Magma Secures ₹10 Crore Funding From GVFL

Industrial solutions provider Magma has raised ₹10 crore in funding from venture capital fund GVFL.

The proceeds will be utilised towards expanding working capital and strengthening market position, the company said in a statement.

Magma has extended its Series A round with a strategic investment from GVFL Ltd. The company has received ₹10 crore, it added.

"Their (GVFL's) deep presence in Gujarat’s industrial landscape and alignment with the Government of Gujarat make them an incredibly strategic partner. As we scale nationally, having such a growth partner adds value," said Neal Thakker, founder and CEO of Magma.

Ahmedabad-based Magma provides a suite of solutions to factories across verticals, including raw materials supply, green energy, waste management, and logistics.

The company is currently operating at a ₹300 crore annualised revenue run rate, has served over 350 industrial customers, and is already profitable.