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Managed by HPCL
SEBI-encouraged funds — venture capital, SME, social-impact and infrastructure. Close-ended, generally unleveraged.
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.
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.
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