Magma closes Series A round at $8 Mn

Industrial B2B solutions provider Magma has closed its Series A 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 its existing investors Capria Ventures and Avinya Ventures, $1.3 million from the Gujarat Government’s VC arm, GVFL, and $0.5 million from AVNM Ventures.

Magma has raised a total of $11.3 million to date, including $3.3 million in seed funding.

The proceeds will be deployed to scale its operations across Gujarat, Maharashtra, Karnataka, Rajasthan, and Telangana; strengthen precision manufacturing networks, accelerate the growth of TerraMag, its advanced industrial materials brand, and introduce new factory-focused solutions, Magma said in a press release.

Launched in 2022 by Neal Thakker, Magma builds an ‘Industrial Operations Stack’ for factories and contract manufacturers. With deep proximity to industrial clusters and a fundamentals-driven, profitability-first approach, 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.

Magma claims to have over 250 industrial customers across ceramics, industrial chemicals, paper, polymers, plastics and packaging sectors including Reliance, Adani and Arvind Group among others. With a footprint across 12 states in India, the startup serves a wide range of industries, including chemicals, packaging, polymers, paper, plastics, ceramics, and more. 

The Ahmedabad-based startup plans to 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. 

Capria Ventures is a global south-focused venture capital firm investing in applied AI innovations shaping the future of emerging markets like India, Southeast Asia, Africa, and Latin America. With over $200 million in AUM, the firm backs high-growth startups that embed AI to transform foundation sectors such as jobs, finance, healthcare, agriculture, and enterprise solutions.