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2014-09-04

PayPal India ropes in TiE to incubate start-ups in India

PayPal-TiE will induct upto five start-up companies into the Start Tank Incubation Center located within PayPal’s premises in Chennai

PayPal India, in partnership with The Indus Entrepreneurs (TiE) Chennai has launched the Start Tank Incubation Challenge through which it will induct upto five start-up companies into the Start Tank Incubation Center located within PayPal’s premises in Chennai.
 
 
The unique challenge aims to identify and nurture some of the country’s next generation technology-centric startups.
 
 
PayPal’s Start Tank provides an obligation-free environment for select startups to evolve. The facility in PayPal’s Chennai development center has an office area of more than 11,000 square feet with a world-class incubation space, state-of-the-art conference rooms and other amenities.
 
 
Pre-venture-funded, seed or early-stage technology startups can benefit from TiE’s business mentorship leveraging its seasoned entrepreneur pool, PayPal’s technical mentors and eBay Inc.’s global technology and product competency.
 
 
Anupam Pahuja, GM, PayPal Development Centers (India), said, “We are excited to launchthe third wave of applications from tech startups for Start Tank Chennai through the Incubation Challenge at TiE’sPitchFest.Our aim is to foster the entrepreneurial spirit and focus on building an ecosystem that nurtures entrepreneurship and innovation.”
 
 
“TiE Chennai is proud to be associated with PayPal in its mission to create a vibrant startup ecosystem. The incubation center created in PayPal facility – mentored by TiE Charter members and PayPal executives has made a difference to young entrepreneurs. Our dream is to the see the emergence of recognizable brands from Start Tank,” said, Lakshmi Narayanan, President, TiE Chennai.
 
 
PayPal informs that Start Tank runs globally across PayPal offices in Boston, London and Chennai, and provides access to global mentors, angel investors and venture capitalists. PayPal formally launched its Chennai startup incubator in association with TiEChennai in November 2013 and currently hosts four startups: DoPartTime, Fantain, Hey Feedback, and Kobster.com.
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