Introduction
Bharat Petroleum, a Fortune Global 500 Company, is engaged in refining crude oil and marketing petroleum products, with a strong presence in both upstream and downstream sectors of the oil and gas industry.
As BPCL celebrates its golden jubilee year we are shaping the future of energy through technology, ,innovation, and sustainability. Our five-year strategic framework, Project Aspire, is built on eight pivotal pillars, categorized under two key themes:
In alignment with our commitment to achieve Net Zero carbon emissions by 2040, encompassing both Scope 1 and Scope 2 emissions, BPCL is strategically charting a roadmap towards a sustainable and green energy transition. This forward-looking plan leverages cutting-edge technology and innovation, with a primary focus on reducing our carbon footprint and embracing the evolving landscape of energy to become an integrated energy company.
BPCL, through its startup initiative “Ankur,” has been cultivating a supportive ecosystem that fosters entrepreneurship in the country, nurturing innovative ideas to fruition as vibrant startups, and generating a multiplier effect across the ecosystem. Since 2016, BPCL has supported 30 startups with grant funding of ~₹ 28 crores. As part of this journey, BPCL established the “BPCL Ankur Fund” to make equity investments in startups.
The fund is now inviting applications from startups working on the themes below that have developed a Proof of Concept (PoC)/ Prototype/ Minimum Viable Product (MVP), or a fully implemented solution in Oil & Gas or any other industry and are now ready to expand into the Oil & Gas sector. Startups opting for customization should factor in the necessary adaptation effort in their funding requirements.
Themes
Applications for the "Elevate" cohort are invited under the following two themes:
Theme 1- Green Tech
BPCL is expanding the renewable energy portfolio to support the nation’s transition towards a low-carbon economy, inline with India’s clean energy goals. Through the adoption of advanced technologies and a commitment to sustainability, we are delivering reliable, socially responsible energy solutions as an integrated energy company of the future. We have outlined a clear roadmap to build 10 GW of renewable energy by 2035, reinforcing our long-term decarbonization strategy.
We are also adopting CCUS technologies to target 20% emission reduction from our refining operations, targeting the capture of 4.20 MMTPA of CO2, which is equivalent to a significant portion of our net zero commitment. Committed to driving year-on-year reductions in our carbon footprint, we proactively monitor and manage greenhouse gas (GHG) emissions across all our operational sites.
Our ambition of Net zero by 2040 is backed by a wide spectrum of clean energy initiatives such as renewable energy, green hydrogen, carbon capture, energy efficiency, circular economy solutions etc.
Innovative solutions that accelerate the shift towards sustainable energy by enhancing renewable power generation, enabling large-scale carbon capture solutions, advancing green hydrogen adoption and creating value from industrial by-products. The emphasis is on scalable, efficiency-driven technologies that can strengthen the Oil & Gas sector’s decarbonization efforts across four key areas.
- Solar, Wind Power, Battery Energy Storage Systems - Solutions that enhance existing Technologies/ Processes/Systems in Performance/ Efficiency/ Scalability etc. This includes Innovation in AI-based Operations & Maintenance (O&M), forecasting and scheduling.
Note: Solutions pertaining to Battery Energy Storage Systems (BESS) for electric mobility, or automotive applications will not be considered under this theme. The focus remains on BESS solutions that support renewable energy integration and grid stability. - Carbon Capture, Utilization & Storage (CCUS) - Scalable solutions to capture, store, and repurpose carbon emissions.
- Green Hydrogen - Technologies that advance the production, storage, transportation, and utilization of green hydrogen across industrial and mobility applications.
- Circular Economy - Startups that develop innovative solutions to convert Oil & Gas by-products and derivatives, residues into advanced products and materials of higher value. The focus is on technologies that minimize waste, lower emissions, and create new revenue streams by transforming traditional waste streams into valuable outputs.
Note: Proposals relating to domains such as Electronics, Stationery, Batteries, Automotive equipment, Water management etc. will not be considered under this theme..
THEME 2: Cybersecurity & Resilience for Energy Operations
Cybersecurity has emerged as a significant operational risk. With increasing digitalization, the risk of attacks on critical infrastructure such as refinery control systems, pipeline networks, and payment platforms has grown. BPCL continues to strengthen its cyber resilience through robust firewalls, system audits, and coordination with national cyber agencies.
We ensure the confidentiality and privacy of our customers' data by implementing a comprehensive privacy policy. Our policy outlines the measures we take to protect personal information, ensuring it is handled with the utmost care and security.
Preserving data integrity and cybersecurity is paramount for protecting BPCL's valuable assets, Intellectual Property knowledge and ensuring compliance with regulations.
Technologies that strengthen the security and reliability of Oil & Gas operations by protecting IT/OT systems, safeguarding sensitive operational and customer data, and ensuring business continuity. Solutions should enhance efficiency, mitigate risks, prevent fraud, and secure digital transactions within the context of Oil & Gas infrastructure and customer touchpoints.
- Threat Detection & Intrusion Prevention - Protecting OT/IT systems in critical energy infrastructure.
- Data Protection & Encryption - Securing sensitive operational and customer data.
- Data Privacy - Solutions ensuring secure handling and compliance of personal data in line with regulatory frameworks.
- Fraud Detection and Prevention - Solutions to detect and prevent digital, financial, and transactional fraud across customer interfaces, loyalty programs, digital payments, and supply chains.
- Blockchain & Transaction Security - Ensuring trusted, tamper-proof digital transactions.
- Compliance & Risk Management - Solutions that help energy and industrial enterprises achieve compliance with sector-specific cybersecurity standards and ensure risk visibility across OT/IT systems.
- AI Driven Threat Intelligence & Adaptive Cybersecurity -
Using AI/ML for real-time anomaly detection and predictive threat modelling.
Adaptive cybersecurity frameworks that evolve with threat landscapes.
Note: Startups offering standalone financial or payment processing solutions will not be considered. The focus will be on startups with prior experience in delivering cybersecurity and resilience solutions.
Eligibility Criteria
- Validity of the Startup - The startup must be registered with DPIIT (Department for Promotion of Industry and Internal Trade) and possess a valid certificate of registration.
- Relevance of Startup - The startup must be working under the specified theme/theme categories
- Stage of Startup - Early stage startups (including seed funding).
- Founder’s Stake - The Founders must hold more than 26% of the equity in the startup.
Evaluation Process
A two-stage evaluation process will be adopted to evaluate and shortlist the startups.
The first stage of screening and filtering will be done based on eligibility criteria mentioned above. The second stage of evaluation will be done based on following broad parameters:
- Innovativeness of the solution
- Team / Startup Credentials
- Solution and Market size
- Feasibility & Viability
The shortlisted startups will pitch to the Committee, which will make the final investment decision, subject to successful completion of due diligence and valuation.
IDBI Capital Market & Securities Ltd. (ICMS) is our consultant for this cohort. M/s. ICMS will play a key role in evaluating your proposals, assisting with due diligence, and conducting post-investment review and monitoring.
Investment Approach
- Investment: Maximum Rs. 5 crores
- Stake: Maximum 20%
- Funding Mode: Equity/ Compulsory Convertible Preference Share (CCPS) etc.
Indicative Timelines
| Stage | Timeline |
|---|---|
| Pitching of shortlisted startups | December 2025 / January 2026 |
| Due diligence of selected startups | January 2026 |
| Final Investment Decision | February 2026 |
Application Submission Deadline
Application submission deadline – December 9, 2025
Applications received only through the online application process through BPCL startup website https://startup.bpcl.in will be considered for evaluation. An application must be in 'Submitted' status to be considered a final submission for evaluation purposes.
General Guidelines:
- Applications received only through the online application process through BPCL startup website www.startup.bpcl.in will be considered for evaluation.
- The last date for application submission is December 9, 2025.
- An application must be in 'Submitted' status to be considered a final submission for evaluation purposes.
- Applicants can download a copy of their submitted application form along with the annexures uploaded from the BPCL startup website www.startup.bpcl.in through Login.
Disclaimer
BPCL/ BPCL Ankur Trust reserves the right, at its sole discretion, to cancel, terminate, suspend this startup cohort and modify the rules related to the cohort at any point of time without prior notice. In no event shall BPCL/ BPCL Ankur Trust be liable for any claims, losses, expenses, or damages, arising out of or in connection with this cohort.
Contact Information
6th Floor, IDBI TOWER, World Trade Centre, Cuffe Parade, Mumbai 400 005.
Fax: 91- 22 - 2285 0785