Director (R&D) launches third round of IndianOil Start-up Scheme

FPJ BureauUpdated: Wednesday, June 08, 2022, 01:08 AM IST
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Dr. SSV Ramakumar, Director (R&D), IndianOil launched the third round of the IndianOil Startup Scheme on June 6, 2022. Interacting with the Team Leads of one-dozen startups that have been selected for funding and incubation after a rigorous screening & evaluation process, Dr Ramakumar inspired them to strive to emerge as a unicorn by the end of this round of funding. “Let IndianOil have the distinction of on-boarding a unicorn”, he said. “The success rate of IndianOil Startup Scheme is higher than the global average,” he added.

On this occasion, a Memorandum of Agreement (MoA) was exchanged between Dr. SSV Ramakumar, Director (R&D), IndianOil and Commodore Amit Rastogi, CMD, National Research Development Council (NRDC) in the presence of Dr. GS Kapur, ED I/c (CT &TPF and Head – Second Campus); Dr. C Kannan, ED (CT &TPF), IndianOil; and other senior officials. NRDC has been on-boarded for administering Startups selected under the IndianOil Startup Scheme Round 3.0. Dr. GS Kapur also handed over a citation to Dr. SSV Ramakumar signifying filing of over 50 patents by IndianOil start-ups selected under Rounds 1 & 2.

IndianOil Startup Round 3.0 was launched on March 10, 2021, inviting start-ups to apply. An overwhelming response was received that surpassed the previous two rounds. A total of 362 applications were received that were evaluated through a robust three-Level screening/selection process. Finally, 12 start-ups were selected for funding under the Scheme.

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