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Updated On:01/07/2022
Start Up
Eligible

To participate in “OIL Start up Scheme”, the Start-up must meet the following criteria –

  • Start-up, recognized by DPIIT, incorporated not more than 2 years ago at the time of application.
  • Start-up must have a business idea to develop a product or a service with market fit, viable commercialization, and scope of scaling
  • Start-up should be using technology in its core product or service, or business model, or distribution model, or methodology to solve the problem being targeted
  • Start-up should not have received more than Rs 10 lakh of monetary support under similar nature of scheme of any other organisation. This does not include prize money from competitions and grand challenges, subsidized working space, founder monthly allowance, access to labs, or access to prototyping facility.
  • Shareholding by Indian promoters in the start-up should be at least 51% as per Companies Act, 2013 and SEBI (ICDR) Regulations, 2018 at the time of application to the Company for the scheme
  • No support will be provided to any start-up more than once under this Policy.