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VC fund (Cat I) · SEBI registry

HPCL Startup Fund

Early stage (Pre-Series A) · Deep Tech (AI/ML/Robotics) · Mumbai

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Contact on file — shared on accepted request

At a glance

Stage focus: Early stage (Pre-Series A)
Primary sector: Deep Tech (AI/ML/Robotics)
City: Mumbai
HQ / office: Churchgate, Mumbai, Maharashtra
Fund registered: 2025
Corpus (as reported): Rs 27 crore deployed across 28 startups to date (2025); 'Udgam' raised ~Rs 35 crore (2025)
Website: www.hindustanpetroleum.com

About

Corporate venture / startup fund of Hindustan Petroleum Corporation Ltd (HPCL), a Maharatna public-sector oil-and-gas company, set up to back energy-sector startups and proof-of-concept innovation. Registered as a SEBI Category I AIF.

Investment focus

Early-stage / proof-of-concept startups in energy and allied technologies — green hydrogen, ethanol/biofuels, smart LPG, emission control, IoT, waste-to-energy and carbon capture (HPCL 'Udgam' clean-energy theme)

Cheque size

Equity investment plus grant-in-aid funding to Proof-of-Concept stage, released in milestone-linked instalments; specific cheque range not disclosed

As compiled from public sources — verify with the investor.

SEBI registration

SEBI AIF Category I — reported as “Cat I”

IN/AIF1/25-26/1822

SIDBI Fund of Funds

Yes — the fund is itself a Government of India venture vehicle: it is the startup/venture fund of Hindustan Petroleum Corporation Limited (HPCL), a Maharatna Central Public Sector Enterprise under the Ministry of Petroleum & Natural Gas. HPCL is the sponsor/government capital source. Public-facing HP UDGAM startup initiative also runs in collaboration with Maharashtra State Innovation Society and SIDBI. (No evidence of SIDBI FFS as LP into the AIF itself.)

Team & organisation

Not disclosed (run by HPCL corporate/R&D startup cell)

Corporate venture / startup fund of HPCL, a Government of India PSU. Public scheme makes equity investment plus grant-in-aid in energy/petroleum-sector startups with mentoring; the consumer-facing program is a direct corporate venture program rather than a third-party-managed AIF. HQ at HPCL, Churchgate, Mumbai.

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Frequently asked

What does HPCL Startup Fund invest in?: Early-stage / proof-of-concept startups in energy and allied technologies — green hydrogen, ethanol/biofuels, smart LPG, emission control, IoT, waste-to-energy and carbon capture (HPCL 'Udgam' clean-energy theme)
What cheque size does HPCL Startup Fund write?: As compiled from public sources: Equity investment plus grant-in-aid funding to Proof-of-Concept stage, released in milestone-linked instalments; specific cheque range not disclosed
How do I pitch HPCL Startup Fund through iHub India?: Create a free startup account, open a funding round, and send a structured pitch from this profile. If the investor accepts, contact details are shared and the conversation moves into a tracked deal room.

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About this record

⚑ Corporate (PSU) venture fund — not an independent startup VC; energy/clean-tech focused

Compiled from SEBI registrations and public sources as of 2026-07. iHub India lists investors neutrally and does not endorse, rank, or verify investment terms — confirm all details directly with the investor before transacting.

Sources: https://startup.hpcl.co.in/; https://www.indiafilings.com/learn/hpcl-petroleum-startup-fund/