ONGC’s startup fund sees 450% growth in valuation over 5 years, ministry reports
New Delhi [India], April 5 (ANI): ONGC’s startup fund has seen a 450 per cent growth in valuation over five years, according to a release by the Ministry of Petroleum and Natural Gas (MoPNG).
As per the ministry, WellRx, the first oilfield startup under the Startup India Policy, is expanding its energy solutions to over 120 countries.
IndianOil has funded 42 startups under its IndS_UP initiative, generating 86 intellectual properties and 635 jobs.
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, the ministry said.
The Ministry of Petroleum and Natural Gas has actively participated in Startup Mahakumbh 2025, being held from April 3 to 5 at Bharat Mandapam, New Delhi.
Oil and Gas PSUs have established robust frameworks to incubate, mentor, and fund innovative startups. A total of 32 PSU-backed startups are participating in Startup Mahakumbh 2025.
The release added that the 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.
Chairman, ONGC 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 graced by Prime Minister Shri 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.
The Ministry of Petroleum and Natural Gas has consistently supported and recognized innovation, as demonstrated during India Energy Week 2025, held from 11th to 14th February at Yashobhoomi, Dwarka, Delhi.
The ‘Avinya’25 – Energy Startup Challenge’ identified and rewarded startups making advancements in CO2 capture, ESG solutions, and renewable energy. Additionally, the ‘Vasudha – Oil and Gas Startup Challenge’ recognized international startups pioneering AI-driven solutions in the upstream oil and gas sector.
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 USD 132 million and achieve a cumulative valuation of USD 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, MoPNG and its PSUs are fostering a technology-driven and sustainable energy ecosystem, empowering startups to lead India’s energy transition and innovation landscape.
