Magma, a B2B industrial solutions company, has raised US$8 million in its Series A funding, which includes an extra $3 million added to the $5 million it raised in April 2025.
The new investment comes from existing backers Capria Ventures and Avinya Ventures, as well as new investors GVFL Ltd (the Gujarat government’s venture capital arm) and AVNM Ventures.
Magma will use this money to expand its operations in Gujarat, Maharashtra, Karnataka, Rajasthan, and Telangana. The company plans to strengthen its precision manufacturing network and grow TerraMag, its brand for advanced industrial materials.
Magma will continue developing Magma Green, a platform that focuses on waste management and using recycled materials for the paper, plastic, agro, and sawdust industries.
The company also plans to launch new factory-focused solutions in the coming months to further support industrial operations.
“With this round, we are expanding across key industrial belts and laying the foundation for India’s next phase of precision manufacturing. We are targeting an INR 1,000 Cr revenue run rate over the next 18 months,” founder Neal Thakker said
Launched in 2022 by Neal Thakker and based in Ahmedabad, Magma develops an “Industrial Operations Stack” for factories and contract manufacturers. The company works closely with industrial clusters and focuses on profitability, helping mid-market manufacturers modernize production, increase efficiency, and bring more transparency to India’s fragmented industrial sector.
Magma serves over 250 industrial customers across sectors such as ceramics, industrial chemicals, paper, polymers, plastics, and packaging.
Its client list includes major companies like Reliance, Adani, and Arvind Group, and it operates across 12 states in India, catering to a wide variety of industries.
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