A joint corporate venture capital (CVC) Initiative by
Interested Startups should apply here!
on or before 30 November 2023
About Program
Corporate VC Startup Engagement Program [CSEP]
Commercialisation &
Scaleup Support by IIML EIC
Market access & funding
support by Oil India Limited
Opportunity to achieve
product-market fit with the support of industry expert
Access to an exclusive
startup tool kit worth INR 3.5 Cr
Last Date to Apply
30 November 2023.
Duration of 24 months starting
from March/April 2024
Interested Startups should apply here!
on or before 30 November 2023
FAQs
Frequently Asked Questions
Q1 : About Oil India Ltd
Answer :
Oil India Limited (OIL) is a fully integrated Exploration & Production company in the upstream sector, with origin dating back to the glorious year (1889) of oil discovery in India. A Maharatna Company, OIL is a state-owned enterprise of the Government of India, under the administrative control of the Ministry of Petroleum and Natural Gas and is the second largest national oil and gas company in India.
Oil India Private Limited was incorporated on 18th February 1959, to expand and develop the newly discovered oil fields of Naharkatiya and Moran in the North-Eastern region of India. In 1961, it became a joint venture company of Government of India and Burmah Oil Company Limited, UK. In 1981, OIL became a wholly owned Government of India enterprise.
The Authorized Share Capital of the Company is Rs. 2,000 Crore. The Issued, Subscribed and Paid Share Capital of the Company is Rs. 1,084.41 Crore comprising of 108.44 crore shares of Rs. 10 each. At present, the Government of India, the Promoter of the Company is holding 56.66% of the total Issued & Paid-up Capital of the Company. The balance 43.34% of the Equity capital is held by Public and others including Bodies Corporate, Mutual Funds, Banks, FPIs, Resident Individuals etc. OIL is the first oil & gas company to list its bonds on International Securities Market, London Stock Exchange in 2019
Q2 : About IIML EIC
Answer :
IIM Lucknow Enterprise Incubation Centre “IIML EIC” is a not-for-profit organization, registered as a section 8 company under the Companies Act, 2013 established in 2013, by Indian Institute of Management Lucknow (IIML) at its Noida Campus to nurture entrepreneurial talent across the nation. Govt of Uttar Pradesh supports the Centre under UPIT Start-up Policy and the Government of India under NSTEDB, Department of Science & Technology or DST. IIML EIC is sector agnostic, focused on providing commercialization and growth support to start-ups for faster growth and scale.
IIML EIC is focused on providing speed and faster growth to new ventures for successful commercialisation of technology/product through a combination of Incubation / Acceleration programs, Seed Capital, Corporate Venture Capital (CVC) Fund, Smart Co-working Spaces, Corporate Market Access, Mentoring and Training programs.
IIML EIC touches base and supports more than 2500+ Startups annually with a cumulative valuation of more than INR 1500+ Cr from its Center.
Q3 : About the program
Answer :
A CVC (Corporate Venture Capital) fund refers to an investment vehicle formed by a corporation to invest in startups or other funds. In recent years, there has been a notable surge in the number of corporates establishing specialised investment vehicles, which has resulted in increased activity within the Indian startup ecosystem.
With Strong Support from the Government of India to promote Innovation and Entrepreneurship, several Public Sector Enterprises have joined the initiative. Recently, OIL INDIA Limited [OIL], a 13th Maharatna Company under Central Public Sector Enterprises in India joined hands with IIM Lucknow Enterprise Incubation Center [IIML EIC] a not-for-profit company hosted by IIM Lucknow at its Noida Campus, to launch its exclusive Startup Engagement Program under Corporate Venture Capital Initiative.
This is a unique program where a Public Sector Enterprise of Govt of India and an Innovation Ecosystem Expert have joined hands to support and promote Startups in India. Such initiatives bring various benefits to Startups from different categories, ensuring an assured and exponential growth to startups in India.
Q4 : Eligibility Criteria
Answer :
Shareholding by Indian promoters in the start-up should be at least 51% as per the Companies Act, 2013 and SEBI (ICDR) Regulations, 2018, at the time of application to the Company for the scheme
Registered Startup by GoI holding DPIIT Number awarded by Department for Promotion of Industry And Internal Trade, Government of India.
Startups at
Idea Stage backed up with rigorous research, validation and a strong team,
MVP and Early Traction Stages with a strong business plan roadmap for next 24 months in place,
Growth Stage Startups with a proven record track in terms of revenue and growth during the last 36 Months.
Start-up should be using some form of Emerging Technology in its Core product or service, or business model, or distribution model, or methodology to solve the problem being targeted
Startup holding a strong degree of Innovation with the potential to achieve Product Market Fit within 24 months of market entry.
Startups under any sector but with strong potential and Full Time Committed Co - Founders and qualify under the definition of being a Startup as per the Govt of India guidelines are eligible to apply.
Q5 : Unique features of the program
Answer : Complete end-to-end handholding support from IIML EIC in the area of:
Idea Conceptualization and Validation Support
Product Development Support
Mentorship & Capacity Building
GTM Strategy & Exploring Product Market Fit
Corporate Industry Connect
Legal & IPR Support
Fund Raising Support
Global Launch Support
Marketing Strategy Support
Corporate Assistance
Support from OIL India Limited in the area of:
Market Access to Related Area Startups
Access to Industry Experts from the Senior Management of Oil India Limited pool.
Funding Support In the Form of Equity Investments / Grant Support
Q6 : Timeline & Process of Selection
Answer :
Launch Date of The Program: 20th Oct 2023 by Chairman & MD of Oil India Limited at IIM Lucknow (Noida Campus)
Last Date to Apply for the Program: 30th November 2023, Thursday
Screening, Shortlisting & Selection process: Between Dec 23’ to Jan 24
Onboarding of Startups under the Cohort: Feb 2024
Orientation and Initiation of the Program: March / April 2024
Call For Application from StartupsInitial Screening of ApplicationsAdvance Level of Screening Workshop for Shortlisted StartupsSelection Committee PresentationStartup Onboarding Basis Committee RecommendationInitiation of Program and Support for 24 Months
Q7 : How to Apply
Answer :
Interested and eligible Startups may Apply On or Before 30th Nov 2023