Team Startupcity

• GVFL invests in Ahmedabad-based Magma as part of extended Series A round
• Magma serves 350+ factories with solutions across energy, waste, and logistics
• Startup targets Rs 1,000 crore annual run rate within two years

GVFL Limited, a prominent venture capital company with roots in Gujarat's industry ecosystem, has invested in Ahmedabad startup Magma, an industrial solutions company, in an extended Series A funding round.

Capria Ventures, General Catalyst, and Accion Venture Lab also participated in the round, taking the overall capital raised by Magma to more than $8 million.

Created by Neal Thakker in 2022, Magma provides end-to-end services to factories everything from raw material sourcing and green energy installation to waste disposal and logistics. It has a presence in 10 Indian states, has serviced over 350 industrial customers, and now has an annualised revenue run rate (ARR) of  Rs 300 crore. More importantly, the company is already profitable.

According to Mihir Joshi, Managing Director, GVFL:  

We are thrilled to back Magma on its vision to digitize and automate Indian manufacturers' factory operations. The team possesses robust execution skills and an in-depth understanding of ground realities in the industry.

Magma's end-to-end solutions aim to substitute legacy, siloed supply chain methods with a single, tech-powered platform. Its offerings consist of specialty raw materials, green energy sourcing, and circular waste management making the startup a backbone enabler for India's manufacturing sector.

Also Read- MAIT Pleads for Easier E-Waste Disposal Rules

With new capital, Magma wants to grow big fast eyeing an ARR of Rs 1,000 crore in the next two years. The firm intends to move into new industrial clusters and introduce additional product verticals into its basket.

Statement made by Neal Thakker, Founder and CEO at Magma:

With national expansion, it is valuable to have a local growth partner who is attuned to the rhythm of traditional industries. With GVFL's alignment with Gujarat's industrial ecosystem, their participation is intuitive."

As India's manufacturing sector develops, Magma is placing itself at the centre of this transformation digitizing industrial infrastructure while leading the cause for sustainability and operational efficiency.