B2B manufacturing startup Magma Closes USD 8 Mn Series A Round

B2B Industrial Solutions Firm Magma has closed its Series A round at $8 million, following an additional $3 million extension to its previously announced $5 million raise in April 2025. 

The latest funding round includes existing investors Capria Ventures and Avinya Ventures, as well as new investments from GVFL Ltd, the Gujarat government’s venture capital arm, and AVNM Ventures.

The newly raised capital will be used to expand Magma’s operations in Gujarat, Maharashtra, Karnataka, Rajasthan, and Telangana. The company aims to strengthen its precision manufacturing network and grow TerraMag, its advanced industrial materials brand.

Read also- Oben Electric Raises Rs 85 Cr in Pre-Series B Round

Magma will also continue developing Magma Green, a platform focused on waste management and recycled materials for the paper, plastic, agro, and sawdust industries. Additionally, the company plans to launch new factory-focused solutions in the coming months.

“With this round, we are expanding across key industrial belts and laying the foundation for India’s next phase of precision manufacturing. We are targeting an INR 1,000 Cr revenue run rate over the next 18 months,” founder Neal Thakker said.

Launched in 2022 by Neal Thakker, The Ahmedabad-based Magma develops an ‘Industrial Operations Stack’ for factories and contract manufacturers. With close ties to industrial clusters and a fundamentals-driven, profitability-first approach, the company works with mid market manufacturers to modernize production, improve throughput and increase transparency in India’s fragmented industrial ecosystem.

Magma serves over 250 industrial customers across sectors such as ceramics, industrial chemicals, paper, polymers, plastics and packaging, including major names like Reliance, Adani and Arvind Group. Operating across 12 states in India, the company caters to a wide range of industries.

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