Magma raises $5 million Series A led by Capria to scale B2B solutions

Magma, a leading B2B industrial solutions provider, said it has closed a $5 million Series A funding round led by Capria Ventures. The funding round comprises a mix of equity and debt financing. The round also saw participation from existing backers General Catalyst, Accion Venture Lab and WEH Ventures, all of whom doubled down on their investments, along with Avinya Ventures and B2B veteran Sanjiv Rangrass (venture partner at Capria) joining as new investors. The funds will bolster Magma’s core operations, expand backward integration and boost tech investments to improve procurement agility.

 

“We want to be the industrial infrastructure layer for India — something every factory plugs into,” said Neal Thakker, founder of Magma. “If you're a manufacturer in India, we want to be the first partner you think of, whether it’s for materials, power or waste solutions.”

 

 

Magma stands out for its multi-touchpoint integration across the entire factory lifecycle — from inputs to outputs. It helps factories source high-quality customised raw materials, use green energy and biomaterials, and convert waste into recyclable inputs. With strong supply-side capabilities, Magma has built a value-chain-first model that ensures consistency, control and efficiency at scale, while remaining agile to customer needs.

 

Since launching in August 2022, Magma has built a diverse client base of over 250 industrial customers across various sectors, including ceramics, industrial chemicals and packaging. The company has been operationally profitable since inception and is currently growing at a Rs 250 crore revenue run rate, with a customer base including industrial leaders like Adani, Reliance and Arvind.

 

Surya Mantha, managing partner at Capria Ventures, said the firm is backing Magma as it tackles a $36 billion opportunity in India’s underserved industrial supply chain. He noted the team’s strength in streamlining procurement, unlocking idle capacity and building a scalable, capital-efficient business with strong fundamentals.

 

“With AI embedded across operations, and plans to broaden access through automated procurement workflows, we believe they are well-positioned to scale Magma into a category-defining company,” said Mantha.

 

Looking ahead, Magma aims to achieve a Rs 1,000 crore revenue run rate within the next 24 months, driven by rapid adoption across India’s small and medium enterprise (SME) manufacturing sector.