Hyderabad, Telangana, 20th of May 2026 : InCred Alternative Investments, the alternative investment arm of InCred Capital Financial Services Limited, has announced a Rs. 185 crore growth capital investment in Hyderabad-based VEM Technologies Private Limited through its private equity funds — InCred Growth Partners Fund-I (IGPF-I) and InCred Growth Partners Fund-II (IGPF-II).
The investment reflects InCred Alternative Investments’ conviction in India’s rapidly evolving defence manufacturing ecosystem, driven by increasing indigenisation, strong policy support, rising defence capital expenditure, and growing export opportunities. The transaction comprises primary growth capital to support VEM Technologies’ expansion plans.
Founded in 1988 and promoted by Mr. V. Venkata Raju and family, VEM Technologies is a leading private-sector defence and aerospace company with expertise across system engineering, integration, design, manufacturing, and quality assurance for defence, aeronautics, and space systems and sub-systems. The company contributes critical components and systems to strategic missile programmes including BrahMos, Akash, and Prithvi, and has established itself as a key private-sector partner within India’s defence manufacturing ecosystem.
The investment comes at a time when India’s defence manufacturing sector is witnessing accelerated localisation, increasing order visibility, and growing export momentum. The capital will be utilised towards capacity expansion, strengthening advanced manufacturing infrastructure, and establishing a state-of-the-art manufacturing facility to support the company’s next phase of growth and anticipated opportunities across domestic and export markets.
Commenting on the investment, Vivek Singla, Managing Partner & CIO, InCred Alternative Investments, said, “India’s defence and aerospace sector presents a compelling long-term investment opportunity, supported by structural policy reforms, increasing localisation, and rising focus on indigenous manufacturing capabilities. VEM Technologies stands out for its strong technological expertise, execution track record, and strategic positioning within India’s evolving defence ecosystem. We look forward to partnering with the management team as the company scales its manufacturing capabilities and strengthens its role within India’s growing defence and aerospace landscape.”
V. Venkata Raju, Founder, Chairman and Managing Director, VEM Technologies Private Limited, said, “Over the last several years, the Indian defence sector has witnessed a meaningful shift towards indigenous design, development, and manufacturing. This investment will support us in strengthening our manufacturing infrastructure, enhancing our capabilities across complex defence and aerospace systems, and addressing the growing demand from both domestic and international markets. We are pleased to partner with InCred Alternative Investments as we enter the next phase of growth and expansion.”
InCred Growth Partners Fund (IGPF) is a series of private equity funds sponsored by InCred Capital Financial Services, focused on investing in high-quality founder-led Indian businesses operating in sectors of national importance. The strategy follows a high-conviction, concentrated portfolio approach with investments across select companies aimed at generating long-term value creation. The investment in VEM Technologies aligns with InCred Alternative Investments’ strategy of backing scalable businesses benefiting from long-term structural growth themes.
Launched in 2023, IGPF-I is the maiden private equity fund under the platform and a SEBI-registered Category II AIF, while IGPF-II was launched in late 2025.
About InCred: https://www.incredgroup.com/
Founded in 2022 by Bhupinder Singh, InCred Group is a class-leading diversified financial services group that comprises ‘InCred Finance’ a new-age lending-focused NBFC; ‘InCred Capital’ an integrated institutional, wealth and asset management vertical and ‘InCred Money’ the retail wealth-tech platform.
InCred Alternative Investments, part of InCred Capital, focuses on bringing a range of alternative investment strategies to help investors diversify their portfolio across unique opportunities in private markets.
Statutory Details:
InCred Growth Partners Fund- I and InCred Growth Partners Fund- II are schemes under InCred Alternative Opportunities Trust (IAOT)
Constitution: IAOT has been set up as a Trust under the Indian Trusts Act, 1882 and is registered with
SEBI as a Category II Alternative Investment Fund vide registration no. IN/AIF2/22-23/1111 dated August 01, 2022; Trustee: Catalyst Trusteeship Limited; Sponsor: InCred Capital Financial Services Limited (erstwhile InCred Capital Financial Services Private Limited)
Investment Manager: InCred Alternative Investments Private Limited (InCred Alternative Investments
About InCred Capital: https://www.incredcapital.com/
InCred Capital is the institutional, wealth and asset management arm of InCred. The firm has achieved what many legacy players take decades to build: a full-stack integrated platform
- The investment banking business has built a reputation for advising marquee clients on some of the largest and most significant business transactions in India across sectors.
- The wealth management business operates out of India, Singapore, Dubai and London managing assets for Family Offices, Promoters, UHNIs and HNIs.
- The asset management business offers differentiated investment solutions across public equities, private credit, private equity and focuses on generating long-term, risk-adjusted returns through research-driven investing and disciplined portfolio management.
About InCred Alternative Investments Pvt Ltd: https://www.incredassetmanagement.com/alternatives/
InCred Alternative Investments, part of InCred Capital, focuses on bringing a range of alternative investment strategies to help investors diversify their portfolio across unique opportunities in private markets.
- InCred Growth Partners Fund (IGPF)
- InCred Growth Partners Fund (‘IGPF’) is a series of Private Equity funds sponsored by InCred Capital Financial Services.
- IGPF invests in ‘Best In Class’ privately owned companies in India. IGPF follows a high-conviction strategy, building concentrated portfolios of 8–9 companies to generate long-term alpha.
- Launched in 2023, IGPF-I is the maiden SEBI-registered Category II AIF and is expected to be fully deployed in the coming ~2 months. IGPF-II, launched in late 2025, is actively deploying capital with a target investment size of ₹150 Cr–₹250 Cr per company.
- Across both funds, IGPF has already raised ~₹1,500 Cr and is backed by a team with over 100 years of cumulative investment experience.
About VEM Technologies Private Limited
Founded in 1988 by Mr. V. Venkata Raju, VEM Technologies is a premier Hyderabad-based aerospace and defence company in India, specializing in the design, development, and manufacturing of defence systems, including missiles, UAV sub-systems, and avionics. Established in 1988, VEM is a major partner for global OEMs and India’s DRDO, delivering integrated systems from “nose to tail”
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