“DriftTECH,” a strategically developed initiative to address the dynamic issues in the deep-tech and energy industry is launched by Oil India Limited in partnership with FITT, IIT Delhi. The initiative aims to catalyze the creation and implementation of cutting-edge solutions. To get detailed information for DriftTECH, participants can apply FITT website starting Feb 05, 2024, till March 31, 2024.

Under DriftTECH top 10 startups will get support from Oil India Limited and FITT, IIT Delhi in multiple areas of product, business and marketing. Senior Management of Oil India Limited pool will provide support for Product Development, Technical and business Mentorship, Access to High-end Lab facilities, GTM Strategy and exploring Product Market Fit, Corporate Industry Connect, Legal & and IPR Support, Angels and VC connect, Global Launch Support and Access to Industry Experts.

The program will provide support via a 24-month-long incubation program in physical mode to prototype and above-level start ups to bring innovation and solutions to solve real-world sustainability challenges.

“We are delighted that Oil India is providing funds for Startups at FITT. We are keen to enhance our innovation ecosystem and support our students, researchers, and faculty to create successful startups that make a societal impact and generate revenue”, Prof. Rangan Banerjee, Director, IIT Delhi spoke while talking about the initiative.

Speaking about the initiative, Chairman and Managing Director, Oil India Limited, Ranjit Rath, informed, “In collaboration with IIT Delhi, Oil India is poised to revolutionize the startup landscape in deep- tech and energy. Our commitment is unwavering as we strive to cultivate a thriving ecosystem, nurturing innovation, and empowering entrepreneurs. This initiative is a testament to our dedication to technological advancement and sustainable solutions in the dynamic energy sector.”

The top 15 teams will have the opportunity to attend Bootcamp and receive one-on-one mentorship to convert their ideas into action. Out of the 15 teams, 10 will receive incubator support from FITT, IIT Delhi, to advance their concepts to the MVP stage, along with funding support of up to INR 10 lakhs/startup.