Guwahati: Numaligarh Refinery Limited (NRL), a public sector oil company in Assam, has funded 55 start-ups in the Northeast Indian region in line with the government's 'Startup India' initiative, Business North East has learned.

"Interested start-ups can apply for funds around the year", said an NRL official who spoke to Business North East. The startup selection is based on proposals submitted on the dedicated website, www.ideation.nrl.co.in. Proposals received in the portal are downloaded once every quarter and screened and processed in three stages. Funds are handed out as grants, equities, or a mix of both.

Meanwhile, the NRL has vowed to continue focus on the North East region to stimulate industrial development and promote innovation.

"One of our selected start-ups is now operating in Australia. Another is Zerund Manufacturing Private Limited, a well-known brand." Zerund was established in 2018 and is known for its plastic-embedded lightweight bricks in Guwahati.

According to the official, the NRL through its initiative aims to provide a robust platform for the startup ecosystem in the region by offering incubation, mentoring, and funding to ideas based on 'original thinking'. "The NRL has earmarked a fund of Rs 10 crore for investment in selected startups, primarily from the Northeast region, with the potential to grow in the future", the official informed.

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