ONGC Supports 42 Startups; Reports 450% Valuation Growth In 5 Years

ENA Sectors 2025-04-07 13:42:43 New Delhi, April 7 (KNN) The Ministry of Petroleum and Natural Gas (MoPNG) has reported remarkable success in its startup initiatives, with ONGC's startup fund achieving a 450 percent valuation growth over the past five years. According to the ministry's release, WellRx, recognised as the first oilfield startup under the Startup India Policy, has expanded its energy solutions to more than 120 countries globally, demonstrating the international reach of India's energy innovation ecosystem. IndianOil has made significant contributions to the startup landscape through its IndS_UP initiative, providing funding to 42 startups that have collectively generated 86 intellectual properties and created 635 jobs. Oil India has focused its support on deeptech ventures, including Caliche Private Limited, which specialises in biochemical sand influx control for oil wells, and Carbonation India Private Limited, which develops sustainable waste management solutions specifically for the oil and gas sector. 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 Public Sector Undertakings (PSUs) have established comprehensive frameworks to incubate, mentor, and fund innovative startups, with 32 PSU-backed startups participating in this year's event. The ministry highlighted that expert participation from PSU officials added substantial value to Startup Mahakumbh 2025, providing startups access to decades of industry experience and strategic insights, with 14 senior executives from leading PSU oil and gas companies sharing expertise on research monetisation, EV innovation, manufacturing integration, and mobility solutions. The Chairman of ONGC participated in the opening plenary session, while other sessions featured insights on investment strategies for electrification, policy incentives for EV innovation, and acceleration of last-mile EV mobility. A notable incubation roundtable titled From Lab to Market - Unlocking Research Monetisation featured senior executives from BPCL, ONGC, Oil India, and HPCL, discussing pathways to commercialise research innovations. Following the successful inaugural edition, which was graced by Prime Minister Modi, Startup Mahakumbh 2025 adopted the theme 'Startup India @ 2047: Unfolding the Bharat Story.' The event has expanded significantly, hosting over 3,000 startups from 11 thematic sectors alongside more than 1,000 investors and incubators, creating an environment conducive to innovation and entrepreneurship. The 'Avinya'25 - Energy Startup Challenge' identified and rewarded startups making advancements in CO2 capture, ESG solutions, and renewable energy, while the 'Vasudha - Oil and Gas Startup Challenge' recognised international startups pioneering AI-driven solutions in the upstream oil and gas sector. Other PSUs have also made substantial contributions to the startup ecosystem. Engineers India Limited's (EIL) EngSUI initiative has supported 31 startups with Rs 35 crore, funding projects in industrial enzymes, compostable polymers, and carbon capture technologies. 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 for industrial applications. BPCL's Ankur program has funded 30 startups with Rs 28 crore, helping these ventures 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 sectors, with ventures showcasing solutions in pipeline repair, biogas generation, and sustainable materials development. Through these sustained efforts, the Ministry of Petroleum and Natural Gas and its PSUs are fostering a technology-driven and sustainable energy ecosystem, empowering startups to lead India's energy transition and innovation landscape as the country advances toward its long-term energy and economic goals. (KNN Bureau) 41663 https://knnindia.co.in/news/newsdetails/sectors/ongc-supports-42-startups-reports-450-valuation-growth-in-5-years 2025-04-07 13:42:43 knnindia.co.in ONGC Supports 42 Startups; Reports 450% Valuation Growth In 5 Years