India, Dec. 18 -- B2B manufacturing startup Magma has raised an additional $3 Mn (around INR 27 Cr), closing its Series A round at $8 Mn.

The startup had raised $5 Mn in the first tranche of the round back in April. The round was led by Capria Ventures, with participation from Avinya Ventures, GVFL Ltd (the Gujarat government's venture arm) and AVNM Ventures. Existing investors Capria and Avinya together infused $1.2 Mn in the second tranche, while GVFL and AVNM contributed $1.3 Mn and $500K, respectively.

Magma plans to use the fresh capital to expand into five industrial states-Gujarat, Maharashtra, Karnataka, Rajasthan and Telangana-while strengthening its precision manufacturing capabilities. The funds will also be deployed to scale...