GVFL Invests in Magma as Part of Extended Series A Round
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GVFL Ltd has announced a strategic investment in Magma, an Ahmedabad-based industrial solutions provider, as part of the company's extended Series A round. This funding round also includes notable investors such as Capria Ventures, General Catalyst, and Accion Venture Lab.
Founded in 2022 by Neal Thakker, Magma offers a range of services to factories, including raw material supply, green energy solutions, waste management, and logistics. The startup claims to have reached an annualised revenue run rate of INR 300 crore and has served over 350 industrial clients.
Already operating profitably, Magma now aims to hit a revenue run rate of INR 1,000 crore in the next two years through geographic and vertical expansion.
Mihir Joshi, Managing Director at GVFL, said, "We are delighted to support Magma in its mission to digitise and streamline factory operations for Indian manufacturers. The team brings strong execution capabilities and a sharp understanding of on-ground challenges in the sector. At GVFL, we look to back entrepreneurs building scalable solutions for traditional industries."
Neal Thakker, Founder and CEO of Magma, added, "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," he noted. "As we scale nationally, having a local growth partner that understands the pulse of traditional industries adds tremendous value."
Magma currently operates in 10 Indian states and supports sectors such as ceramics, chemicals, packaging, plastics, and polymers. It has raised more than USD 8 million to date and positions itself as a key player in building sustainable and technology-driven supply chains for Indian manufacturers.
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