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).

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. 

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.... 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.”

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.

Source: Press release