Emergence Of Unicorn Start-ups Reshaping Economy & Markets: Puri

The Ministry of Petroleum and Natural Gas has directed the Oil and Gas PSUs to facilitate an innovative ecosystem and promote start-up in the fields such as IOT in upstream, midstream, and downstream operations, digitalization of business processes, green fuels, alternative energy among others, said Hardeep Singh Puri, Minister of Petroleum & Natural Gas and Housing & Urban Affairs.

He said that India with its vibrant entrepreneurial spirit and booming start-up ecosystem, has witnessed emergence of many unicorn start-ups that are reshaping our economy and markets and today ranks third globally in terms of the unicorn count and has over 100 unicorns with a combined valuation of $ 347 billion.

Speaking at an event, he said, “The PSUs of Oil and Gas Sector have created startup funds aggregating to INR 405 crore. 232 startups have been funded by Oil and Gas PSUs with a disbursed value of Rs.208 crore.”

He recalled some examples of successful startups including Bandicoot, a robotic scavenger, developed by Genrobotic Innovations, who were provided grants, mentor support and specific technical assistance by BPCL under Project Ankur, to improve the working conditions of sanitary workers.

Puri lauded Vasitars Private Limited-a technology-based company funded by IOCL that provides complete in-situ Composite Repair Solutions to all kind of damage scenarios in transmission pipelines by using Patent Registered innovation Nano Filler Reinforced Polymer Composite Wrap to Repair Corroded Pipelines. He said that this project holds the promise of revolutionizing pipeline repair in India.

 “India will account for 25 per cent of global energy demand growth over the next two decades,” he added.

Noting the role of energy industry in India’s journey of decarbonization, he mentioned about the commitments of oil and gas public sector companies to achieve their net zero emissions - scope 1and 2 during the period 2038 – 2046.

Referring to the prototype of World’s first BS-6 Stage-II, Electrified Flex fuel vehicle, recently unveiled by India, the Minister said, the country is encouraging flex-fuel vehicles to drive adoption of biofuels at scale as it traverses on its journey to move towards E20 blend ecosystem.

Talking about the Global Biofuel Alliance (GBA), launched by India along with USA and Brazil, at recently concluded G20 summit to transform the global bio-fuel landscape, Puri said that this collaborative platform will facilitate knowledge sharing on key aspects such as best practices, technology development and adaption, policy learnings, and market development.

The biofuel alliance presents us with $500 billion opportunity as we expedite the uptake of bio-fuels globally by facilitating technology transfer, he said.

The Minister also spoke about green hydrogen, he said that green hydrogen is another sustainable fuel growth opportunity where India is moving fast. The Green Hydrogen Mission launched by the government aims to produce five MMTPA of green hydrogen by 2030. He said that future lies in green hydrogen.

Traditional energy sources are essential for meeting base load requirements, while new and innovative energy sources are critical for combating climate change as we continue to strive to ensure energy availability, energy affordability and energy accessibility for our citizens, he said.

In his concluding remarks, the Minister urged the stakeholders to explore investment opportunities in Indian energy industry and engage in sustainable business that works keeping societal and environmental goals in mind as it is the only mode through which businesses shall thrive and survive in the future.