New Delhi: Government-owned oil and gas majors have established robust frameworks to incubate, mentor and fund innovative startups which is reflected in a total of 32 PSU-backed startups participating in the ongoing Startup Mahakumbh 2025 in the national Capital.
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.
Downstream oil refining and marketing giant Indian Oil has funded 42 startups under its IndianOil Startup Scheme initiative, generating 86 intellectual properties and 635 jobs.
Upstream oil exploration and production major Oil India supports deeptech ventures such as Caliche Private Limited, which specialises in biochemical sand influx control for oil wells, and Carbonation India Private Limited, which develops sustainable waste management solutions for the oil and gas sector.
Expert participation from PSU officials added significant value to Startup Mahakumbh 2025, offering startups access to decades of industry experience and strategic insights.
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 ONGC chairman was part of the opening plenary session. Other 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 titled ‘From Lab to Market – Unlocking Research Monetisation,’ featuring senior executives from BPCL, ONGC, Oil India, and HPCL.
Following the grand success of its inaugural edition, which was launched by Prime Minister Narendra Modi, Startup Mahakumbh 2025 is themed ‘Startup India @ 2047: Unfolding the Bharat Story.’
The event has expanded significantly, with over 3,000 startups from 11 thematic sectors participating alongside more than 1,000 investors and incubators, fostering an environment conducive to innovation and entrepreneurship.
According to a statement issued by the Ministry of Petroleum and Natural Gas, other PSUs are also driving innovation.
EIL’s EngSUI initiative has supported 31 startups with Rs 35 crore, funding projects in industrial enzymes, compostable polymers, and carbon capture.
HPCL’s HP Udgam program has provided Rs 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 Rs 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.
Through these sustained efforts the PSUs are fostering a technology-driven and sustainable energy ecosystem, empowering startups to lead India’s energy transition and innovation landscape, the statement added.
(IANS)
