GVFL Joins Magma’s Extended Series A Round to Boost Sustainable Industrial Solutions

Industrial solutions startup Magma has announced an extension of its Series A funding round, bringing in GVFL Ltd. as a strategic investor. GVFL joins a strong roster of backers, including Capria Ventures, General Catalyst, Accion Venture Lab, and others. The company has now raised over $8 million in total funding.

Magma Founded in 2022 by Neal Thakker. Its offers tech-enabled suite of industrial solutions covering raw materials supply, green energy, waste management, and logistics. It serves factories across multiple sectors such as ceramics, chemicals, plastics, packaging, and polymers, with operations spread across 10 Indian states.

“Magma’s vision is to empower traditional manufacturing with smarter, more sustainable supply chains. GVFL’s strong presence in Gujarat’s industrial ecosystem and alignment with the state government make them a perfect strategic partner as we scale across India,” said Neal Thakker, Founder and CEO of Magma.

The company is currently operating at a ₹300 crore annualized revenue run rate, has served 350+ industrial clients, and is already profitable. Over the next 24 months Magma plans to scale to a ₹1,000 crore revenue run rate, focusing on entering new industrial hubs, expanding product verticals, and forming strategic alliances.

Magma’s integrated model combines specialty raw materials, renewable energy, and circular waste solutions to help Indian manufacturers boost productivity while advancing sustainability goals. The startup positions itself as the future infrastructure backbone of Indian manufacturing.

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