AZB & Partners, Clove Legal and Stratage Law Partners advised on INR 230 crore growth equity investment and acquisition of minority stake in Adage Automation led by InCred Growth Partners Fund (IGPF).
Adage Automation Private Limited, a Goa-headquartered global provider of gas analysers and emission monitoring systems, secured a ₹230 crore growth equity investment led by InCred Alternative Investments, with participation from Global South Capital (GSC) and Prachetas Capital.
The investment will support Adage’s next phase of growth, including the development of AI-enabled industrial software and digital technologies, expansion of its manufacturing capabilities, and growth across overseas markets. Spark Capital, represented by Ramakrishnan Kalyanaraman and Prasanna Srinivasan, acted as the investment banker on the transaction.
AZB & Partners advised InCred Growth Partners Fund and Global South Capital on their acquisition of a significant minority stake in Adage Automation.
The deal team comprised Senior Partner Anand Shah, Partner Harshil Dalal, Senior Associate Riddhi Upadhyay, and Associate Yashvi Bhagat. The due diligence team comprised Partner Vikram Shroff, Senior Associates Vivek Ilawat and Riddhi Upadhyay, and Associates Ananya Gandhi and Yashvi Bhagat.
Clove Legal advised Adage Automation Private Limited and its promoters on the transaction.
The team was led by Founder & Senior Partner Dharmesh Kotadia, along with Partner Nupur Rustagi and Associate Taniya Shah.
Stratage Law Partners advised Prachetas Capital.
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