B2B industrial solutions provider Magma raises $5 million from Capria Ventures, others

Business-to-business (B2B) industrial solutions provider Magma has raised $5 million in a funding round led by early-stage investment firm Capria Ventures.

The round, which was a mix of equity and debt financing, also saw existing investors General Catalyst, Accion Venture Lab, and WEH Ventures participate.

The funds will be used to strengthen Magma’s core factory offerings, expand backward integration capabilities, and accelerate technological investments.


“We want to be the industrial infrastructure layer for India — something every factory plugs into…The future of manufacturing isn’t just automation — it’s intelligent ecosystems that solve for B2B industrial solutions provider cost, sustainability, and agility together,” said founder Neal Thakker.

Founded in 2022, Magma enables factories to access high-quality customised raw materials, power their operations with green energy and biomaterial solutions, and manage waste by converting it into recyclable inputs.

The startup serves over 250 industrial clients across sectors such as ceramics, industrial chemicals, and packaging. It claims to have been operationally profitable since its launch and is currently on an annual revenue run rate of Rs 250 crore.

The company said it is targeting a revenue run rate of Rs 1,000 crore within the next 24 months.

“Our philosophy is simple: own the entire value chain, optimise every step, and pass efficiency back to the customer while retaining profitability as we grow,” Thakker added. “We’re now applying this proven model to new sets of manufacturers in laminates, PVC, paints, renewables, coatings, and more.”

Magma last raised $3.3 million in 2023 from General Catalyst, Accion Venture Lab, Titan Capital, and WEH ventures, among others.

Commenting on the investment, Surya Mantha, managing partner, Capria Ventures, said, “We are pleased to partner with Magma as they address a $36 billion opportunity in one of India’s most under-served industrial supply chains. Their ability to ease procurement and unlock underutilized capacity impressed us from the outset.”