Magma raises $3 million led by GVFL; Capria Ventures, others also contributed

Business-to-business (B2B) industrial solutions provider Magma has raised $3 million, led by the Gujarat government’s venture capital arm GVFL (Gujarat Venture Finance Limited), with participation from Bill Gates-backed Capria Ventures, Avinya Ventures, and others.

With this, the firm closed this round at $8 million in total, after raising $5 million from Capria Ventures, General Catalyst, Accion Venture Lab, and WEH Ventures in April this year. In total, the company has raised $11.3 million to date.

The funds will be utilised to scale Magma’s…