In a novel initiative by the Ministry of Petroleum & Natural Gas, 10 oil and gas companies under it unveiled a start-up programme on October 25, 2017 for entrepreneurs with a fund corpus of Rs 320 crore to be disbursed over a 3-year period to support innovations in the energy sector.
“The people we are partnering today will establish new benchmarks for India. We have to go for out of the box thinking and disruptive frameworks,” The minister said at the launch event. The scheme was launched with Memoranda of Understanding (MoU) being signed by the oil PSUs for partnering with various start-ups. ONGC had earlier announced Rs. 100 crore start-up fund to foster, nurture and incubate new ideas related to energy sector. ONGC received an overwhelming response with over 2,500 applicants registering on ONGC Start-up website.
After several rounds of screening, ONGC selected five start-ups namely Red Ginger Technologies Pvt Ltd, Gurgaon; Planys Technologies Pvt. Ltd, Chennai; Detect Technologies Pvt. Ltd, Chennai; String Bio Pvt Ltd, Bangalore & Chakra Innovation Pvt. Ltd, Delhi based on pre-approved evaluation criteria and due approvals.