Indian state-owned petroleum producer Oil and Natural Gas Corporation will invest in innovative seed-stage startups and also provide mentoring and resources.
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…
