GAIL To Invest In Startups Operating In Energy, Natural Gas
Gas Authority Of India Limited (GAIL), India’s largest gas transmission and distribution firm, plans to invest in startups operating in areas including- natural gas, petrochemicals, energy and electric mobility.
Through its startup initiative ‘Pankh’, GAIL aims to support the Government of India (GoI) Startup initiative and derive long-term benefits.
GAIL Pankh | Initiative For Startups
GAIL plans to invest in startups operating in the focus areas, with core areas including natural gas, petrochemicals, and energy. The equity investment through this initiative will be limited to 20% of the total equity of the startup.
Speaking about the development, GAIL stated,
[Read: Top 5 Government Schemes For Startups]
“GAIL has now opened a fresh round for solicitation of investment proposals from the startups operating in focus areas which mainly include natural gas, petrochemicals, energy, project management, logistics, electric mobility, bio manure marketing, nanomaterials, IoT and data mining, environment, health and social.”
The proposals for funding from startups will be considered only from those entities registered as Startup by the Department for Promotion of Industrial and Internal Trade (DPIIT), previously named DIPP. And, startups will be shortlisted based on several factors, including technical feasibility, scalability, team Member’s Profile, founder’s background, financial Returns, patentability, market size and growth rate.
Startups interested in equity investment from GAIL can apply through this link. The current solicitation round will remain open till July 31, 2022.
Not only government bodies but several Indian startups have launched their own funding programs to accelerate the startup ecosystem.
In September 2021, Gaming startup WinZO announced the third edition of its Game Developer Fund (GDF) with the largest ever corpus of $20 million to invest across all forms of interactive entertainment — games, economies around gaming, content creation, live-ops, and security.
This year, agritech startup Ninjacart launched an agri seed fund worth $25 million to boost tech innovation in the sector and support emerging & new-age agritech startups.