Latest news with #GVFL
News18
6 days ago
- Business
- News18
Magma secures Rs 10 crore funding from GVFL
Agency: PTI Last Updated: New Delhi, Jul 26 (PTI) Industrial solutions provider Magma has raised Rs 10 crore in funding from venture capital fund GVFL. The proceeds will be utilised towards expanding working capital and strengthening market position, the company said in a statement. Magma has extended its Series A round with a strategic investment from GVFL Ltd. The company has received Rs 10 crore, it added. 'Their (GVFL's) deep presence in Gujarat's industrial landscape and alignment with the Government of Gujarat make them an incredibly strategic partner. As we scale nationally, having such a growth partner adds value," said Neal Thakker, founder and CEO of Magma. Ahmedabad-based Magma provides a suite of solutions to factories across verticals, including raw materials supply, green energy, waste management, and logistics. The company is currently operating at a Rs 300 crore annualised revenue run rate, has served over 350 industrial customers, and is already profitable. PTI ABI ABI BAL BAL Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Entrepreneur
22-07-2025
- Business
- Entrepreneur
GVFL Invests in Magma as Part of Extended Series A Round
This funding round also includes notable investors such as Capria Ventures, General Catalyst, and Accion Venture Lab. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. 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.
Entrepreneur
28-05-2025
- Business
- Entrepreneur
GROWiT Raises USD 3 Mn to Power the Future of Protective Farming
The Series A funding round was led by GVFL, with participation from Veloce Opportunities Fund, JITO, We Founder Circle, Sunicon Ventures Fund, Progrowth Ventures, and Hyderabad Angels. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Agritech startup GROWiT India Pvt Ltd has successfully raised USD 3 million in a Series A funding round led by GVFL, with participation from Veloce Opportunities Fund, JITO, We Founder Circle, Sunicon Ventures Fund, Progrowth Ventures, and Hyderabad Angels. The capital infusion will be strategically deployed to support GROWiT's aggressive expansion, bolster R&D efforts, and enhance its technology infrastructure. This will enable the company to serve farmers better while also expanding its footprint in India and emerging markets like Africa. "They are making climate-friendly, sustainable farming methods more affordable and effective," said Mihir Joshi, Managing Director, GVFL. "We see GROWiT as a strong player emerging in this segment." GROWiT was founded in 2020 by Akshay Agarwal and Saurabh Agarwal, with a mission to revolutionise farming through sustainable, accessible technologies. Surat-based startup is a pioneer in protective farming, delivering soil-to-harvest agritech solutions. Its products and services include: Mulch Films, Crop Covers, Weed Mats – to protect crops and improve yields – to protect crops and improve yields Pocket-Friendly Soil Testing Device – launched in April 2025, offering soil composition insights and crop recommendations – launched in April 2025, offering soil composition insights and crop recommendations A vast on-ground franchise network of 650+ outlets A reach of over 2,25,000 farmers across 12 states Saurabh Agarwal, Founder and CEO, said, "With climate change emerging as a huge challenge, our goal is to make technology accessible and affordable. Our tools are designed to optimize productivity, cut input costs, and drive sustainable farming practices." The startup claims to have witnessed a CAGR of 50–60% over the last three years and continues to see yield improvements of 40–100% in areas where its solutions have been adopted. Its blend of field engagement and research-driven innovation has set a new standard in operational excellence. Looking ahead, GROWiT aims to double India's farm output by 2030, positioning itself as a one-stop, climate-resilient solution hub for farmers.
