Loading…
ONGC Chairman and CEO Arun Kumar Singh announced a ₹2,000-crore Alternative Investment Fund (AIF) for deeptech energy start-ups at IIT Bombay on 8 September 2026.
The fund will operate under Petronet LNG and pool ONGC, HPCL, IOCL, BPCL, GAIL, Oil India and Petronet LNG under one mandate.
A tripartite MoU was signed between the MC²⁺ Foundation, IIT Bombay and its incubator SINE, with ONGC as a partner.
The MC²⁺ Ignite accelerator will back up to 30 start-ups with up to ₹2 crore each across seven energy focus areas.
Sector-specific accelerator for deeptech start-ups solving problems of India's oil and gas companies
Key: Up to ₹50 lakh convertible + ₹1.5 crore milestone-based funding; access to IIT Bombay labs, mentors and pilot projects
An AIF is a privately pooled investment vehicle registered with SEBI. AIFs fall in three categories — Category I (venture capital, SME, social venture and infrastructure funds), Category II (private equity, debt funds) and Category III (hedge-fund-type strategies).
India's largest crude oil and gas producer; Maharatna PSU under the Ministry of Petroleum and Natural Gas
LNG importer set up in 1998; promoted by GAIL, IOCL, ONGC and BPCL with 12.5% each; will house the fund
Puts the technology problem statements of India's oil and gas majors on one platform and links them to academia and start-ups
Technology business incubator of IIT Bombay (est. 1958)
Regulator of AIFs
GS Paper III > Energy security; Start-ups and innovation
Banking Awareness > Investment vehicles / PSU news
A privately pooled fund registered with SEBI under the AIF Regulations, 2012.
Money given as a note or instrument that later converts into equity in the start-up.
Start-ups built on scientific or engineering breakthroughs rather than business-model innovation.