Adage Automation Pvt. Ltd, a Goa-based maker of gas analysers and emission-monitoring systems, has raised Rs 230 crore (about $24.4 million) in a growth funding round led by InCred Growth Partners Fund, the private equity platform of InCred Alternative Investments, the companies said on Tuesday.
InCred Alternative invested Rs 180 crore as the lead investor, with the balance coming from Global South Capital and Prachetas Capital, two Category-II alternative investment funds, according to a joint statement.
Global South Capital backs industrial and manufacturing platforms with growth capital, M&A support and technology enablement, while Prachetas Capital is a private equity firm that provides long-term growth capital to technology-led Indian businesses, the companies said.
Adage said it will use the fresh capital to fund the build-out of AI-enabled industrial software and digital monitoring platforms, an expansion of its manufacturing base, and a push into new overseas markets including the Middle East, Africa, Europe and the United States. The company said the round reinforces its position in process gas analytics and environmental monitoring as industrial customers increasingly prioritise compliance, predictive maintenance and operational efficiency.
The company was founded in 2001 and is headquartered in Goa with a manufacturing facility in Navi Mumbai. It designs, manufactures and services gas analyser systems used across oil and gas, steel, cement, chemicals and power industries for continuous emission monitoring and ambient air quality applications.
The company has built its business around long-term technology partnerships with global equipment makers — it has held a process-analytics tie-up with Siemens for years — and counts an installed base spanning more than 50 countries, with overseas units in the United States, the United Arab Emirates and Saudi Arabia. In 2024, Adage entered a joint venture with Saudi Arabia's Kanoo Energy to set up gas-analyser manufacturing capacity in Saudi Arabia and the UAE, part of a broader push to grow its footprint in West Asia's energy and industrial markets.
The company's revenue climbed 21.6% to Rs 224 crore in the year ended March 2025 while net profit jumped 37% to Rs 21.4 crore, according to VCCEdge.
“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," said Abhijit Chatterjee, managing director and chief executive of Adage Automation. He added the new investors would help it deepen its AI-powered digital offerings and expand further into global energy and process industries.
Vivek Singla, managing partner and chief investment officer at InCred Alternative, said Adage's engineering depth, market leadership and OEM partnerships positioned it to build a broader industrial technology platform, adding that the fund would work closely with Chatterjee's team on the company's expansion plans.
The deal adds to a run of investments by InCred Growth Partners Fund, the PE strategy of InCred Alternative. The fund's debut vehicle, IGPF-I, marked its final close in April 2025 with commitments of more than Rs 575 crore, above its original Rs 500-crore target, backed largely by family offices, and ultra-high-net-worth and high-net-worth individuals. IGPF-I has previously backed companies including Manjushree Technopack, logistics firm Shadowfax, health insurer Niva Bupa and online beauty retailer Purplle.
The PE firm is currently raising its second fund, IGPF-II. This fund, along with its predecessor, has so far invested in Amber Enterprises unit ILJIN Electronics and defence component supplier VEM Technologies.
InCred Alternative is part of InCred Capital Financial Services Ltd, the institutional and asset management arm of InCred Group, which also runs lending and wealth-management businesses in India.
