B2B manufacturing platform Magma raised $3.3 million in seed led by General Catalyst

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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.

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B2B manufacturing platform Magma raised $3.3 million in seed led by General Catalyst

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.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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