6 oil marketing companies invest Rs 290 crore to support 303 startups: Hardeep Puri

IANS April 29, 2025 202 views

India's startup ecosystem continues to flourish with significant investments from oil marketing companies. Union Minister Hardeep Puri highlighted the remarkable progress of 303 supported startups through a Rs 550-crore fund. The government's commitment to innovation is evident through substantial allocations for deeptech and AI platforms. This strategic approach positions India as a global leader in technological entrepreneurship.

"India's startup journey is not just about numbers. It is about dreams, determination, and a future shaped by innovation" - Hardeep Singh Puri
New Delhi, April 29: Six oil marketing companies (OMC) in India have invested Rs 290 crore from their Rs 550-crore startup fund -- nurturing 303 startups so far -- Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said on Tuesday.

Key Points

1

6 Oil Marketing Companies invest Rs 290 crore in startup ecosystem

2

India hosts over 1.5 lakh startups and 120 unicorns

3

Government allocates Rs 10,000 crore for deeptech innovation

4

Startup ecosystem ranks third globally

The Union Minister said the country continues to stand as the world's third-largest startup ecosystem.

"India's startup journey is not just about numbers. It is about dreams, determination, and a future shaped by innovation," said the minister in a post on X social media platform.

Hardeep Puri further stated that the country has over 1.5 lakh startups and 120 unicorns.

"Contributing to this remarkable progress are the 6 Oil Marketing Companies under @PetroleumMin, which have created a Rs 550 crore startup fund. Already, Rs 290 crore has been invested to support 303 startups," the Union Minister informed.

According to the minister, this is real empowerment, real impact, and a real vision for the "future-enabled by the far-sighted leadership of Prime Minister Narendra Modi".

The government, in the Union Budget 2025-26, made a substantial allocation towards developing deeptech and AI-enabled platforms through the Rs 10,000-crore Fund of Funds scheme.

Union Commerce and Industry Minister Piyush Goyal, while addressing the 'Startup Mahakumbh' event recently, said that the government is committed to supporting startups as a facilitator, not as a regulator. Highlighting India's growing strength in innovation, Goyal expressed confidence in the country's potential in deep technology, artificial intelligence, and data analytics.

"This is the foundation on which I am confident India will foray in a big way into the world of innovation. We will make our presence felt on the global stage," Goyal said.

According to industry leaders, the allocation of Rs 10,000 crore funds for exploring and expanding deeptech in the country is a progressive and path-breaking step, which will open new avenues in the field of start-ups and innovation ecosystem, including AI.

Reader Comments

R
Rahul K.
This is fantastic news! Supporting startups is crucial for innovation and job creation. The Rs 290 crore investment is just the beginning - can't wait to see what these 303 startups achieve! 🇮🇳
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Priya M.
While I appreciate the initiative, I hope there's transparency in how these funds are allocated. Startups in smaller cities often struggle to access such opportunities. Would love to see regional distribution data.
A
Amit S.
Oil companies investing in startups? Interesting pivot! Maybe we'll see some clean energy innovations coming from this. The future is looking bright for Indian entrepreneurs 💡
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Neha T.
1.5 lakh startups and 120 unicorns is impressive! But I wonder how many of these are actually profitable? Growth is great, but sustainability matters too. Still, exciting times for Indian tech!
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Vikram J.
The Rs 10,000-crore Fund of Funds for deeptech is a game changer! India needs to compete globally in AI and advanced tech. Kudos to the government for this forward-thinking approach 👏
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Sunita R.
As someone who works in the startup space, I can say this funding is much needed. The application process should be made simpler though - many great ideas get lost in bureaucracy.

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Tags:
Hardeep Puri Startups Oil Marketing Companies Indian Innovation Entrepreneurship Deeptech Narendra Modi
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