Norwegian Company to Support Indian Startups

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

Published: 30th December 2015 03:45 PM  |   Last Updated: 30th December 2015 03:45 PM   |  A+A-


SINGAPORE: (PTI 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 lacs in Startup Entrepreneurs, said Rameshwar Paswan, founder of the Norwegian company.

"Our Noida center is already operating, and we are now setting up a center 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 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.

Stay up to date on all the latest World news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

facebook twitter whatsapp