns OfBusiness and Infra. Market, both of which are B2B eCommerce platforms focused on manufacturing and building materials.

Aditya Birla Group recently launched its own B2B eCommerce platform, Grasim Industries, which is backed by an INR 2,000 Cr investment from the parent company

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