Taozen Technology Pvt. Ltd, which runs cross border business-to-business (B2B) supply chain enablement startup Magma on Monday said it has secured $515,000 in a pre-seed funding round led by WEH Ventures.
The round also saw participation from All in Capital, PointOne Capital and Angelist India, with marquee angels including Revant Bhate (co-founder at Man Matters), Subin Mitra and Pratik Tiwari (co-founders at Groyyo), among others.
The Ahmedabad-based firm plans to use the fresh capital to scale its India team across manufacturing and invest in product and technology.
Founded by Neal Thakker this year, Magma is a global supply-first aggregator in the building materials industry. The company claims that its product includes a factory app that helps partner factories by giving them more demand through its AI based lead generation tool, access to global buyers, 1-click procurement of cheaper and quality raw materials leading to better conversion and retention, and easy to use technology to standardize their factory floors.
“The SME manufacturing ecosystem serves as the daily breadwinner for our global economy, yet continues to struggle due to no bandwidth in technology, operations and capacity utilization. As a sourcing manager and merchant exporter myself, I have spent considerable time with these factories and seen the first-hand reality of their aspirations to sell their products all over the world,” said Thakker.
“We understand that each industry within the SME manufacturing sector is unique and the key is to find the strong wedge to keep the supply-side engaged and happy. On that note, Neal has been one of the most agile founders. He not only brings new insights to the table on what the industry needs but he also turns those ideas into a product and deploys it incredibly quickly,” said Rohit Krishna, Partner at WEH Ventures.
Chandigarh-based grievance redressal firm Webnyay Pvt. Ltd has raised undisclosed capital in a seed funding round led by Inflection Point Ventures, with participation from SucSEED Indovation Fund.
The platform plans to deploy fresh proceeds for products scaling, building AI and machine learning, and NLP capabilities, boosting security and enhancing the capability for resolving disputes in open networks.
Founded by Vishwam Jindal in 2020, Webnyay helps companies, people and the authorities resolve disputes and complaints in a secure and seamless online environment.
“We are building the justice delivery ecosystem for the internet. We want to help businesses and government bodies resolve grievances and disputes in a speedy and cost-effective manner. Our mission is to use technology to increase access to justice and enable ease of doing business. We are building AI and machine learning algorithms for faster and automated resolution of grievances and disputes,” Jindal said.
“The comfort and trust to use tech-enabled platforms for dispute resolution remain an untapped market largely because of obvious challenges. Webnyay is making a bold move in this segment as a pioneering legal tech platform built in India that has global relevance in grievance redressal and dispute resolution. As a believer in backing great companies with great founders, Webnyay delivers on this parameter for IPV,”said Vinay Bansal, Founder and CEO of Inflection Point Ventures.
