State-run Oil and Natural Gas Corporation (ONGC) has invited applications for advisor positions under its startup fund, signalling a deeper push into startup investing and innovation-led ventures.
According to an official document, the ONGC Startup Fund is hiring two advisors on a contractual basis for 12 months, with the possibility of extending the term by another year.
The fund was set up in 2016 with a corpus of ₹100 crore under the government’s Startup India initiative, aimed at supporting startups in the energy and technology space. Later, in 2019, it was registered with SEBI as a Category-I Alternative Investment Fund (AIF).
ONGC said the fund currently manages a corpus of about ₹101 crore, of which nearly ₹88 crore has already been invested or committed to selected startups. The company is also planning to launch an additional ₹200 crore fund focused on startups working in energy and artificial intelligence or machine learning.
The advisors will be responsible for evaluating startup proposals, carrying out due diligence, assisting in valuation discussions, monitoring portfolio companies, and providing inputs on investment decisions and exits.
ONGC is seeking senior professionals with more than two decades of experience, including at least five years in venture capital fund management. Expertise in startup investing, SEBI regulations, and the energy sector will be a key requirement.
The move reflects a broader shift among public sector undertakings and government-backed organisations that are increasingly engaging with startups. Institutions such as the Indian National Space Promotion and Authorisation Centre (IN-SPACe), Steel Authority of India Limited (SAIL), and Bharat Petroleum Corporation Limited (BPCL) have also launched startup programmes, innovation challenges, and dedicated funds targeting sectors like energy, manufacturing, spacetech, AI, and industrial technology.
