Mumbai: In a move set to energize the Indian startup ecosystem, IDBI Capital Markets & Securities Ltd. (ICMS) has been appointed as the official consultant for the BPCL Ankur Fund, an initiative by Bharat Petroleum Corporation Ltd. (BPCL) to invest in early-stage, high-potential startups aligned with the energy and allied sectors.
Since its inception in 2016, BPCL’s “Ankur” initiative has disbursed grant funding of nearly ₹28 crores to over 30 promising ventures. The newly formed BPCL Ankur Fund builds upon this legacy, aiming to provide strategic and financial support to startups developing cutting-edge technologies in line with BPCL’s operational and sustainability goals.
IDBI Capital’s Role:
With its extensive expertise in financial advisory and capital markets, ICMS will now be responsible for evaluating startup proposals, conducting rigorous due diligence, and monitoring investments post-funding. The fund’s investment team is led by Mr. Amey Belorkar and Mr. Ananta Padmanabhan Sarma, supported by experienced professionals Mr. Vikram Jain and Mr. Neville Rodrigues.
Startup Applications Open for ‘Emerge’ Cohort:
BPCL is currently inviting applications for its “Emerge” cohort, focusing on startups that have developed a Proof of Concept (PoC), prototype, MVP, or fully operational solution ready to scale within the Oil & Gas sector or adjacent industries.
Startups can apply under two high-impact themes:
- Energy Efficiency: Solutions aimed at reducing energy consumption, emissions, and operational costs. This includes innovations in AI-powered energy management, predictive maintenance, waste heat recovery, and more.
- City Gas Distribution (CGD): Technologies that enhance safety, scalability, and efficiency in gas distribution networks, such as smart metering, pipeline leak detection, and AI-based project management tools.
Funding Opportunities:
Selected startups may receive investments up to ₹5 crores via instruments like equity or CCPS, with a maximum stake of 20%—marking a significant financial commitment towards nurturing innovation in the energy space.
Deadline Alert:
Interested startups must submit their applications by April 10, 2025.
For further details and to apply, visit: https://startup.bpcl.in
