India, April 16 -- B2B manufacturing startup Magma has secured $5 Mn (around INR 42 Cr) in Series A funding round led by Capria Ventures.

The round also saw participation from Avinya Ventures and Capria Ventures' partner Sanjiv Rangrass, along with existing investors, including General Catalyst, Accion Venture Lab and WEH Ventures.

The startup seeks to deploy the fresh proceeds to boost its core factory offerings, expand backward integration capabilities and push for technological investments.

Founded in 2022 by Neal Thakker, Magma is a B2B industrial solutions provider that helps factories in processing and sourcing raw material, green energy solutions, industrial waste recycling, biomaterials and logistic services.

It claims to offe...