Updated on: Mar 29th, 2022
7 min read
The Oil and Natural Gas Corporation Limited (ONGC) launched an Rs.100 crore startup fund in its diamond jubilee year to nurture, foster and incubate new ideas related to the gas and oil sector. The startup fund initiative is known as ‘ONGC Startup’. The ONGC startup is in line with the Government of India’s initiative ‘Startup India’.
The official website of ONGC administers the ONGC Startup Initiative Fund. All updates about the ONGC Startup Fund is available on the official ONGC Startup Initiative website. The ONGC will provide the entire support chain for startups under this initiative, including hand-holding, seed capital, market linkage, mentoring and follow-ups.
The objective of the ONGC Startup Fund is to boost the contribution of fresh implementable ideas in the gas and oil sector and support potential early-stage ideas to impact the future of energy.
The vision of the ONGC Startup Fund is to build a sustainable ecosystem to foster innovation, strategic research, improve efficiency, enhance productivity and find solutions to problems. It envisages building a sustainable ecosystem by supporting ideas in processes and products through synergising national participation by startups in oil and gas businesses. The ONGC Startup Fund’s mission is to incubate, support and foster startups in the energy sector.
The eligibility criteria for assistance under the ONGC Startup Fund are as follows:
Eligibility of Projects
The ONGC Startup Fund targets high potential areas in the energy landscape. The ONGC Startup fund supports the projects in the following areas:
ONGC Startup Fund supports young entrepreneurs in the early stages of company development in the energy sector. The application procedure of the ONGC Startup Fund are as follows:
Step 1: Visit the official ONGC Startup Initiative website of the ONGC portal.
Step 2: Click on the ‘Apply Now’ button on the homepage. Currently, The ONGC is open to receiving applications from startups from the energy domain or sector for the eleventh round of selection under the ONGC Startup Initiative.
Step 3: On the next page, click on the ‘Click here to Apply’ button.
Step 4: The application form will open. Fill all the details, such as company information, founder’s information, idea and area of business, and click on the ‘Submit’ button.
Step 5: After submission of the application, the applicant will receive an acknowledgement on the registered email id and an SMS to the registered phone number.
Step 6: The projects for the initiative will be shortlisted based on the application received through the ONGC Startup Initiative website.
Step 7: The selected applications will be evaluated for the next round of funding pitches.
Step 8: After verifying the selected applications and their business plans, the applicants must present the business plan/pitch before the steering committee.
Step 9: After the presentation is completed, the steering committee will proceed to the final selection.
Step 10: The startups selected in the final selection will receive incubation, funding and mentoring support.
The ONGC provides the following mode of engagement for the startups:
|Mode of Engagement||Description||Startup Stage|
|Accelerators||Building or ramping up startups||Early/late-stage|
|Angel Investments||Funding support to startup||Seed stage|
|Incubators||Mentorship and funding support||Seed stage|
|Collaborations/Partnerships||Guidance or mentorship to startup||Early-stage|
|Startup Network/Conferences||Discussions around energy challenges and theme||Early or late-stage|
|Challenges/Competition||Startup to propose comprehensive solutions||Seed or early-stage|
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