Adage Automation, an industrial technology company specialising in gas analytics and environmental monitoring systems, has raised Rs 230 crore in a growth funding round led by InCred Growth Partners Fund, the private equity platform of InCred Alternative Investments.
InCred invested Rs 180 crore in the round, while Global South Capital, a private equity fund focused on industrial and manufacturing businesses, and growth investor Prachetas Capital also participated.
The fresh capital will be used to expand the company’s AI-enabled industrial software, digital monitoring platforms, engineering capabilities and manufacturing infrastructure.
Adage also plans to strengthen its international presence across the Middle East, Africa, Europe and the United States while exploring inorganic growth opportunities through acquisitions.
“Leveraging our extensive global network and operational capabilities, we will support the company’s inorganic growth,” said Mragank Jain, managing partner, Global South Capital.
