NRL, OIL Organise Start-Up Investors’ Summit 2022 In The North East

Updated on: 14 November 2022 9:40 pm

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The Numaligarh Refinery Limited (NRL) and Oil India Limited jointly organised a Start-Up Investors Summit 2022 to attract investments for start-ups based in North East India.

Sunil Kumar, joint secretary of the Ministry of Petroleum and Natural Gas, and the chief guest of the summit inaugurated the ceremony in Guwahati on the 4th of November.

NRL's managing director Bhaskar Jyoti Phukan, its director of finance Indranil Mitra and director of operations Pankaj Kumar Goswami were present at the ceremony along with other government officials, venture capitalists, angel investors and start-up founders.

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In order to bolster start-ups from the North East, NRL launched its new iDEATION angel fund with a corpus of Rs 35 crore. The fund will invest in selected start-ups in exchange for equity percentages.

Supported by start-up initiatives like iDEATION and SNEH, the Summit provided a platform for entrepreneurs from the North East to pitch their ideas.

In an elevator pitch session, the top 25 start-ups from North East, backed by oil and gas public sector companies pitched their ideas and led the panelists for discussion. As a lot of start-ups are currently struggling to get a proper valuation, summits like these can be helpful to them in order to bag investments.