Mumbai, February 13 Industrial manufacturing solutions provider Magma announced on Friday the expansion of its offerings through a new business vertical to cater to the demand for engineered precision components used in aerospace, automotive, electronics, and other critical sectors.
The new vertical, Magma Engineering, represents a strategic expansion of the company's broader vision to build an integrated industrial solutions vertical, combining materials, manufacturing, and now precision-engineered components under a unified ecosystem, the company said in a statement.
The new vertical strengthens the company's evolution from being a material and industrial solutions provider to a fully integrated industrial manufacturing and engineering partner, said the company, which is backed by investors like General Catalyst and Titan Capital, among others.
"Our objective has always been to build Magma into a global, Indian multinational that delivers complete solutions, and Magma Engineering brings together everything our customers have been asking for – precision, speed, and accountability under one roof from a local partner geographically close to them," said Neal Thakker, Founder and CEO, Magma Group.
According to Magma, which serves over 250 industrial customers with a full-stack ecosystem for factory materials, the new business aims to build local capability to deliver high-tolerance, mission-critical components at a time when manufacturers are moving away from overseas OEMs (original equipment makers) amid uncertain supply chains.
Looking ahead, the new vertical aims to become a strong growth driver for the group, along with TerraMag – Magma's advanced industrial materials arm and Magma Green, it said.
In addition to General Catalyst and Titan Capital, the company also counts on investors like Capria Ventures, Avinya Ventures, GVFL Ltd, Accion Venture Lab and WEH Ventures.