Building materials manufacturing and supply chain facilitation platform Magma raised $515K in pre-seed funding from WEH Ventures, along with participation from All in Capital, PointOne Capital, Angelist India, Revant Bhate (Man Matters), Subin Mitra and Pratik Tiwari (Groyyo), Pawan Gupta and Abhishek Sharma (Fashinza), and other angel investors.
Magma is a platform for producing construction materials. Working along with companies and raw material suppliers, the platform offers supply chain services from the supplier to the client. According to Magma, the incoming cash will be utilised to grow the workforce and make investments in the company’s technology and product. Magma asserts to be working with over 55 partner factories. By 2026, it is anticipated that the market for building materials would be worth $1 trillion, with SMEs aiming for $200 billion.