Industrial solutions company Magma has added more funding to its Series A round through a new strategic investment from GVFL Ltd. Earlier, investors like Capria Ventures, General Catalyst, Accion Venture Lab, and others had already taken part in the round.
The company, based in Ahmedabad, has raised more than $8 million so far.
Magma was founded in 2022 by Neal Thakker. The company offers a range of solutions to factories, including raw material supply, green energy, waste management, and logistics.
Its goal is to help factories build efficient, sustainable, and tech-powered supply chains. Magma works with manufacturers in industries like ceramics, chemicals, packaging, plastics, and polymers.
Magma says its all-in-one services — including special raw materials, green energy, and waste management — are built to make factory operations smoother and more efficient.
The company is active in 10 states and expanding. Its goal is to become a key part of the infrastructure supporting the future of manufacturing in India.
“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
Magma says it is currently earning at a yearly rate of INR 300 crore, has worked with over 350 industrial customers, and is already making a profit.
Over the next two years, the company aims to reach INR 1,000 crore in annual revenue by growing into new industrial areas, offering more products, and forming strategic partnerships.
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