GVFL invests in Ahmedabad-based Magma as part of extended Series A funding round

GVFL Limited, a prominent venture capital firm with deep roots in Gujarat’s industrial ecosystem, has made a strategic investment in Magma, an Ahmedabad-based industrial solutions startup. 

The investment is part of an extended Series A funding round that includes participation from Capria Ventures, General Catalyst and Accion Venture Lab, bringing the startup's total capital raised to over $8 million.

Founded in 2022 by Neal Thakker, Magma serves factories with a portfolio of services that span raw material procurement, green energy deployment, waste management and logistics integration. Operating across 10 Indian states, the startup claims to have served more than 350 industrial customers and reached an annualised revenue run (ARR) rate of Rs 300 crore. The startup is already profitable, it said.

Magma is now targeting a Rs 1,000 crore annualised run rate within the next two years. This growth, according to the company, will be driven by geographic expansion into new industrial hubs and diversification into additional product verticals.

“We are delighted to support Magma in its mission to digitise and streamline factory operations for Indian manufacturers,” said Mihir Joshi, managing director of GVFL. “The team brings strong execution capabilities and a sharp understanding of on-ground challenges in the sector.”

Magma’s integrated solutions, which include specialty raw materials, renewable power sourcing and circular waste systems, are designed to replace legacy supply practices that often rely on fragmented vendors and manual coordination. The startup is positioning itself as a backbone infrastructure provider for India's manufacturing economy, especially in sectors such as ceramics, chemicals, packaging, plastics and polymers.

Thakker, Magma’s founder and CEO, described GVFL’s participation as “intuitive,” noting the firm’s alignment with Gujarat’s industrial policy landscape. “As we scale nationally, having a local growth partner that understands the pulse of traditional industries adds tremendous value,” he said in a statement.