Page 42 - Policy Economic Report - April 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Key Policy developments/Significant news in Energy sector

MoP&NG Drives Energy Innovation with Strong Presence at Startup Mahakumbh 2025

The Ministry of Petroleum and Natural Gas (MoP&NG) participated in Startup Mahakumbh 2025, held
from April 3-5 at Bharat Mandapam, New Delhi.

Oil and Gas PSUs have established robust frameworks to incubate, mentor, and fund innovative startups.
A total of 32 PSU-backed startups participated in Startup Mahakumbh 2025. ONGC’s startup fund has seen
a 450% growth in valuation over five years, with WellRx—its first oilfield startup under the Startup India
Policy—expanded its energy solutions to over 120 countries. IndianOil has funded 42 startups under its
IndS_UP initiative, generating 86 intellectual properties and 635 jobs. Oil India supports deeptech
ventures such as Caliche Private Limited, which specializes in biochemical sand influx control for oil wells,
and Carbonation India Private Limited, which develops sustainable waste management solutions for the
oil and gas sector.

Expert participation from PSU officials added significant value to Startup Mahakumbh 2025, offering
startups access to decades of industry experience and strategic insights. A total of 14 senior executives
from leading PSU oil and gas companies shared their expertise on research monetization, EV innovation,
manufacturing integration, and mobility solutions. Chairman, ONGC was part of opening plenary session.
Other sessions featured insights on investment strategies for electrification, policy incentives for EV
innovation, acceleration of last-mile EV mobility etc.. The event also hosted an incubation roundtable
titled “From Lab to Market – Unlocking Research Monetization,” featuring senior executives from BPCL,
ONGC, Oil India, and HPCL.

Following the grand success of its inaugural edition, which was graced by Prime Minister Shri Narendra
Modi, Startup Mahakumbh 2025 is themed ‘Startup India @ 2047: Unfolding the Bharat Story.’ The event
has expanded significantly, with over 3,000 startups from 11 thematic sectors participating alongside
more than 1,000 investors and incubators, fostering an environment conducive to innovation and
entrepreneurship.

The Ministry of Petroleum and Natural Gas has consistently supported and recognized innovation, as
demonstrated during India Energy Week 2025, held from 11th to 14th February at Yashobhoomi, Dwarka,
Delhi. The ‘Avinya’25 – Energy Startup Challenge’ identified and rewarded startups making advancements
in CO2 capture, ESG solutions, and renewable energy. Additionally, the ‘Vasudha – Oil and Gas Startup
Challenge’ recognized international startups pioneering AI-driven solutions in the upstream oil and gas
sector.

Other PSUs are also driving innovation. EIL’s EngSUI initiative has supported 31 startups with ?35 crore,
funding projects in industrial enzymes, compostable polymers, and carbon capture. HPCL’s HP Udgam
program has provided ?35 crore in seed funding to 29 startups, including Maraal Aerospace, which
develops solar-powered long-range drones. BPCL’s Ankur program has funded 30 startups with ?28 crore,
helping them raise $132 million and achieve a cumulative valuation of $300 million. GAIL’s Pankh initiative

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