Taozen Technology Pvt. Ltd, which runs cross-border B2B supply chain enablement startup Magma, has raised $515,000 in a pre-seed funding round led by WEH Ventures.

All in Capital, PointOne Capital and Angelist India, with marquee angels including Subin Mitra and Pratik Tiwari (co-founders at Groyyo), Revant Bhate (Co-founder at Man Matters), among others, also participated in the funding round.

As per the startup, the raised funds will be used to scale its India team across manufacturing and invest in product and technology.

Magma | B2B Supply Chain Enablement Startup

Founded by Neal Thakker in February 2022, Magma is a tech-enabled cross-border B2B marketplace for building materials. Its product includes a factory app that helps partner factories by giving them more demand through its AI-based lead generation tool, access to global buyers, etc.

Speaking about the development, Neal Thakker, Founder of Magma, said,

“The SME manufacturing ecosystem serves as the daily breadwinner for our global economy, yet continues to struggle due to no bandwidth in technology, operations and capacity utilization. As a sourcing manager and merchant exporter myself, I have spent considerable time with these factories and seen the first-hand reality of their aspirations to sell their products all over the world.”

Magma helps partner factories with 1-click procurement of cheaper and quality raw materials leading to better conversion and retention and easy-to-use technology to standardize factory floors.

The Ahmedabad-based startup has already onboarded over 55 factories. It is set to close its first quarter of business with an annualized GMV run rate of 3 million dollars.

Commenting on the development, Rohit Krishna, Partner at WEH Ventures, said,

“We understand that each industry within the SME manufacturing sector is unique, and the key is to find the strong wedge to keep the supply-side engaged and happy. On that note, Neal has been one of the most agile founders. He not only brings new insights to the table on what the industry needs, but he also turns those ideas into a product and deploys it incredibly quickly.”

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