PayPal India Pvt Ltd, the online payment company owned by eBay Inc., plans to launch its startup incubator 'Start Tank' at its development centre in Bengaluru, a senior executive of the company informed Techcircle.in. The company currently has three Start Tank, one each in Chennai (India), Boston (US) and London (UK).
Start Tank incubates early stage tech-centric startups for an average of a year. It also provides them with access to mentors, investors and venture capitalists. The development was first reported by The Economic Times.
While the report mentions that the launch is scheduled for next year, the PayPal spokesperson told Techcircle.in that it is still in the planning mode and a deadline has not been decided upon.
Earlier this month, PayPal had selected two tech startups for its Start Tank Incubation programme in Chennai, India. The Chennai centre was opened in Nov last year, and offers the incubatee companies office space, mentoring and technical training, besides networking opportunities during the 12-month programme. The centre has a capacity of 10 startups.
The startups were chosen from 11 startups that pitched their businesses at the Start Tank Incubation Challenge final on October 31, 2014. The two startups picked for the programme included Clockwork Interviews Pvt Ltd and Demach Software India Pvt Ltd.