New Delhi: Government-owned oil and gas companies have created solid frameworks to incubate, mentor, and fund innovative startups, as evidenced by the participation of 32 PSU-backed startups in the ongoing Startup Mahakumbh 2025 in the national capital.
ONGC’s startup fund has witnessed a 450% growth in valuation over the past five years, with WellRx—its first oilfield startup under the Startup India Policy—expanding its energy solutions to more than 120 countries.
Indian Oil, a major player in downstream oil refining and marketing, has invested in 42 startups through its IndianOil Startup Scheme initiative, resulting in the generation of 86 intellectual properties and the creation of 635 jobs.
Oil India, a leader in upstream oil exploration and production, supports deeptech ventures like Caliche Private Limited, specializing in biochemical sand influx control for oil wells, and Carbonation India Private Limited, which focuses on sustainable waste management solutions for the oil and gas industry.
The participation of PSU officials provided significant expertise at Startup Mahakumbh 2025, giving startups access to decades of industry knowledge and strategic insights. Fourteen senior executives from leading PSU oil and gas companies shared their knowledge on topics such as research monetisation, EV innovation, manufacturing integration, and mobility solutions.
The ONGC chairman participated in the opening plenary session, which included discussions on investment strategies for electrification, policy incentives for EV innovation, and accelerating last-mile EV mobility. Additionally, an incubation roundtable titled “From Lab to Market – Unlocking Research Monetisation” featured senior executives from BPCL, ONGC, Oil India, and HPCL.
Following the successful launch of its inaugural edition by Prime Minister Narendra Modi, Startup Mahakumbh 2025 is themed “Startup India @ 2047: Unfolding the Bharat Story.” The event has expanded considerably, attracting over 3,000 startups from 11 thematic sectors, along with more than 1,000 investors and incubators, creating a supportive environment for innovation and entrepreneurship.
According to a statement from the Ministry of Petroleum and Natural Gas, other PSUs are also advancing innovation efforts. EIL’s EngSUI initiative has backed 31 startups with Rs 35 crore, funding projects related to 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 supported 30 startups with Rs 28 crore, assisting them in raising $132 million and achieving a cumulative valuation of $300 million.
GAIL’s Pankh initiative helps startups in energy, logistics, and industrial technology, showcasing solutions in pipeline repair, biogas generation, and sustainable materials. Through these ongoing efforts, the PSUs are cultivating a technology-driven and sustainable energy ecosystem, empowering startups to lead India’s energy transition and innovation landscape, the statement concluded.
