ONGC launches 2,000 cr deeptech energy fund at IIT Bombay
ONGC just announced a massive ₹2,000 crore fund to support deeptech energy startups, kicking things off at IIT Bombay.
This move is part of a new partnership with the institute and its SINE incubator under the MC2+ Ignite program, aiming to spark fresh ideas in India's energy scene.
ONGC fund offers 50L and 1.5cr
ONGC Chairman and CEO Arun Kumar Singh pointed out that only 0.15% of India's startup funding goes to oil and gas, so there's a big gap for new talent.
The fund will offer ₹50 lakh each to up to 30 startups at first, plus up to ₹1.5 crore more if they hit key milestones.
The focus is on areas like AI-driven subsurface intelligence, hydrogen mobility, and smarter drilling tech.
Applications are open through September 15 and interest is already high with over 700 sign-ups.