With GVFL Ltd.’s strategic investment, industrial solutions company Magma has expanded its Series A round, joining a group of investors that also includes Capria Ventures, General Catalyst, Accion Venture Lab, and others.
To date, the Ahmedabad-based business has raised more than $8 million.
Magma, which was founded in 2022 by Neal Thakker, offers factories a range of solutions in verticals such as waste management, logistics, green energy, and raw material supply. Its goal is to equip factories with supply chains that are tech-enabled, sustainable, and efficient. The business provides services to manufacturers in a variety of industries, including packaging, chemicals, ceramics, polymers, and plastics.
Magma says its integrated solutions for waste management, green energy, and specialty raw materials are made to increase efficiency and productivity in factories. With operations in ten states and expanding, its goal is to create the foundational infrastructure for Indian manufacturing in the future.
“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.
According to the company, it is already profitable, has served more than 350 industrial clients, and operates at an annualized revenue run rate of Rs 300 crore. Magma aims to achieve a revenue run rate of Rs 1,000 crore over the next 24 months, which will be fueled by growth into new product verticals, industrial hubs, and strategic alliances.
