Publish Date: February 6, 2024

Oil India Limited in Collaboration with FITT, IIT Delhi Launches ‘DriftTECH’, an Innovation Program for Empowering Entrepreneurs and Visionaries to Address Real-world Problems!

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Top 15 teams to get a chance to attend Bootcamp and one-on-one mentorship to turn their Ideas into Action!

Out of 15 teams, 10 teams will get Incubation support with FITT, IIT Delhi to take their ideas to the MVP stage including funding support of up to INR 10 lakhs/startup

(Photo: Left- Prof. Rangan Banerjee, Director, IIT Delhi; Right- Mr. Ranjit Rath, Chairman and Managing Director, Oil India Limited)

New Delhi, 06 February, 2024: Oil India Limited in collaboration with Foundation for Innovation and Technology Transfer (FITT) at IIT Delhi, has launched ‘DriftTECH’, a strategically designed program to address the dynamic challenges in the deep-tech and energy sector and aims to catalyze the development and implementation of cutting-edge solutions.

The program launched on February 5, aims to provide support through a 24-month-long incubation program in a physical interaction mode to support prototype and above-level start-ups’ bringing innovative and impactful solutions to solve real-world sustainability challenges. The program is open for startups across various sectors having a strong integration of technology and innovation at its core.

Top 10 startups will be offered support from Oil India Limited and FITT, IIT Delhi in the areas of 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, Access to Industry Experts from the Senior Management of Oil India Limited pool.

Participants can apply for DriftTECH and get detailed information on the FITT website starting Feb 05, 2024, till March 31, 2024.

Mr. Ranjit Rath, Chairman and Managing Director, Oil India Limited, said, “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.”

Speaking about the initiative, Prof. Rangan Banerjee, Director, IIT Delhi, said, “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."

About FITT, IIT Delhi

IIT Delhi created the Foundation for Innovation & Technology Transfer (FITT) as a special-purpose vehicle to facilitate, research translation, technology development, technology transfer & commercialization, industry engagement, project management, startup incubation & mentoring, etc.  One of the pioneering academic institution-based technology transfer offices and startup incubators in the country, FITT has strong Intellectual Property, Technology Transfer, Industry Consultancy, and startup incubator management experience. The organization has supported more than 250 startups and entrepreneurs through various funding and mentoring schemes. FITT is a nodal agency for various government and industry-funded programs for startups and brings extensive experience in startup incubation and program management.

For further information, please contact:

Anubhav Sen 

Project Officer


Phone: +91 96857 42919

Manveen S Chadha

Sr. Manager


Phone: +91 97189 34343