Ahmedabad-based Magma secures strategic investment from GVFL; eyes ₹1,000 Cr revenue run rate in 24 months
Industrial solutions company, Magma has extended its Series A funding round with a strategic investment from GVFL Ltd., marking a significant milestone in its journey to build India’s next-generation supply chain infrastructure for factories.
GVFL joins an impressive group of existing backers including Capria Ventures, General Catalyst, Accion Venture Lab, and others. With this round, the Ahmedabad-headquartered startup has raised over $8 million to date.
Founded in 2022 by Neal Thakker, Magma is focused on modernising factory ecosystems across India through a unified suite of offerings that includes raw materials supply, green energy, waste management, and logistics. The company serves a wide range of industrial sectors including ceramics, chemicals, packaging, plastics, and polymers, providing them with efficient, sustainable, and tech-enabled supply chains.
Magma claims to be operating at a ₹300 crore annualised revenue run rate, having served over 350 industrial customers, and is already profitable. Over the next 24 months, it aims to triple its revenue to ₹1,000 crore, fuelled by expansion into new industrial hubs, diversification into additional product verticals, and strategic partnerships.
“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,” said Neal Thakker, Founder and CEO of Magma. “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.”
With operations in 10 states and expanding, Magma is positioning itself as a key enabler of the next wave of Indian industrial growth, building critical infrastructure to empower factories to operate sustainably and at scale.
