Taozen Technology Pvt Ltd, which runs cross-border business-to-business (B2B) supply chain enablement startup Magma, has raised $3.3 million (around Rs 26.4 crore) in a seed funding round led by General Catalyst.
The round also saw participation from Accion Venture Lab, Titan Capital, WEH Ventures and All in Capital, with angel investors Aayush Phumbhra (Chegg), Varun Alagh (Mamaearth) and Srini (BigBasket, Bluestone).
The Ahmedabad-based company plans to use the fresh money for product expansion, hiring and developing its tech stack.
“We must ensure that factories in India are adapting to new practices, responsible production techniques, and using quality raw materials. At Magma, we enable factories not only to cater to global buyers with quality products but also improve their efficiency and profitability.” said Neal Thakkar, founder and chief executive officer, Magma.
Founded in 2022 by Thakkar, Magma is a B2B manufacturing and supply chain enablement platform for building materials, which helps factories procure raw materials and get global buyers for exports through its product stack which includes factory and supplier-specific applications.
The startup claims to have onboarded over 80 factories and aims to close the current financial year with an annualised gross merchandise value (GMV) run rate of $18 million.
In August 2022, the company raised $515,000 in a pre-seed funding round led by WEH Ventures with participation from All in Capital, PointOne Capital, Angelist India and angel investors like Revant Bhate (Man Matters), Subin Mitra and Pratik Tiwari (Groyyo) amongst others.
US-based venture capital (VC) fund General Catalyst was founded in 2000. It provides early-stage and growth equity investments. It has invested in Silicon Valley heavyweights, including Airbnb Inc., Stripe Inc., Snap Inc., Guild and Hubspot. In India, its portfolio includes CityMall, Cred, Uni and StockGro.
Last month, the VC firm had participated in the $6 million pre-Series B funding round of Gurugram-based healthtech startup Breath Well-being. Last year, the firm participated in the $25 million Series B funding round of healthtech startup Orange Health.