InCred Alternative Investments leads ₹230 crore growth investment in Adage Automation along with participation from Global South Capital and Prachetas Capital

The investment will fuel the next phase of growth through the development of AI-powered industrial technology platforms, expansion of its world-class manufacturing infrastructure and accelerated global expansion, reinforcing leadership in process gas analytics and environmental monitoring solutions.

Gurgaon, July 07, 2026: Adage Automation Private Limited (“Adage”, “Company”) has raised ₹230 crore in a funding round led by InCred Growth Partners Fund, the private equity platform of InCred Alternative Investments, which invested ₹180 crore as the lead investor, alongside Global South Capital and Prachetas Capital.

The investment will support Adage's next phase of growth as it strengthens its position as a technology-led industrial solutions platform serving critical process industries in India and international markets.

Adage is India’s leading player in the gas analytical market. Established in 2001, Adage has built deep capabilities across the R&D, design & engineering, manufacturing, system integration and lifecycle servicing of advanced gas analyser systems for some of the most critical applications in process analytics and environment monitoring solutions. Through long-standing partnerships with leading global OEMs and its integrated engineering platform, the Company delivers mission-critical industrial and climate solutions to customers across oil & gas, steel, cement, chemicals, power, energy and other process industries where operational reliability, environmental compliance and process optimization are increasingly strategic priorities.

The capital will be deployed to accelerate investments across AI-enabled industrial software, advanced engineering capabilities, digital monitoring platforms, manufacturing expansion and global operations. The Company also plans to deepen its presence across the Middle East, Africa, Europe and the United States while continuing to expand its technology portfolio to help customers improve operational efficiency, predictive maintenance, regulatory compliance and sustainability outcomes.

Dr. Abhijit Chatterjee, Managing Director & CEO, Adage Automation

"This investment marks an important milestone in Adage's growth journey and is a strong endorsement of Adage's vision and the tremendous opportunity ahead. From an India-bred startup, Adage has evolved into an acknowledged leader in country’s Gas Analytical market, backed by world-class infrastructure, deep domain expertise and a relentless focus on innovation. This will enable us to accelerate our global expansion, invest further in AI-powered digital technologies and advanced analytical solutions and strengthen our position as a trusted partner to the world's leading energy, petrochemical and process industries. We are delighted to welcome InCred Alternative Investments, Global South Capital and Prachetas Capital as long-term partners whose strategic expertise will help accelerate our next phase of innovation and global growth initiatives."

Vivek Singla, Managing Partner & CIO, InCred Alternative Investments

"Adage combines deep engineering expertise, market leadership and strong structural tailwinds driven by industrial automation and environmental monitoring. Its differentiated capabilities, trusted customer relationships and global OEM partnerships position the Company to build a leading industrial technology platform. As the lead investor, we look forward to partnering closely with Dr. Chatterjee and his team to accelerate Adage's next phase of innovation, global expansion and long-term value creation."

Mragank Jain, Managing Partner, Global South Capital

"The next generation of industrial infrastructure will be defined by intelligent, AI-enabled, data-driven operations. Leveraging our extensive global network and operational capabilities, we will support the Company's inorganic growth."

Pradeep Bhandavekar, Prachetas Capital

"Adage has built a differentiated engineering and technology platform serving mission-critical industries with precision and reliability. Its scalable business model, expanding digital capabilities and strong execution track record create a compelling foundation for long-term growth."

About Adage Automation

Established in 2001, Adage Automation is a leading gas analytics company, delivering integrated engineered solutions to the large & mid-size industries for critical process analytical applications, Continuous Emission Monitoring Systems (CEMS) and Ambient Air Quality Monitoring Systems (AAQMS) applications.  

Website: https://www.adage-automation.com/

About InCred Growth Partners Fund and InCred Alternative Investments

InCred Growth Partners Fund (“IGPF”) is managed by InCred Alternative Investments Private Limited (“InCred Alternative Investments”), which is part of InCred Capital Financial Services Limited (“InCred Capital”). InCred Alternative Investments manages private equity funds focused on investing in high-quality, founder-led Indian businesses operating across sectors including manufacturing enterprises of strategic and national importance, technology, consumer, and healthcare. The IGPF series currently comprises of two active Funds – InCred Growth Partners Fund – I and InCred Growth Partners Fund – II, which are schemes under InCred Alternative Opportunities Trust (IAOT), a Trust registered with SEBI as a Category II Alternative Investment Fund.

Website:https://www.incredassetmanagement.com/incred-growth-partners-fund-i/

About Global South Capital

Global South Capital is a SEBI-registered Category II Alternative Investment Fund partnering with founders to build globally competitive, future-ready industrial and manufacturing platforms to accelerate growth through capital, operational expertise, M&A strategies, technology enablement and international expansion.

Website: https://www.globalsouthcap.com

About Prachetas Capital

Prachetas Capital is a private equity investment firm partnering with high-growth, technology-led Indian businesses through long-term growth capital and strategic support.

Website: https://prachetascapital.com