About Magma General Insurance
Magma General Insurance is a company based in Mumbai (India) founded in 1988 was acquired by DS Group in March 2025.. Magma General Insurance has raised $109.46 million across 4 funding rounds from investors including Morgan Stanley, Patanjali Ayurved and ICICI Venture. Magma General Insurance operates in a competitive market with competitors including ACKO, Digit Insurance, 5 nce, Square Insurance Brokers and PBPartners, among others.
- Headquarter Mumbai, India
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Sectors
Financial Services
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Email
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Phone
*********
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Website
*********
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Social
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$109.46 M (USD)
in 4 rounds
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Latest Funding Round
$58.03 M (USD), Unspecified
May 31, 2022
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Investors
Morgan Stanley
& 21 more
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Employee Count
Employee Count
- Acquired by
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Funding Insights of Magma General Insurance
Magma General Insurance has successfully raised a total of $109.46M across 4 strategic funding rounds. The most recent funding activity was a Unspecified round of $58.03 million completed in May 2022. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 4
- Last Round Unspecified — $58.0M
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First Round
First Round
(22 May 2019)
- Investors Count 19
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| May, 2022 | Amount | Unspecified - Magma General Insurance | Valuation | Sanoti Properties |
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| Mar, 2021 | Amount | Unspecified - Magma General Insurance | Valuation |
investors |
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| Apr, 2020 | Amount | Unspecified - Magma General Insurance | Valuation | Poonawalla Fincorp |
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Magma General Insurance
Magma General Insurance has secured backing from 22 investors, including venture fund, institutional, and angel investors. Prominent investors backing the company include Morgan Stanley, Patanjali Ayurved and ICICI Venture. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Alternative asset management and investment services in India.
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Founded Year | Domain | Location | |
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Investment firm focusing on private equity in sectors like financial services and healthcare.
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Founded Year | Domain | Location | |
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Wealth management, investment advisory, and financial services are provided.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Magma General Insurance
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Magma General Insurance
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Magma General Insurance Comparisons
Competitors of Magma General Insurance
Magma General Insurance operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as ACKO, Digit Insurance, 5 nce, Square Insurance Brokers and PBPartners, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Insurance products for vehicles, health, travel, and life are offered.
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| domain | founded_year | HQ Location |
General and life insurance products are provided across multiple categories.
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| domain | founded_year | HQ Location |
AI-powered investment and financial advisory services are provided.
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| domain | founded_year | HQ Location |
Platform for insurance broking and policy comparison
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| domain | founded_year | HQ Location |
Multiple insurance products are delivered via a web-based platform.
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| domain | founded_year | HQ Location |
Provider of financial solutions for businesses and individuals
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Magma General Insurance
Frequently Asked Questions about Magma General Insurance
When was Magma General Insurance founded?
Magma General Insurance was founded in 1988 and raised its 1st funding round 31 years after it was founded.
Where is Magma General Insurance located?
Magma General Insurance is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.
Who is the current CEO of Magma General Insurance?
Rajive Kumaraswami is the current CEO of Magma General Insurance.
Is Magma General Insurance a funded company?
Magma General Insurance is a funded company, having raised a total of $109.46M across 4 funding rounds to date. The company's 1st funding round was a Unspecified of $7.02M, raised on May 22, 2019.
What does Magma General Insurance do?
Magma General Insurance was founded in 1988 and is headquartered in Mumbai, India. Operations focus on the insurance sector, where coverage is extended to motor cars, two-wheelers, commercial vehicles, tractors, health, personal accidents, and homes. Additional services include protection for commercial assets against fire, engineering risks, liability, marine perils, and other specialized needs.
Who are the top competitors of Magma General Insurance?
Magma General Insurance's top competitors include Digit Insurance, ACKO and Square Insurance Brokers.
Who are Magma General Insurance's investors?
Magma General Insurance has 22 investors. Key investors include Morgan Stanley, Patanjali Ayurved, ICICI Venture, Poonawalla Stud Farms, and DS Group.
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