Supply Chain Enablement Startup Magma Raises Seed Funding
Taozen Technology Pvt Ltd, which runs cross-border B2B supply chain enablement startup Magma, has raised a seed funding round of $3.3 million (around Rs 26.4 crore) led by General Catalyst.
Accion Venture Lab, Titan Capital, WEH Ventures, and All in Capital, with angel investors Varun Alagh (Mamaearth), Aayush Phumbhra (Chegg), and Srini (BigBasket, Bluestone), also participated in the funding round.
As per the startup, the freshly raised capital will be used for product expansion, hiring and developing its tech stack.
Magma | Cross-border B2B Supply Chain Enablement Startup
Founded by Neal Thakkar in 2022, Magma is a tech-enabled cross-border B2B manufacturing and supply chain enablement platform for building materials.
The Ahmedabad-based startup helps factories procure raw materials and get global buyers for exports through its product stack, which includes factory and supplier-specific applications.
Speaking about the development, Neal Thakkar, Founder and CEO of Magma, said,
“We must ensure that factories in India are adapting to new practices, responsible production techniques, and using quality raw materials. At Magma, we enable factories not only to cater to global buyers with quality products but also improve their efficiency and profitability.”
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. Magma provides 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 claims to have onboarded over 80 factories. It aims to close the current financial year with an annualized gross merchandise value (GMV) run rate of $18 million.
In August 2022, Magma raised $515,000 in a pre-seed funding round led by WEH Ventures to scale its India team across manufacturing and invest in product and technology.
Coming back to the development, General Catalyst, a US-based venture capital (VC) fund, led this round. The firm has invested in Silicon Valley heavyweights, including Airbnb Inc., Stripe Inc., Snap Inc., Guild and Hubspot. Its portfolio in India includes CityMall, StockGro, Cred, and Uni. Recently, in January, General Catalyst participated in the $6 million pre-Series B funding round of Gurugram-based healthtech startup Breath Well-being.
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