IDBI Capital Markets & Securities Ltd. (ICMS) has been appointed as the consultant for Bharat Petroleum Corporation Ltd.’s (BPCL) flagship initiative, BPCL Ankur Fund. This fund is dedicated to investing in high-potential early-stage startups, particularly those operating in sectors aligned with BPCL’s core business areas such as energy efficiency and city gas distribution.
BPCL Ankur Fund builds upon BPCL’s longstanding commitment to fostering entrepreneurship and innovation through its “Ankur” initiative. Since its inception in 2016, the programme has supported 30 startups with grant funding amounting to approximately ₹28 crores. The fund now aims to provide equity investments of up to ₹5 crores per startup, with a maximum stake of 20%, to help them scale their solutions effectively.
As a leading financial advisory firm, ICMS will play a pivotal role in evaluating startup proposals, conducting due diligence, and overseeing post-investment monitoring. The investment team, led by Amey Belorkar and Ananta Padmanabhan Sarma, is supported by seasoned professionals Vikram Jain and Neville Rodrigues. Together, they will ensure that selected startups receive the necessary financial guidance and strategic support to drive innovation and growth.
BPCL is inviting applications from startups for its “Emerge” cohort under two key themes–Energy Efficiency and City Gas Distribution (CGD). Startups should have developed a Proof of Concept (PoC), prototype, Minimum Viable Product (MVP), or fully implemented solutions within these areas. The deadline for applications is 10 April 2025.
The Energy Efficiency theme focuses on technologies that optimise energy consumption, enhance sustainability, and reduce greenhouse gas emissions. Examples include AI-powered energy management systems, predictive maintenance tools, heat transfer optimisation solutions, and waste heat recovery technologies.
The City Gas Distribution theme seeks innovative solutions that improve customer experience, operational efficiency, safety, last-mile connectivity, and project execution. This includes advancements such as smart metering systems, pipeline monitoring tools for leak detection, predictive maintenance software, and AI-driven project management systems.
BPCL’s Ankur Fund represents a significant step in supporting India’s entrepreneurial ecosystem while aligning with the company’s broader sustainability goals. With its Maharatna status and commitment to becoming a Net Zero Energy Company by 2040, BPCL continues to integrate innovation into its strategy for a greener future.
