We use cookies for analytics and ads to improve your experience. You can accept or decline. See our Privacy Policy.
HPCL Startup Fund (IN/AIF1/25-26/1822) is a SEBI-registered Category I AIF (Venture Capital Fund) managed by Hindustan Petroleum Corporation Limited (HPCL, CIN: L23201MH1952GOI008858, NSE/BSE listed), India's second-largest oil marketing PSU and a Maharatna Central Public Sector Enterprise under the Ministry of Petroleum and Natural Gas, Government of India. Registered June 2025. The SEBI contact person is Kushal Banerjee (CGM – Business Development, HP Udgam startup initiative). The fund is the formal SEBI-registered AIF vehicle for HPCL's startup ecosystem investment activities, operating alongside the 'HP Udgam' startup initiative (startup.hpcl.co.in), HPCL's existing incubation and grant-in-aid program. HPCL's registered address is Petroleum House, 17, Jamshedji Tata Road, Churchgate, Mumbai 400020. HPCL owns and operates 2 major refineries (Mumbai 7.5 MMTPA and Visakhapatnam 8.3 MMTPA), holds 48.99% equity in Bathinda's 11.3 MMTPA HMEL refinery, and ~16.95% in MRPL (15 MMTPA). HPCL has the second-largest share of petroleum product pipelines in India with 3,370+ km of pipeline network.
HPCL Startup Fund targets startups and innovators working at the intersection of petroleum, energy, and allied sectors. The fund's investment philosophy is grounded in HPCL's broader 'HP Udgam' mandate: to enable innovators and entrepreneurs to pursue promising ideas, establish and validate proof of concept, and support commercialization toward eventual implementation. Focus areas include alternate usage of petroleum products and lubes, automation/robotics for LPG/retail/refineries, business analytics and IoT, cashless payment solutions, cross-country pipeline security and safety, energy storage innovation, inventory management, lightweight LPG cylinders, clean energy tech, climate tech, and other future areas of the petroleum industry. The fund supports startups that propose product/process innovation with significant commercial impact, clear technology objectives, and a defined path to commercialization. Projects must be relevant to HPCL's line of business or the petroleum/energy industry's future areas. HPCL has MOUs with SINE IIT Bombay, IIT Kanpur's SIIC, IIT Madras Research Park, and IIM Lucknow's Enterprise Incubation Center to support the startup ecosystem.
Kushal Banerjee
CGM – Business Development, HP Udgam; SEBI Contact Person
Kushal Banerjee is Chief General Manager – Business Development at HPCL, leading the HP Udgam startup initiative. He represents HPCL in startup ecosystem activities including incubator partnerships (SINE IIT Bombay, IIT Kanpur SIIC), the HP Udgam Startup Tech Challenge, and industry events. He is the SEBI contact person for the HPCL Startup Fund AIF.
Jayasurya Tsunduru
DGM – Business Development, HP Udgam
Jayasurya Tsunduru is Deputy General Manager – Business Development for the HP Udgam startup initiative at HPCL, involved in program execution, challenge structure, and refinery focus areas for startup scouting.
No insights published yet.
Investments in securities markets are subject to market risks. Read all the related documents carefully before investing. Past performance is not indicative of future returns.