Magma, a B2B manufacturing and supply chain enablement platform for building materials, has raised $3.3 million in a seed round led by General Catalyst and including Accion Venture Lab and Titan Capital.

Unicorn founder angels such as Aayush Phumbhra (Chegg), Varun Alagh (Mamaearth), and Srini participated in the funding round as well (BigBasket, Bluestone). Existing investors WEH Ventures and All in Capital also increased their stakes in this round.

The company, which was founded in February 2022, intends to use the investment to expand their product offerings, cater to the existing factory waitlist, and grow the team.

The product stack of the company includes factory and supplier-specific applications that help partner factories procure raw materials, find global buyers, and gain access to energy and resources.

“Post covid, factories and suppliers are moving their base from China to Southeast Asia, with India being on the forefront. Additional efforts have been put in by international buyers to diversify their sourcing, further presenting an opportunity for local manufacturers to take a significant wallet share,” Neal Thakkar, founder and CEO, Magma said.

Magma has signed up over 80 factories and expects to end its first fiscal year in March 2023 with an annualised GMV run rate of 150 crores ($18 million).

“We believe that India is emerging as a global manufacturing hub. This is leading to the digitization and upskilling of factories, such as those Magma is empowering in Morbi, Gujarat and other parts of India. We are excited to partner with Magma on their journey to digitise the ceramics and industrial chemicals industry in India and help their customers compete on a global scale,” Anand Chandrasekaran, partner at General Catalyst, said.

Magma raised $515K in pre-seed funding in August 2022, with participation from WEH Ventures, All in Capital, PointOne Capital, Angelist India, and notable angel investors such as the founders of Groyyo, Fashinza, ManMatters, and others.