ONGC and Indian Oil launch MC2 Foundation with 70-80 cr
Business
ONGC and Indian Oil just kicked off the MC2 Foundation, a nonprofit platform to help homegrown energy and deep-tech startups get off the ground.
They're starting with ₹70 to ₹80 crore in funding this year to back energy and industrial deeptech startups in the country.
MC2 Foundation plans 2,000 cr fund
There's more on the way: the group is planning a dedicated ₹2,000 crore fund just for growth-stage startups working on energy innovation.
Plus, they've teamed up with IIT Madras to run an accelerator called MC2+Ignite, which will select about 30 early-stage startups focused on everything from AI-led subsurface intelligence and drilling technologies to hydrogen, bioenergy, mobility solutions, and digital asset management.