Bangalore, India, September 5, 2014: PayPal India, in partnership with The Indus Entrepreneurs (TiE) Chennai, has announced that it is launching the Start Tank Incubation Challenge through which it will induct up to five startup 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.
Applications are open for startups across India with qualifying rounds in Chennai (September 20), Madurai (September 27), Salem (October 11), Bangalore (October 18), and Tuticorin (October 18). Up to five of the shortlisted applicants will be finally selected through a joint selection process by PayPal and TiE as part of PitchFest 2014.
PayPal’s Start Tank provides an obligation-free environment for select startups to evolve. The exclusive 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, General Manager, PayPal Development Centers, India, said, “We are excited to launch the third wave of applications from tech startups for Start Tank Chennai through the Incubation Challenge at TiE’s PitchFest. 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,” Lakshmi Narayanan, President, TiE Chennai, said.
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 TiE Chennai in November 2013 and currently hosts four startups: DoPartTime, Fantain, Hey Feedback, and Kobster.com.
“We are grateful to PayPal for constantly giving us mentorship support, technical expertise, and the business connects for customer acquisition. When our mobile application was in the pre-beta stage, we launched it internally among the PayPal employees, which helped us assess the app for technology and sustenance,” Aravind Ramachandran, co-founder of Fantain, a sports fan engagement and management company, said. Vineet Neeraj, co-founder of another incubatee Kobster.com, an office supplies company, said, “PayPal’s global ecommerce and payments expertise has enabled us to enhance our online platform and attract more visitors to our portal to eventually generate revenues. Associating with the brand also helped us tap great talent into our growing company.”