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Now IndianOil Corporation Sets Up Startup Fund of $4 Mn

Indian Oil Joins Ranks With Other Oil Companies

IndianOil Corporation has just announced its plans to help startups in tech-driven space with setting up its own startup cell, IndS_UP. Along with it, $4 mn have also been set aside for the same cause. The focus of this would be on supporting innovations in the hydrocarbon space.

The Pattern is Set

Just last week, we had talked about Assam’s Oil India Ltd.’s announcement of INR 50 crorefund for startups in oil and gas sector called the Oil Startup Fund. And almost a month ago, ONGC had also launched a similar program by allocating Rs 100 crore startup fund at their Diamond Jubilee function.

And It Isa Good News

The Research and Development Center of Faridabad will be hosting the selected startups and provide them assistance in technology and business development.IndianOil Corporation’s incubation program will help the entrepreneurs to work towards producing the PoC (Proof of Concept).The selection of the final startups will be based on their PoC. According to IndainOil Corporation, only citizens of India can participate in this program. Also, people associated with Indian academic institutions approved by the government, and intrapreneurs related to Indian Oil are eligible to apply.

Areas of Interest

The startups should be focusing on areas like environmental protection and should be socially relevant.

Is announcing such programs enough to find the next best startups in this sector? Share your thoughts in the comments section below.

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