GVFL backs Magma in extended Series A round

Industrial solutions company Magma has extended its Series A round with a strategic investment from GVFL Ltd., joining an investor group that includes Capria Ventures, General Catalyst, Accion Venture Lab and others. 

The Ahmedabad-based company has raised over $8 million to date.

Founded in 2022 by Neal Thakker, Magma provides a suite of solutions to factories across verticals including raw materials supply, green energy, waste management, and logistics. It aims to  empower factories with efficient, sustainable, and tech-enabled supply chains. The company serves  manufacturers across sectors such as ceramics, chemicals, packaging, plastics, and polymers.

According to Magma, its integrated offerings spanning specialty raw materials, green energy, and waste management are designed to streamline factory operations and boost productivity. With operations in 10 states and growing, it aspires to build the infrastructure backbone for the future of Indian manufacturing. 

 “GVFL’s entry into our cap table felt intuitive — their deep presence in Gujarat’s industrial landscape and alignment with the Government of Gujarat makes them an incredibly strategic partner. As we scale nationally, having a local growth partner that understands the pulse of traditional industries adds tremendous value. We’re excited to continue building alongside them,” said Neal Thakker, founder and CEO of Magma

The company claims that it is currently operating at a Rs 300 crore annualized revenue run rate, has served over 350 industrial customers, and is already profitable. Over the next 24 months, Magma is targeting a Rs 1,000 crore revenue run rate, driven by expansion into new industrial hubs, product verticals, and strategic partnerships.