Oil and Natural Gas Corporation (ONGC) is preparing to launch a new ₹200 crore startup fund focused on energy and AI-driven startups, while simultaneously opening applications for advisor roles to strengthen its startup investment operations.
According to a document released by the company, the ONGC Startup Fund is hiring two Advisors on a contractual basis for an initial period of 12 months, with an option for extension by another year.
ONGC had originally launched its ₹100 crore startup fund in 2016 under the Government of India’s Startup India programme to support startups operating in energy and technology related sectors.
In 2019, the fund was registered with Securities and Exchange Board of India (SEBI) as a Category-I Alternative Investment Fund (AIF).
The company stated that the existing fund currently has a corpus of around ₹101 crore, of which nearly ₹88 crore has already been invested or committed across selected startups.
The proposed new ₹200 crore fund will focus on startups working in sectors including energy transition, artificial intelligence, and machine learning technologies.
As part of the advisor role, selected professionals will assist ONGC in evaluating startup opportunities, conducting due diligence, negotiating valuations, monitoring portfolio companies, and supporting investment and exit decisions.
The company is seeking professionals with over 20 years of industry experience, including at least five years of venture capital fund management experience. Preference will be given to candidates with expertise in startup investing, SEBI regulations, and the energy sector.
ONGC’s move reflects a broader trend among public sector enterprises and government-backed institutions to deepen engagement with India’s startup ecosystem.
Over the past few years, organisations such as Indian National Space Promotion and Authorisation Centre (IN-SPACe), Steel Authority of India (SAIL), and Bharat Petroleum Corporation (BPCL) have also launched startup-focused initiatives, venture funds, and innovation programmes across sectors including spacetech, AI, industrial technology, and clean energy.
The latest initiative underscores growing government and PSU interest in innovation-led businesses as India pushes for technological self-reliance and next-generation industrial capabilities.
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