Supply Chain Enablement Startup Magma Raises Capital

A Supply chain enablement startup Magma raised an investment of $515K in a Pre-seed funding round from WEH Ventures.

All in Capital, Angelist India, PointOne Capital, as well as angel investors such as Pratik Tiwari (Groyyo), Revant Bhate (Man Matters), Subin Mitra, Pawan Gupta, and Abhishek Sharma (Fashinza), and others participated in the investment round.

Magma will plan to use the incoming cash to expand the workforce and make investments in its technology and product.

Magma is a building materials manufacturing platform founded by Neal Thakker in 2022. To provide supply chain services from the supplier to the client, the platform collaborates with companies and suppliers of raw materials.

A factory app on the platform aids partner firms in increasing demand. In addition, partner factories get access to a platform for AI-based lead generation and access to international customers. Magma asserts that it has partnered with more than 55 factories.

According to Thakker, The SME is the daily provider of income for our global economy, but it still faces challenges because of a lack of capacity in technology, operations, and capacity utilization.

In the words of WEH Ventures partner Rohit Krishna, “Neal has been one of the most agile founders we have ever met; every week he not only brings new insights to the table on what the industry needs, but he also transforms those ideas into a product and executes it remarkably quickly.”

By 2026, the worldwide market for construction materials is anticipated to reach a $1 Tn size, with SMEs aiming for a $200 Bn threshold. Magma is in direct competition with B2B e-commerce platforms like OfBusiness and Infra.Market, which is both targeted towards the manufacturing and building materials industries.