Adage Raises INR 230 Cr in InCred Alternative Investments-led Round

Adage Automation Private Limited has raised INR 230 crore in a funding round led by InCred Growth Partners Fund, the private equity platform of InCred Alternative Investments, which invested INR 180 crore as the lead investor. The round also saw participation of Global South Capital and Prachetas Capital.

Adage says the funding will help push its next phase of growth as it looks to strengthen its position as a technology-led industrial solutions platform serving critical process industries in India and international markets.

The fresh capital will be deployed towards investments across AI-enabled industrial software, advanced engineering capabilities, digital monitoring platforms, manufacturing expansion and global operations.

It also plans to deepen its presence across the Middle East, Africa, Europe and the United States.

Established in 2001, Adage says it 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 company added.

Commenting on the fundraise, Dr Abhijit Chatterjee, Managing Director & CEO, Adage Automation, says: “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, adds: “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.”