Oil and Gas Startup, an initiative by all the Oil and Gas PSUs in the country, has launched a unified common platform that will scout right startups in the field of energy and related technologies and help those grow by investing and providing all sort of supports.
In order to create an atmosphere of innovation in the country all the Oil & Gas Public Sector Undertakings (PSUs) have created individual StartUp funds with corpus ranging from Rs. 5 to 100 crores. Individual oil companies have individual policies for either giving grant / equity or mix of both in the selected StartUps.
KIIT – Technology Business Incubator Bhubaneswar is engaged as the implementing partner working to provide screening, evaluation, selection of Start-Ups for Oil & Gas PSUs through this common platform .
An investment fund of more than Rs 300 crore has been created specifically for this purpose. The Oil and Gas PSUs that participate in this program include IOCL, HPCL, ONGC, Oil India Limited, BPCL, Engineers India Limited and others.
The common portal is set up to invite applications in the identified innovation areas to promote entrepreneurship among young Indians. Any Indian startup is eligible to apply for this program. An official statement also mentions that an individual can also apply if he or she does not have a startup but come up with a great idea. However, if selected, such individuals need to form a startup before taking the next step.
The innovation areas include Hydrocarbon, Oil and gas exploration, nanotechnology, IoT, electric vehicle(EV), energy, agriculture, health and hygiene, supply chain management and logistics, social impact and waste management.
The whole selection process will take four months, an official statement said. The last date for receiving application is 15 April, 2019, mentions the Oil and Gas Startup website.