Oil and Natural Gas Corporation (ONGC), the petroleum company owned by the Indian government, launched a Rs 1bn ($15m) corporate venturing fund called ONGC Start-up yesterday.
The unit is targeting developers of innovative oil and gas technology, and will provide equity capital at seed stage as well as mentorship, access to its resources and follow-up funding.
ONGC is forming ONGC Start-up in connection with the Startup India action plan launched by the Indian government in January this year.
ONGC revealed the fund at the same time as announcing investments in ideas developed by its employees, awarding money to creators of an oil rig safety device and a data connectivity system for rigs.