The round was led by Capria Ventures and saw participation from Avinya Ventures, GVFL Ltd (the Gujarat government’s venture arm), and AVNM Ventures
GVFL and AVNM joined in the second tranche of this round by infusing $1.3 Mn and 0.5 Mn respectively
The funds will help the startups in its precision manufacturing offerings, scale its TerraMag industrial materials brand, and double down on Magma Green
B2B manufacturing startup Magma has raised an additional $3 Mn (around INR 27 Cr), closing its Series A round at $8 Mn.
The startup had raised $5 Mn in the first tranche of the round back in April. The round was led by Capria Ventures, with participation from Avinya Ventures, GVFL Ltd (the Gujarat government’s venture arm) and AVNM Ventures. Existing investors Capria and Avinya together infused $1.2 Mn in the second tranche, while GVFL and AVNM contributed $1.3 Mn and $500K, respectively.
Magma plans to use the fresh capital to expand into five industrial states—Gujarat, Maharashtra, Karnataka, Rajasthan and Telangana—while strengthening its precision manufacturing capabilities. The funds will also be deployed to scale its TerraMag industrial materials brand and Magma Green, its waste management and recycled materials initiative.
“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.
Founded in 2022, Magma provides end-to-end B2B industrial solutions spanning raw material sourcing, precision processing, green energy solutions, industrial waste recycling, biomaterials and logistics. The startup claims its platform helps factories optimise operations and improve efficiency. Magma’s total funding stands at $11.3 Mn, including a $3.3 Mn seed round backed by General Catalyst, Titan Capital, Accion Venture Lab and WEH Ventures.
On the operational front, Magma says it serves over 250 clients, including Reliance, Adani and the Arvind Group, and operates across 12 Indian states. It follows a profitability-first approach and has been cash generative since inception.
The funding comes amid rising investor interest in tech-led industrial services startups, driven by automation, AI adoption and supply chain modernisation. Recently, CapGrid Solutions raised $5 Mn as part of its extended Series A round in February, while chemical recycling startup RecommerceX secured $3.6 Mn in seed funding in September last year.
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