B2B building materials marketplace Magma raises extended Series A round

Magma, an Ahmedabad-based industrial solutions provider, has raised an extended Series A round from GVL and existing investors including Capria Ventures, General Catalyst, and Accion Venture Lab.Founded in 2022 by Neal Thakker, Magma offers a range of services to factories, including raw material supply, green energy solutions, waste management, and logistics. The startup claims to have reached an annualised revenue run rate of INR 300 crore and has served over 350 industrial clients. Claimed to be operating profitably, Magma aims to hit a revenue run rate of INR 1,000 crore in the next two years through geographic and vertical expansion. It currently operates in 10 Indian states in sectors such as ceramics, chemicals, packaging, plastics, and polymers.