New-Age Solutions
Leveraging the digital revolution along the entire value chain, we have in place a comprehensive digital strategy for creating an integrated, enterprise-wide digital ecosystem within BPCL. And aligned to this strategy is our startup initiative. In the larger picture, the agility, frugality and inventiveness of emerging startup, blended with BPCL’s core strengths of industry expertise and large networks, enables amazing collaborative possibilities and yields unprecedented synergies for developing new-age solutions for today and tomorrow.
Nuclei of Innovation
In 2017, applications were invited from Indian startups, offering them grant funding. More than 270 applications poured in on a dedicated website created for this purpose. Soon, the entrepreneurial life took a sharp upturn for the 25 promising startups which were chosen from different sectors for grant funding of up to a maximum of ₹1.5 crore each.
Apart from providing funding, BPCL hand-holds startups to groom them into all-round sound businesses. BPCL has been mentoring startups funded under Project Ankur on various aspects such as validating their business plans, advising them on their marketing and scale-up strategies, etc.
What Next?
With almost 100% of its committed funds allocated and 95%+ of it already disbursed to the selected startups in Phase 1 – the highest among the oil & gas PSUs, BPCL is all set to propel this initiative into the next orbit.
The Phase 2 of Project Ankur marks the evolution from the grant funding model to a grant-plus-equity funding model, and is thus poised to create an even larger impact on the nation’s startup ecosystem.