Bangalore: Worldwide online payments system, PayPal announces the graduation of three startups incubator at its Start Tank Incubation Center in Chennai, India. According to PayPal, the three companies announced for the first batch of startups graduation are DoPartTime, Fantain and Kobster. The occasion marks another milestone for Start Tank, which is located within PayPal’s Technology Center in Chennai.
Speaking about PayPal Start Tank, PayPal India formally launched its startup incubator in association with The Indus Entrepreneurs (TiE) Chennai in November 2013. The exclusive facility in PayPal’s Chennai technology center provides an obligation-free environment as well as technology and business mentorship for selected startups to evolve. Aimed to identify and incubate the country’s next generation tech, PayPal’s Start Tank startups receive technology mentorship and infrastructure support from company as well as business mentorship from charter members of TiE Chennai, a not-for-profit organization committed to the cause of entrepreneurship.
Start Tank is located globally across PayPal offices in London and Chennai, and provides access to global mentors, angel investors and venture capitalists. Start Tank Chennai currently hosts two other startups: Konotor and PiQube. PiQube recently secured $500,000 funding from The HR Fund.
Concerning the First Batch of Startups Graduate, Anupam Pahuja, General Manager, Technology, Asia-Pacific, PayPal says, “As one of the world’s largest startups, we at PayPal are proud to see the graduating startups benefit from our mentorship and expand their teams and businesses while at Start Tank. This occasion is another major step in our commitment to the development of a strong technology ecosystem in India. We wish the three companies the best in their entrepreneurial endeavors”.
Mohankumar Swaminathan, Co-Founder & CEO, DoPartTime says, “This tenure at PayPal has helped us with a myriad of opportunities. The periodic review meetings and regular technology guidance gave us the necessary direction to grow our company. We also made our first sale through the incubator when we helped fellow incubatee – Kobster hires 15 candidates. We are aiming to become the country’s ‘Hyperlocal job marketplace”.
Aravind Ramachandran, Co-Founder & Chief Product Officer, Fantain says, “Sports fan engagement is a niche business, yet a highly potential space in India. PayPal’s fantastic support enabled us to take risks and achieve our targets in a relatively short period of time. We currently have more than one-third market share in our area of focus”.
Karthik Ramaiah, Co-founder, Kobster.com says, “When we joined Start Tank, we were a four-member team. We’ve now become a 23-member strong enterprise and expanded our revenues tenfold. PayPal has been like a fourth co-founder, helping us build our company through their technological expertise and a great professional network including lawyers and chartered accountants”.