Magma secures $515K in funding led by WEH Ventures

• ByStartupStory     |    August 22, 2022

Magma, a platform for enabling cross-border B2B manufacturing and supply chains for construction materials, has raised its pre-seed funding of $515K with the help of WEH Ventures as the lead investor and participation from All in Capital, PointOne Capital, Angelist India, and renowned angel investors such as Revant Bhate (Man Matters), Subin Mitra, Pratik Tiwari (Groyyo) and others. The money will be used to expand the team throughout India’s manufacturing hubs and to make product and technological investments. 

Neal Thakker stated, “The SME manufacturing ecosystem acts as the everyday breadwinner for our global economy, but continues to struggle owing to a lack of bandwidth in technology, operations, and capacity utilisation. I have spent a lot of time with these factories as a sourcing manager and merchant exporter, and I have personally witnessed the reality of their goals to sell their goods all over the world. We are thrilled to serve millions of manufacturers in the future after realizing their need for a partner like us.”

Rohit Krishna, Partner at WEH Ventures, said, “We feel that manufacturing is going to be a key driver in the next leg of growth for India, and the China plus one policy is working as an accelerant to this trend. We are aware that every industry within the SME manufacturing sector is distinct, and the trick is to identify the strong wedge that will maintain the supply-interest side and customer satisfaction. In that regard, Neal has been among the most nimble founders we have ever seen; each week, he not only contributes fresh perspectives on what the market wants, but he also transforms those insights into products and launches them very swiftly.”

About Magma

Magma is a tech-enabled production platform for building materials. The building materials industry’s worldwide supply-first aggregator, Magma, is on a mission to take tiny and micro businesses global. A factory software offered by the company helps partner companies by increasing demand through a lead generation tool powered by artificial intelligence. Neal Thakker, a fresh graduate with experience in the building materials business who previously worked at MSI Surfaces and AGL Tiles, founded Magma in February 2022 by Neal Thakker.

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