Magma Achieves Rs 200 Crore Revenue Run Rate in its First Operational Year
- ByStartupStory | May 22, 2023
Magma, the B2B Manufacturing startup, has achieved an impressive annualised revenue run rate of INR 200 crore, marking a successful closure of its inaugural operational year.
The organization collaborates with factories in key business areas, empowering them to expand internationally. It offers reliable energy and logistics solutions to support their daily production needs. Moreover, it facilitates the procurement of cost-effective yet high-quality raw materials, resulting in improved sales and output. Furthermore, it plays a crucial role in enhancing the competitiveness of Asian factories by providing user-friendly technology for accelerated growth and upskilling opportunities.
Magma, in just one year, has formed partnerships with over 100 industries and achieved impressive 5x growth. As a result, it has become a supply chain partner for renowned brands like Kajaria, Asian Granito India, Simpolo, and Varmora. Recently, Magma announced the expansion of its tech stack, introducing a suite of five products. These tools empower factories by providing access to global buyers, optimizing production, monitoring energy consumption, tracking valuable cargo, and enabling easy procurement of high-quality, cost-effective raw materials. This comprehensive solution aims to drive profits and facilitate the expansion of manufacturers’ reach.
Over the past 12 months, Magma has formed partnerships with more than 50 new suppliers. Neal Thakker, the Founder & CEO of Magma, emphasizes the importance of factory readiness amidst the China+1 manufacturing shift. Thakker believes that while this shift has received significant attention, there is a lack of focus on whether these factories are adequately prepared. He highlights the need for upskilling and addressing on-ground issues to enable factories to thrive and take advantage of the macro shift. Magma plays a vital role in unlocking the export potential of these factories, as global markets seek to diversify their supply chains away from China.
Magma’s primary objective is to grow its market presence in the wallet sector through factory expansion. This strategic approach has enabled Magma to explore various industries, with logistics being the latest addition. The company’s main goal is to support factories by offering comprehensive control and transparency throughout the entire value chain, according to Ashish Jani, Magma’s Chief Operating Officer.
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