Magma, a manufacturing and supply chain enablement platform for building materials has raised $515K in its pre-seed funding round from WEH Ventures.
Other VCs and angle investors including All in Capital, PointOne Capital, Angelist India, RevantBhate (Man Matters), Subin Mitra and Pratik Tiwari (Groyyo), Pawan Gupta and Abhishek Sharma (Fashinza) and among others, also saw participated in this round.
The startup plans to use the funds to grow the team and invest in its product and technology.
Ahmedabad-based Magma was founded in 2022 by Neal Thakker, it is a manufacturing and supply chain enablement platform in the field of building materials.
It partners with factories and raw material suppliers to provide supply chain services from supplier to customer.
The startup includes the Factory app which helps partner factories to generate more demand. In addition, its partner factories also get access to raw material procurement, AI-based lead generation tools and global buyers.
“The SME manufacturing ecosystem serves as the daily breadwinner for our global economy, yet continues to struggle due to no bandwidth in technology, operations and capacity utilization”, said Neal Thakker, Co-founder of Magma.
“As a sourcing manager and merchant exporter myself, I have spent considerable time with these factories and seen the first-hand reality of their aspirations to sell their products all over the world. We realized their need for a partner like us and are excited to cater to millions of manufacturers in the times to come,” he added.
The startup claims to have onboarded over 55 partner factories.
“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 turns those ideas into a product and deploys it incredibly quickly”, said, Rohit Krishna, partner at WEH Ventures.
The global building materials market is set to hit $1 Tn market size by 2026, with SMEs targeting $200 Bn as per the company.
The startup competes directly with B2B ecommerce platforms OfBusiness and Infra.Market.
Magma is a tech-enabled cross-border B2B marketplace for building materials.