PayPal India announced that it has selected two new tech startups for its ‘Start Tank’ Incubation Center in Chennai. The winners — Clockwork Interviews Private Limited and Demach Software India Private Limited — were chosen from among 11 other startups that presented their business pitch at the Start Tank Incubation Challenge final on October 31, 2014. The selection was organized as part of PitchFest in partnership with The Indus Entrepreneurs (TiE) Chennai.
The unique Incubation Challenge was launched in September 2014 across four cities in Tamil Nadu to identify and nurture some of the country’s next generation technology-centric startups. More than 60 applications were received for incubation at PayPal’s Start Tank Chennai.
Anupam Pahuja, General Manager, Technology – Asia-Pacific, PayPal, said, “PayPal is proud to announce the selection of Demach Software and Clockwork Interviews for incubation at Start Tank, Chennai. As a company that was started by young entrepreneurs, PayPal recognizes the importance of encouraging the growth of tech startups and the development of an entrepreneurial ecosystem. We truly believe that the new incubatees will benefit from our technology mentorship and the obligation-free environment we provide at Start Tank.”
“TiE Chennai welcomes the two new tech startups for the Incubation Center at PayPal facility. I am excited to see their promising business ideas, and I am sure that the mentorship that will be provided by TiE Charter members and PayPal technologists will help them become recognizable brands,” Lakshmi Narayanan, President, TiE Chennai, said.
Jayadev Mahalingam, co-founder of PiQube, a product of Clockwork Interviews, a Hiring Analytics company, said, “We are eagerly looking forward to the technology and business mentorship support from PayPal and TiE, and we hope to make the most of this opportunity to fuel our business.” Srikrishnan Ganesan, co-founder of Demach Software, makers of Konotor, a user-engagement solution for mobile apps, said, “The Start Tank Incubation Challenge gave us an opportunity to meet some very promising startups. The incubation, along with the world-class support from brand names like PayPal and TiE, will certainly enable us to take our company to the next level. The timing is perfect for us as we expand our team and bring in new people into a dynamic environment.”
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.
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