ONCG Startup

Funds managed

Fund nameAsset ClassLicense
ONGC StartUp Fund Seed Stage + Later StagesSEBI AIF Cat 1

10 PSU’s joined hands with the government in the startup india initiative for raising INR 320cr’ from which ONGC alone contributed INR 100cr.

About the AMC

  • “Start-up India” is a flagship initiative of the Government of India, intended to build a strong eco-system for nurturing Start-ups in India. The vision of the Government is to energize the “Start-Up” revolution in India. (http://startupindia.gov.in)
  • ONGC joins the mission and endeavors to provide support to worthy Ideas, innovation, products and processes, through funding, incubation support and nurturing. On 14th August 2016, the Diamond Jubilee, ONGC launched a Start-Up Fund of Rs 100 crore, to take the mission forward.

ONGC Start-up Vision

Build a sustainable eco-system to foster strategic research, innovation, enhance productivity, improve efficiency and to find solutions to problems by supporting ideas in products and processes through synergizing national participation by start-ups in our area of business.

ONGC Start-up Mission

To support, incubate and foster start-ups in energy sector

Focus Areas

  1. ONGC intends to nurture and incubate new ideas related to the energy sector to create an entrepreneurial mind set and fresh thinking amongst employees, stakeholders and public for revitalizing corporate culture.
  2. The industry and technology is progressing at a very rapid pace and it is imperative for ONGC to keep abreast with the latest technology.
  3. ONGC also intends to tie up with the academic institutions to develop the best technological solutions in the interest areas of ONGC and the nation.

Media

Title: ONGC signs MoUs with Five Start Ups at Start Up Sangam, Source: ONGC StartUp Funds (events), Date: 2 November 2017

https://startup.ongc.co.in/wps/wcm/connect/ongcstartup/events/ongc-signs-mous-with-five-start

The scheme was launched with Memoranda of Understanding (MoU) being signed by the oil PSUs for partnering with various Start-Ups.ONGC selected five Start-Ups namely M/s Red Ginger Technologies Pvt Ltd, Gurgaon; M/s Planys Technologies Pvt. Ltd, Chennai; M/s Detect Technologies Pvt. Ltd, Chennai; M/s String Bio Pvt Ltd, Bangalore & Chakra Innovation Pvt. Ltd, Delhi based on pre-approved evaluation criteria and due approvals.

Title: Ten oil and gas PSUs team up for Rs 320 crore startups fund, Source: entrakr.com, Date: 04 April 2019

https://entrackr.com/2019/04/ongc-psus-rs-300-crore-startups-fund/

Ten PSU’S team up for startup funds amounting to Rs. 320crore. From which Rs 100 crore was  alone contributed by ONGC.

Title: Underwater robotics startup Planys raises $2.19 mn in Series A round led by ONGC, Source: The News Minute, Date: 28 February 2018

https://www.thenewsminute.com/article/underwater-robotics-startup-planys-raises-219-mn-series-round-led-ongc-77152

The funding saw participation from a bunch of institutions and individuals. Leading the way was the Navratna PSU Oil & Natural Gas Corporation, via its investment arm, ONGC Startup Fund and the prominent among the individuals is Kris Gopalakrishnan, through his investment vehicle Pratithi Trust.

Analyst questions

  • What is your investment philosophy?
  • How do you add value, how is your philosophy different from other funds investing in the energy sector?
  • How was your planning different from the actual launching of the fund? What difficulties did you face?
  • As it is in collaboration with the government, how were the things different for you as compared to other private venture capital firms?
  • You take up a joint incubation investment program with few selected startups,what is the set criteria behind it?

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