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ONGC’s startup fund has seen remarkable growth, with its valuation rising by 450% over the past five years. The Ministry of Petroleum and Natural Gas (MoPNG) highlighted that this growth showcases the fund’s success in backing innovative ventures within the energy sector. WellRx, the first oilfield startup under the Startup India Policy, is expanding its energy solutions to over 120 countries. Additionally, IndianOil has funded 42 startups, generating 86 intellectual properties and 635 jobs. These initiatives demonstrate ONGC’s commitment to fostering technological advancements and supporting the startup ecosystem in India’s energy transition.
WellRx Expands Globally
WellRx, the first oilfield startup under the Startup India Policy, has been expanding its energy solutions to over 120 countries. This marks a significant milestone in India’s push for global energy innovation.
IndianOil Funds 42 Startups
IndianOil has funded 42 startups under its IndS_UP initiative. These startups have generated 86 intellectual properties and created 635 jobs. The initiative demonstrates IndianOil’s commitment to fostering innovation in the energy sector.
Oil India Supports Deeptech Ventures
Oil India has been backing deeptech ventures like Caliche Private Limited, which focuses on biochemical sand influx control for oil wells. Another supported venture, Carbonation India Private Limited, is dedicated to sustainable waste management solutions in the oil and gas sector.
MoPNG Participates in Startup Mahakumbh 2025
The Ministry of Petroleum and Natural Gas actively participated in Startup Mahakumbh 2025, held from April 3 to 5 at Bharat Mandapam, New Delhi. Oil and Gas PSUs have set up frameworks to incubate, mentor, and fund innovative startups. A total of 32 PSU-backed startups joined the event.
Expert Participation Adds Value
The expert participation from PSU officials significantly contributed to the event. These experts shared valuable insights on research monetisation, EV innovation, manufacturing integration, and mobility solutions. Senior executives from companies like BPCL, ONGC, Oil India, and HPCL also led discussions in an incubation roundtable titled “From Lab to Market – Unlocking Research Monetisation.”
Startup India @ 2047: Unfolding the Bharat Story
Startup Mahakumbh 2025 gained further momentum, with over 3,000 startups from 11 sectors participating. The event also attracted more than 1,000 investors and incubators. The theme “Startup India @ 2047: Unfolding the Bharat Story” highlighted India’s potential for innovation and entrepreneurship.
MoPNG Recognizes Innovation
The Ministry of Petroleum and Natural Gas has been consistently supporting innovation. India Energy Week 2025, held in February, spotlighted startups making strides in CO2 capture, ESG solutions, and renewable energy.
PSUs Drive Innovation
Other PSUs are also leading innovation. EIL’s EngSUI initiative has funded 31 startups, while HPCL’s HP Udgam program provided Rs 35 crore to 29 startups. BPCL’s Ankur program funded 30 startups, raising USD 132 million in investments. GAIL’s Pankh initiative supports ventures in energy, logistics, and industrial technology.
Through these sustained efforts, MoPNG and its PSUs are enabling a technology-driven and sustainable energy ecosystem.
(With Inputs From ANI)
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