Fueling the Future: ONGC Backs Energy Start-ups with Rs 30-Crore Fund

Addressing the MC²+ IGNITE Mumbai City Connect event at IIT Bombay, ONGC Chairman and CEO Arun Kumar Singh emphasized technology, innovation, and efficient resource allocation as critical pillars for India's energy security. Highlighting artificial intelligence as a transformative tool for enhanced oil recovery, exploration, and waste reduction, he urged the adoption of novel strategies to meet national energy demands.

The event spotlighted the MC²+ IGNITE initiative—established under the Ministry of Petroleum and Natural Gas—which aims to nurture high-potential early-stage energy start-ups. The programme features a Rs 30-crore grant pool from public-sector oil and gas companies, offering milestone-linked convertible funding of up to Rs 2 crore for as many as 30 selected ventures.

News by Rahul Yelligetti.