Bharat Petroleum Corp Ltd (BPCL) has disbursed Rs 28 crore from a fund worth Rs 88 crore to support more than 30 start-ups across various sectors, including energy, healthcare, artificial intelligence (AI), and agriculture, said Union Minister Hardeep Singh Puri on Monday. In a post on X (formerly Twitter), Puri wrote, “India’s start-up ecosystem is booming, driving growth and innovation across multiple sectors”.
The company has invested in several areas like fuel-flexible turbines, CO2 to methanol conversion, drones for inspection, manhole cleaning robots, smart ECG and telemedicine, metaverse tools, real-time feedback systems, etc. With the help of this fund, BPCL is empowering youth to become job creators and leaders, Puri added.
1 January 2026
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Apart from BPCL, Hindustan Petroleum Corporation Ltd (HPCL) and Oil India Limited have also invested in start-ups to support India’s innovation landscape. To date, HPCL has invested Rs 27 crore to empower 28 start-ups. The company’s ‘Udgam’ initiative has raised Rs 35 crore so far to support new-age green energy businesses.
On the other hand, Oil India Limited is backing 15 start-ups across diverse sectors, including projects such as the development of a hydrogen fuel cell-powered electric bus and a wireless robot for oil well inspection and multi-functional oil and gas operations. The initiative is supported by a dedicated startup fund of Rs 50 crore.
A few months ago, Puri told Outlook Business that oil marketing companies (OMCs) are likely to raise start-up funds to Rs 2,000 core. Currently, PSUs under the Ministry of Petroleum and Natural Gas are fostering innovation through an Rs 547.35 crore start-up fund.
According to official data, climate tech companies raised a mere $50 billion in private and public equity in 2024, a 40% decline from 2023. It was the third consecutive year of contraction for the sector. Further, out of over 800 operational climate tech start-ups, only 25% have been able to secure venture capital funds.
Initially, in 2017, around 10 PSUs under the oil ministry including Indian Oil and ONGC unveiled a Rs 320 crore fund to support start-ups in the oil and gas sector for a period of three years.
