Magma Raises Rs 10 Crore in Funding from GVFL

New Delhi, Jul 26 (PTI) Industrial solutions provider Magma has raised Rs 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 Rs 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 Rs 300 crore annualised revenue run rate, has served over 350 industrial customers, and is already profitable.