Oil Marketing Companies Invest Rs 290 Crore to Power Startup Dreams

In a major fillip to India’s startup culture, six Oil Marketing Companies (OMCs) have put in Rs 290 crore from a special Rs 550-crore startup fund, backed 303 startups till now, Union Minister of Petroleum and Natural Gas, Hardeep Singh Puri, said.

Emphasizing India’s rise as the world’s third-largest startup ecosystem, the minister pointed out that the startup journey is not merely about dazzling figures but about making dreams come true through innovation and grit.

“India’s startup journey is about dreams, determination, and a future powered by innovation”, Puri posted on social media platform X, further stating that the nation now has more than 1.5 lakh startups and 120 unicorns.

He welcomed the initiative of the six OMCs of the Ministry of Petroleum and Natural Gas, which established the Rs 550 crore startup fund as part of their innovation and entrepreneurship commitment. “This is true empowerment, true impact, and a true vision for the future facilitated by the visionary leadership of Prime Minister Narendra Modi”, he added.

The move comes against the backdrop of the government’s greater push towards innovation and emerging technologies. The Centre, in Union Budget 2025-26, had proposed a Rs 10,000-crore Fund of Funds scheme specifically for backing deeptech and AI-based platforms.

Union Commerce and Industry Minister Piyush Goyal, during the recent ‘Startup Mahakumbh’ event, reinforced the government’s position as a facilitator and not a regulator in the startup ecosystem. He was very optimistic about India’s ability to take the lead in deep technology, artificial intelligence, and data analytics.

Industry leaders have welcomed the move, terming the Rs 10,000-crore allocation a revolutionizing move that will further accelerate the innovation ecosystem and propel India’s tech-driven entrepreneurship leadership on the world stage.

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