Clove Legal, AZB & Partners, and Stratage Law Partners have advised on the Adage Automation ₹230 crore fundraise, one of the more notable growth-stage deals in India’s industrial technology space in July 2026. The round was led by InCred Alternative Investments, with participation from Global South Capital and Prachetas Capital.
Introduction
Adage Automation Private Limited 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. The round also saw participation from Global South Capital and Prachetas Capital.
Adage Automation is a Goa-based maker of gas analysers and emission monitoring systems, and is one of the fastest-growing total gas analytical solution providers in the world, with installations across Asia, South America, Africa, the Middle East, and Europe. Established in 2001, the company has built deep capabilities across R&D, design and engineering, manufacturing, system integration, and lifecycle servicing of advanced gas analyser systems.
Deal Value
Adage Automation Private Limited raised nearly $24 million (₹230 crore) in this funding round led by InCred Growth Partners Fund, the private equity arm of InCred Alternative Investments. InCred Growth Partners Fund contributed ₹180 crore as the lead investor, with participation from Global South Capital and Prachetas Capital.
Legal Teams Involved
Three law firms advised across the transaction, each representing a distinct party.
Clove Legal — advised Adage Automation Private Limited (issuer/company)
Clove Legal advised Adage Automation on this fundraise. The transaction was led by Dharmesh Kotadia (Founder and Senior Partner), with support from Nupur Rustagi (Partner) and Taniya Shah (Associate).
- Dharmesh Kotadia — Founder and Senior Partner
- Nupur Rustagi — Partner
- Taniya Shah — Associate
AZB & Partners — advised Global South Capital (investor)
AZB & Partners advised investor Global South Capital on this fundraise. Further details on the AZB team composition were not disclosed.
Stratage Law Partners — advised Prachetas Capital (investor)
Stratage Law Partners advised investor Prachetas Capital on this fundraise. Further details on the Stratage team composition were not disclosed.
Significance and Impact
The funds raised by Adage Automation will be channelled towards expanding manufacturing capacity and M&A purposes. This dual deployment — organic capacity-building alongside inorganic acquisition activity — signals a company pursuing scale on multiple fronts simultaneously.
Adage Automation also plans to strengthen its international presence across the Middle East, Africa, Europe, and the United States while exploring inorganic growth opportunities through acquisitions. 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 and gas, steel, cement, chemicals, power, and energy sectors.
The deal is also notable from a legal-market perspective. The involvement of Clove Legal — a boutique advisory firm — as lead counsel to the company-side, alongside a full-service firm of AZB & Partners‘ stature advising an investor, reflects the growing confidence placed in specialised counsel for growth-stage fundraises. Tracking deal mandates across firms is part of what The Courtroom’s Deal Meter monitors on an ongoing basis.
The investment comes as industrial manufacturers increasingly adopt digital technologies to improve efficiency, reduce downtime, and meet stricter environmental standards. For a company operating in the emissions-monitoring segment, the regulatory tailwinds are structural and durable.
The Adage Automation ₹230 crore fundraise, advised by Clove Legal, AZB & Partners, and Stratage Law Partners, marks a significant capital infusion into one of India’s leading gas analytics businesses. Adage Automation’s scale of operations has exhibited consistent growth, registering a CAGR of 25.75% over three years ended FY25, and recording 21% year-on-year growth in total operating income to ₹224.59 crore in FY25. With manufacturing expansion and M&A squarely on the agenda, this transaction is likely to be the precursor to further corporate activity.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
