According to reports, Magma, B2B industrial solutions provider located in Ahmedabad, has obtained $5 million in a Series A funding round led by Capria Ventures.

The round included contributions from Avinya Ventures, Sanjiv Rangrass, as well as returning investors General Catalyst, Accion Venture Lab, and WEH Ventures. The announcement was issued through a press release from the company.

This recent funding boost comes after the $3.3 million Magma secured previously from a group of investors such as General Catalyst, Titan Capital, and WEH Ventures. With its recent funding, Magma aims to enhance its core services, focus on backward integration, and develop technology that boosts procurement efficiency for its industrial customers.

Established in 2022 by Neal Thakker, Magma is creating what it refers to as the foundational infrastructure for Indian manufacturing. The company allows factories to obtain premium, tailored raw materials, shift to renewable energy and biomaterials, and handle industrial waste in an eco-friendly manner. Its vertically integrated ecosystem spans all aspects from materials and logistics to renewable energy and recycling options, all created to assist factories in scaling effectively and responsibly.

Magma's strategy is based on a profound understanding of the supply chain. Instead of functioning as a superficial marketplace, the company integrates itself throughout the industrial value chain. As stated in the announcement, this model has enabled it to uphold consistency and control while staying responsive to customer demands.

In the span of two years, Magma has established a clientele of more than 250 industrial clients across ceramics, chemicals, and packaging sectors. The business is presently achieving a revenue run rate of Rs.250 crore and is already profitable in its operations.

In the future, the company aims for substantial growth, aiming for a revenue run rate of INR 1,000 crore in the next 24 months. The growth will be driven by a rising uptake from India's small and medium-sized enterprise (SME) manufacturers, who face pressure to update and enhance operations due to changes in global supply chains.

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Through its most recent funding, Magma is establishing itself not merely as a supplier, but as a long-term infrastructure ally for manufacturing facilities in India.