ONGC Startup Fund Soars: Valuation Jumps 450% Over 5 Years, Ministry Reports

New Delhi [India], April 5 (ANI): ONGC The startup's funding has witnessed a 450 percent increase in valuation over half a decade, as stated in an announcement from the Ministry of Finance. Petroleum and Natural Gas (MoPNG).

According to the ministry, WellRx, the inaugural oilfield startup under the Startup India Policy, is broadening its energy solutions reach across more than 120 nations.

Under IndianOil's IndS_UP initiative, 42 startups have been supported, resulting in the creation of 86 intellectual properties and 635 jobs.

Oil India backs deep-tech companies like Caliche Private Limited, specializing in biochemical methods to manage sand inflow in oil wells, and Carbonation India Private Limited, which creates eco-friendly waste management solutions tailored for the oil and gas industry, according to the ministry.

The Ministry of Petroleum and Natural Gas Has taken an active part in the Startup Mahakumbh 2025, which is taking place from April 3 to 4-6 at Bharat Mandapam in New Delhi.

The Oil and Gas Public Sector Units (PSUs) have developed strong systems for nurturing, advising, and financing promising new businesses. Altogether, 32 startup companies supported by these PSUs will be taking part in Startup Mahakumbh 2025.

The announcement highlighted that the involvement of experts from PSU officials greatly enhanced the value of Startup Mahakumbh 2025, providing startups with access to extensive industry knowledge and strategic perspectives. In total, 14 high-level executives from prominent PSU oil and gas enterprises contributed their proficiency in areas such as research commercialization, electric vehicle advancements, production integration, and transportation solutions.

Chairman, ONGC Was included in the opening plenary session. Additional sessions provided perspectives on investment tactics for electrification, governmental encouragements for electric vehicle innovations, speeding up last-mile electric vehicle transportation, among others.

The event included a roundtable discussion entitled "From Lab to Market -Unlocking Research Monetization," with prominent leaders from BPCL participating. ONGC , Oil India, and HPCL.

After the tremendous success of its first edition, attended by Prime Minister Shri Narendra Modi, Startup Mahakumbh 2025 will focus on the theme 'Startup India @ 2047: Narrating the Bharat Journey.'

The event has grown substantially, featuring around 3,000 start-ups across 11 different fields along with over 1,000 investors and incubators. This confluence creates a setting ripe for driving innovation and entrepreneurial spirit.

The Ministry of Petroleum and Natural Gas Has continually backed and acknowledged innovation, which was evident during India Energy Week 2025, taking place from February 11-14 at Yashobhoomi, Dwarka, Delhi.

The 'Avinya’25 - Energy Startup Challenge' spotlighted and honored startups advancing technologies in CO2 capture, environmental sustainability solutions, and renewable energy. Furthermore, the 'Vasudha - Oil and Gas Startup Challenge' acknowledged international startups leading with AI-powered innovations in the upstream segment of the oil and gas industry.

Several other PSUs are also fostering innovation. EIL's EngSUI initiative has backed 31 start-ups with an investment of Rs 35 crore, supporting ventures into areas such as industrial enzymes, biodegradable polymers, and carbon capture technologies.

The HP Udgam initiative by HPCL has offered Rs 35 crore as initial investment to 29 start-ups, such as Maraal Aerospace, which specializes in crafting long-endurance drones powered by solar energy.

The BPCL's Ankur initiative has supported 30 start-ups with an investment of Rs 28 crore, enabling these ventures to secure USD 132 million additional funding and reach a combined valuation of USD 300 million.

The GAIL Pankh initiative assists start-ups focused on sectors such as energy, logistics, and industrial technology. These ventures present innovative solutions including pipeline maintenance, bio-gas production, and eco-friendly materials.

Thanks to these ongoing endeavors, MoPNG along with its public sector units is cultivating a tech-powered and sustainable energy environment, enabling start-ups to spearhead India’s shift towards renewable energy and foster innovative solutions. (ANI)

Provided by Syndigate Media Inc. ( Syndigate.info ).

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