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Last Updated Saturday July 20 2019 08:04 PM IST

Norwegian firm to support Indian startups

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Petroleumsoft AS Petroleumsoft AS is providing long-term financial, skill and emotional support to IT startups in India. Photo courtesy: petroleumsoft.no

Singapore: In a bid to strengthen the startup culture in India, a Norway-based oil and petroleum firm is expanding its operations in the country to provide long-term financial, skill and emotional support to new Indian IT businesses.

Petroleumsoft AS is providing long-term financial, skill and emotional support to IT startups in India.

A club-based membership, mentorship and seed-funding network is being put in place, initial phase of which is taking shape through Noida-based Startup Entrepreneurs which was launched in November.

Petroleumsoft's sister company in India, Wesmarty Infotech, has already invested Rs 80 lakh in Startup Entrepreneurs, said Rameshwar Paswan, founder of the Norwegian company.

"Our Noida center is already operating, and we are now setting up a centre in Gurgaon. This would be followed with centres in Bangalore, Mumbai, Pune, Jaipur, Kolkata and Chennai within five years," said Stavanger-based Paswan.

"Our goal for strengthening the startup culture in India includes involving more and more startups and professionals from India and abroad," he said.

Elaborating on the Startup Entrepreneurs growth, he said "We are receiving continuous interest to join our club from different part of the world including India, Norway, US and South Africa."

Startup Entrepreneurs' current footprints are primarily in India and Norway, but its network is expanding rapidly with professionals from the UK, US and the Middle East joining the grouping.

"Entrepreneurship is much more than just an idea or dream to build a business around that idea," said Paswan, adding that there are a number of skill, financial and market support requirements in succeeding the "dreamed business ideas".

He conceded that over 90 per cent of the startups fail globally, but assured that Startup Entrepreneurs' mentorship-led structure is designed to support and incubate new launches.

(With inputs from Agencies)

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