ONGC Startup Fund Expands with New Advisor Roles

ONGC, the state-run oil and gas leader, has announced openings for advisory positions within its startup fund as part of its initiative to bolster investment efforts. The ONGC Startup Fund is seeking to employ two Advisors on a temporary contract for a period of 12 months, with the potential for a one-year extension.

This fund, initiated in 2016 under the government’s Startup India initiative, is dedicated to promoting startups in the energy and technology fields, with a total allocation of Rs 100 crore. By 2019, it had earned the distinction of being registered with SEBI as a Category-I Alternative Investment Fund (AIF).

Current Fund Status

As of now, the ONGC Startup Fund maintains a corpus of Rs 101 crore, with approximately Rs 88 crore having already been invested or committed to various selected startups. There are also plans to establish an additional Rs 200 crore fund aimed at startups concentrating on energy and artificial intelligence/machine learning.

Advisor Responsibilities

The chosen advisors will play a critical role in assisting the company with evaluating startups, executing due diligence, negotiating valuations, and monitoring the companies within the fund’s portfolio. They will also provide guidance on investment opportunities and exit strategies.

Professional Qualifications Needed

ONGC is targeting candidates with over 20 years of experience, including a minimum of five years in venture capital fund management. Ideal applicants will possess expertise in startup investments, familiarity with SEBI regulations, and a background in the energy sector.

Growing Interest in Startups

This initiative by ONGC signifies a trend among various public sector units and government-backed organisations that are intensifying their commitment to startups and innovation-focused businesses. In recent years, entities like the Indian National Space Promotion and Authorisation Centre (IN-SPACe), Steel Authority of India Limited (SAIL), and Bharat Petroleum Corporation Limited (BPCL) have also unveiled startup programmes, innovation challenges, and venture capital initiatives. These efforts aim to support startups in sectors such as energy, manufacturing, spacetech, artificial intelligence, and industrial technology.