BPCL Ankur Fund Appoints IDBI Capital to Identify and Support High-Potential Startups As a leading financial and investment advisory firm, ICMS will play a crucial role in evaluating startup proposals, conducting due diligence, and monitoring post-investment performance.
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IDBI Capital Markets & Securities Ltd. (ICMS) has been appointed as the consultant for BPCL ANKUR FUND, Bharat Petroleum Corporation Ltd's (BPCL) initiative to invest in high-potential early-stage startups. This fund focuses on supporting startups operating in sectors aligned with BPCL's core business areas, aiming to drive innovation and entrepreneurship.
BPCL has a strong legacy of fostering startup growth through its "Ankur" initiative, which has been in place since 2016. Over the years, the initiative has supported 30 startups with grant funding amounting to approximately INR 28 crores. BPCL Ankur Fund takes this commitment a step further by offering investments to promising startups, ensuring their growth and expansion within relevant industries.
As a leading financial and investment advisory firm, ICMS will play a crucial role in evaluating startup proposals, conducting due diligence, and monitoring post-investment performance. The investment team at ICMS is led by Amey Belorkar and Ananta Padmanabhan Sarma, with strong support from seasoned professionals Vikram Jain and Neville Rodrigues. Their expertise will ensure that startups receive the necessary financial and strategic guidance to scale effectively.
BPCL, through its Ankur Fund, has invited startups to participate in its latest startup cohort, "Emerge." Startups applying must have developed a Proof of Concept (PoC), prototype, Minimum Viable Product (MVP), or a fully implemented solution relevant to the Oil & Gas sector or be looking to expand into it. The deadline for applications is April 10, 2025.
The Emerge cohort focuses on two key themes: Energy Efficiency and City Gas Distribution (CGD). Energy Efficiency innovations include AI-powered energy management, predictive maintenance, waste heat recovery, and other sustainability-driven solutions. Meanwhile, City Gas Distribution seeks cutting-edge technologies to enhance operational efficiency, safety, last-mile connectivity, and customer experience, such as smart metering, pipeline monitoring, and AI-driven project execution tools.
Startups selected under this initiative stand a chance to receive funding of up to INR 5 crores, through investment structures like equity and Compulsory Convertible Preference Shares (CCPS), with BPCL acquiring a maximum stake of 20%. Through this strategic initiative, BPCL and ICMS aim to accelerate the development of next-generation technologies in the energy sector.
