Building materials manufacturing and supply chain support platform Magma has raised $515,000 in pre-seed funding from WEH Ventures.
All in Capital, PointOne Capital, Angelist India and angel investors including Revant Bhate (Man Matters), Subin Mitra and Pratik Tiwari (Groyyo), Pawan Gupta and Abhishek Sharma (Fashinza) and others participated in the funding round.
Magma will use incoming funds to grow the team and invest in its product and technology.
Founded in 2022 by Neal Thakker, Magma is a materials manufacturing and construction platform. The platform works with factories and raw material suppliers and offers supply chain services from supplier to customer.
Magma competes directly with unicorns OfBusiness and Infra.Market, two B2B e-commerce platforms focused on manufacturing and building materials.
The platform includes a factory app that helps partner factories generate more demand. Partner factories will also have access to raw material sourcing, AI-powered lead generation tools, and access to global buyers. Magma claims to have integrated more than 55 partner factories.
Neal Thakker, founder of Magmasaid, “The SME manufacturing ecosystem is the daily breadwinner of our global economy, but continues to struggle with bandwidth shortages in technology, operations and capacity utilization.”
He added: “As a sourcing manager and distributor-exporter, I myself have spent a lot of time in these factories and have seen firsthand the reality of their aspirations to sell their products in the whole world. We realized they needed a partner like us and are excited to serve the needs of millions of manufacturers in the time to come.
Rohit Krishna, Partner at WEH Ventures, said, “Neal was one of the most nimble founders we’ve ever met; every week, he not only brings new ideas about industry needs, but he also turns those ideas into a product and deploys it incredibly quickly.
According to Magma, the global building materials market is on track to reach a $1 billion market size by 2026, with SMEs targeting the $200 billion mark.
Aditya Birla Group has also recently entered this space with a B2B e-commerce platform targeting its construction materials through Grasim Industries, armed with an investment of INR 2,000 crore from the parent company.