Magma, an industrial B2B solutions provider, has closed its Series A funding round at $8 million, following an additional $3 million extension to its previously announced $5 million raise in April 2025.
The $3 million fresh infusion includes: 1.2 million from Capria Ventures and Avinya Ventures, extending their existing investment; $1.3 million from the Gujarat Government’s VC arm, GVFL; and $0.5 million from AVNM Ventures.
With this $8 million Series A round, Magma has raised a total of $11.3 million to date, including $3.3 million in seed funding, led by General Catalyst, Titan Capital, Accion Venture Lab and WEH Ventures.
The fresh funds raised will be used to scale its operations across Gujarat, Maharashtra, Karnataka, Rajasthan, and Telangana; strengthen the company’s precision manufacturing network; accelerate the growth of TerraMag, its advanced industrial materials brand; and introduce new factory-focused solutions, to be announced shortly. The company will also double down on Magma Green, a green manufacturing and materials platform delivering waste-management and recycled-materials solutions across the paper, plastic, agro, and sawdust value chains.
Founded in 2022 by Neal Thakker, Magma is building a first-of-its-kind ‘Industrial Operations Stack’ for India’s factories and contract manufacturers. Magma provides end-to-end B2B industrial solutions spanning raw material sourcing, precision processing, green energy solutions, industrial waste recycling, biomaterials and logistics.
The company works closely with mid-market manufacturers to modernise production, improve throughput, and bring transparency to supply and demand in India’s fragmented industrial ecosystem.
Neal Thakker, Founder and CEO, Magma, said, “The continued backing from our investors reinforces our belief in a proximity-first, fundamentals-led model rooted in India’s manufacturing clusters. With this round, we are scaling our footprint across key industrial belts and building the backbone for India’s next wave of precision manufacturing. We are on track to reach an INR 1,000 crore revenue run rate within the next 18 months.”
Surya Mantha, Managing Partner, Capria Ventures, said, “Magma is solving a very hard and very large problem — modernising India’s industrial backbone. Their traction in mid-market manufacturing clusters, the quality of on-ground operations, and Neal’s clarity on building a durable business give us confidence to increase our investment. We believe Magma is positioned to become a defining company in India’s industrial stack, as they address a USD 36 billion opportunity in one of India’s most underserved industrial supply chains.”
Gaurav VK Singhvi, Managing Partner, Avinya Ventures, said, “Over the last six months, Magma has delivered what we look for in an industrial platform at scale: steady revenue growth, improving gross margins and disciplined execution. The revenue mix is now anchored in core verticals, the company has added customers across more than 14 states, and it has remained cash generative. The team’s proximity to manufacturing clusters and focus on fundamentals give us confidence to deepen our ownership. We see a clear path to a larger, more profitable business and are excited to support Magma as it builds toward public market readiness.”
