ONGC to Launch INR 200 Cr Fund, Invites Applications for Advisor Roles

State-run Oil and Natural Gas Corporation (ONGC) has invited applications for advisor roles under its startup fund as part of efforts to strengthen its investment and portfolio management capabilities. 

The company is looking to onboard two advisors on a contractual basis for an initial period of 12 months, with a provision to extend the term by another year.

The ONGC Startup Fund, launched in 2016 under the government’s Startup India initiative, focuses on supporting startups operating in energy and technology sectors. In 2019, the fund was registered with SEBI as a Category-I Alternative Investment Fund (AIF), formalising its structure and investment approach.

According to company details, the fund currently has a corpus of INR 101 crore, of which around INR 88 crore has already been invested or committed to selected startups. In addition to its existing fund, ONGC is planning to launch a new INR 200 crore fund that will focus on startups working in areas such as energy and AI or ML.

The newly hired advisors will play a key role in managing the fund’s operations. Their responsibilities will include evaluating startup proposals, conducting due diligence, negotiating valuations, monitoring portfolio performance, and providing guidance on investment and exit decisions. The roles are aimed at bringing in experienced professionals who can help enhance the efficiency and strategic direction of the fund.

ONGC has specified that applicants should have more than 20 years of professional experience, along with at least five years of experience in venture capital fund management. Preference will be given to candidates with expertise in startup investments, knowledge of SEBI regulations, and familiarity with the energy sector.

The move comes amid a broader trend of public sector undertakings (PSUs) increasing their engagement with startups and innovation-driven businesses. In recent years, organisations such as IN-SPACe, SAIL, and BPCL have introduced startup initiatives, venture funds, and innovation programmes aimed at supporting emerging companies across sectors including energy, manufacturing, spacetech, and AI.