PayPal, TiE launch Start Tank Incubation Challenge

Bangalore: PayPal India on Thursday said that it is launching the Start Tank Incubation Challenge in partnership with The Indus Entrepreneurs (TiE) Chennai, through which it will induct up to five start-up companies into the Start Tank Incubation Center located on PayPal’s premises in Chennai.

Applications are open for start-ups across India with qualifying rounds in Chennai (20 September), Madurai (27 September), Salem (11 October), Bangalore (18 October), and Tuticorin (18 October).

PayPal and TiE will jointly select five from the shortlisted applicants.

The challenge aims to identify and nurture technology-centric start-ups.

“Our aim is to foster the entrepreneurial spirit and focus on building an ecosystem that nurtures entrepreneurship and innovation,” Anupam Pahuja, general manager, PayPal Development Centers, India, said in a statement.

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 start-up incubator in association with TiE Chennai in November 2013 and currently hosts four start-ups: DoPartTime, Fantain, Hey Feedback and Kobster.com.

PayPal has software development centres in Chennai and Bangalore with more than 2,000 engineers and knowledge professionals supporting both the eBay Marketplaces and PayPal businesses globally.