Industrial B2B solutions provider Magma has closed its Series A funding round at $8 million, following a $3 million extension to its previously announced $5 million raise in April 2025.
The latest infusion includes $1.2 million from existing investors Capria Ventures and Avinya Ventures, $1.3 million from Gujarat Venture Finance Limited (GVFL), the venture capital arm of the Gujarat government, and $0.5 million from AVNM Ventures. With this round, Magma’s total funding now stands at $11.3 million, including $3.3 million raised at the seed stage.
Capital to Drive Expansion and Product Growth
Magma said the fresh capital will be used to scale operations across Gujarat, Maharashtra, Karnataka, Rajasthan, and Telangana, deepen its precision manufacturing partner network, and accelerate growth of TerraMag, its advanced industrial materials brand. The company also plans to introduce new factory-focused solutions aimed at improving efficiency and transparency for manufacturers.
Building an Industrial Operations Stack
Founded in 2022 by Neal Thakker, Magma is building what it calls an “Industrial Operations Stack” for factories and contract manufacturers. The platform works closely with mid-market manufacturers to modernise production processes, improve throughput, and bring visibility to supply-demand dynamics in India’s fragmented industrial ecosystem. The company follows a fundamentals-driven, profitability-first approach, supported by proximity to key industrial clusters.
Strong Customer Base Across Sectors
Magma claims to serve over 250 industrial customers across sectors such as ceramics, industrial chemicals, paper, polymers, plastics, and packaging. Its client roster includes large industrial groups such as Reliance, Adani, and the Arvind Group, with operations spanning 12 states.
Focus on Sustainable Manufacturing
The Ahmedabad-based startup is also doubling down on Magma Green, its green manufacturing and materials platform, which delivers waste management and recycled materials solutions across paper, plastics, agro by-products, and sawdust value chains.
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