PayPal will be opening its incubation centre Start Tank in Bangalore next year to identify and nurture startups in Karnataka. It will eventually expand to Shangai and Singapore. The upcoming incubation centre will provide cost and obligation-free environment for selected startups to evolve. Currently Start Tank has its presence in Chennai, London and Boston.
The incubation centre will be hosted inside Bangalore’s development centre. According to Anupam Pahuja, General Manager of PayPal Development Centres this would help the startup ecosystem in India. It will house early-stage tech-centric startups from Karnataka for an average of 12 months and provide access to global mentors, angel investors and venture capitalists. It will help foster entrepreneurial spirit and focus on building an ecosystem that nurtures entrepreneurship and innovation.
PayPal launched it’s incubation centre in Chennai last October in partnership with The Indus Entrepreneurs (TiE). It currently houses six technology startups DoPartTimes, Kobster, Fantain, Hey Feedback, Clockwork Interviews and Demach Software.
“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
PayPal was also recently recognized for providing world-class incubation space and support for entrepreneurial community. It earned the company accolade “Ecosystem Enablement – Startups” category at the 2014 Zinnov Awards in Bangalore.
“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.