InCred Alternative Investments leads ₹230 crore funding round in Adage Automation
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Adage Automation Pvt. Ltd., a provider of industrial gas analytics and environmental monitoring solutions, has raised ₹230 crore in a growth funding round led by InCred Alternative Investments, with participation from Global South Capital and Prachetas Capital.
InCred Growth Partners Fund, the private equity platform of InCred Alternative Investments, invested ₹180 crore as the lead investor in the round.
The fresh capital will be used to accelerate Adage's next phase of growth, with investments planned in AI-powered industrial technology platforms, advanced engineering capabilities, digital monitoring solutions, manufacturing expansion and global operations.
Founded in 2001, Adage Automation is one of India's leading players in the gas analytical market. The company offers research and development, engineering, manufacturing, system integration and lifecycle services for advanced gas analyser systems used in process analytics and environmental monitoring.
Its solutions cater to sectors including oil and gas, steel, cement, chemicals, power and energy, helping customers improve operational reliability, environmental compliance and process optimisation. The company also works with several global original equipment manufacturers (OEMs) through long-standing partnerships.
The company said it plans to use the proceeds to expand its presence across the Middle East, Africa, Europe and the United States while strengthening its portfolio of AI-enabled industrial software and digital technologies aimed at predictive maintenance, regulatory compliance and sustainability.
"This investment marks an important milestone in Adage's growth journey and is a strong endorsement of our vision and the opportunity ahead," said Dr. Abhijit Chatterjee, Managing Director and CEO of Adage Automation.
He said the company plans to accelerate its global expansion, invest further in AI-powered digital technologies and advanced analytical solutions, and strengthen its position as a technology partner for the energy, petrochemical and process industries.
Commenting on the investment, Vivek Singla, Managing Partner and Chief Investment Officer at InCred Alternative Investments, said Adage's engineering capabilities, market leadership and exposure to long-term trends such as industrial automation and environmental monitoring make it well-positioned to build a leading industrial technology platform.
Mragank Jain, Managing Partner at Global South Capital, said the future of industrial infrastructure will increasingly be driven by intelligent, AI-enabled and data-driven operations, adding that the firm will support the company's inorganic growth initiatives through its global network and operational expertise.
Pradeep Bhandavekar of Prachetas Capital said Adage has built a differentiated engineering and technology platform for mission-critical industries, with scalable operations and growing digital capabilities that provide a strong foundation for long-term growth.