B2B manufacturing platform Magma raised $3.3 million in seed led by General Catalyst along with Accion Venture Lab and Titan Capital where existing investors WEH Ventures, All in Capital, and angel investors including Aayush Phumbhra from Chegg, Varun Alagh from Mamaearth and Srini from BigBasket, also participated.
Magma is a business-to-business manufacturing platform that connects factories with raw materials, generates global demand, and provides supply chain services. Magma plans to use the new funds to expand its product offerings, business operations, and factory stack. It also intends to grow its team. The startup claims to have boarded over 80 factories to date and expects to generate an annualised GMV run rate of INR 150 Cr in fiscal year 2022-23. According to a Global data report, the country’s construction market size was pegged at $609.8 Bn in 2021. The industry is anticipated to achieve an average annual growth rate of more than 6% AGR during 2023-2026.