Magicrete is one of the top manufacturers of autoclaved aerated concrete (AAC) blocks, a product increasingly replacing traditional bricks in residential and commercial segments. The company was started in 2008 by IIT alumnus Sourabh Bansal, with co‑founders Puneet Mittal and Sidharth Bansal. Initial financing was provided by a group of unnamed angel investors in Surat. Magicrete has attracted private equity interest as builders and developers shift toward AAC products. The business received a Rs 35 crore ($6.5M) investment from Motilal Oswal Private Equity, which took a significant minority stake. MOPE expects the business to grow about 5x in the next three years.

Total raised

$6M

Funding rounds

1

Latest round

Equity

Latest activity

Mar 2013