Companies Economy Live April 5, 2025 0 Comments

Oil & Gas PSU-backed 32 startups participate in Startup Mahakumbh

Oil and Gas sector PSUs have established a robust framework to incubate, mentor and fund innovative startups with a total of 32 PSU-backed ventures participating in the Startup Mahakumbh 2025, the Ministry of Petroleum & Natural Gas (MoPNG) said on Saturday.

The MoPNG said the Ministry and its PSUs are fostering a technology-driven and sustainable energy ecosystem, empowering startups to lead India’s energy transition and innovation landscape.

For instance, the Oil Ministry said that ONGC’s startup fund has seen a 450 per cent growth in valuation over five years, with WellRx—its first oilfield startup under the Startup India Policy—expanding its energy solutions to over 120 countries.

Similarly, Indian Oil Corporation (IoCL) has funded 42 startups under its IndS_UP initiative, generating 86 intellectual properties and 635 jobs.

On the other hand, Oil India (OIL) supports deep tech ventures such as Caliche Private, which specialises in biochemical sand influx control for oil wells, and Carbonation India, which develops sustainable waste management solutions for the oil and gas sector.

“A total of 14 senior executives from leading PSU oil and gas companies shared their expertise on research monetisation, EV innovation, manufacturing integration and mobility solutions,” the Ministry noted.

The sessions featured insights on investment strategies for electrification, policy incentives for EV innovation, acceleration of last-mile EV mobility etc.

The event also hosted an incubation roundtable, From Lab to Market–Unlocking Research Monetisation, featuring senior executives from BPCL, ONGC, Oil India and HPCL.

Other PSUs are also driving innovation, such as Engineers India (EIL). EngSUI initiative has supported 31 startups with ₹35 crore, funding projects in industrial enzymes, compostable polymers and carbon capture.

That apart, HPCL’s HP Udgam programme has provided ₹35 crore in seed funding to 29 startups, including Maraal Aerospace, which develops solar-powered long-range drones.

BPCL’s Ankur program has funded 30 startups with ₹28 crore, helping them raise $132 million and achieve a cumulative valuation of $300 million.

GAIL’s Pankh initiative supports startups in energy, logistics and industrial technology, with ventures showcasing solutions in pipeline repair, biogas generation and sustainable materials.