PayPal is all set to set up Incubation centre in Chennai, India for tech-startups in India, as per reports by The Hindu, the incubation centre once set up in place it will promote a culture of entrepreneurship and help boost the growing technology startup ecosystem in the country.
PayPal has partnered with The Indus Entrepreneurs (TiE) Chennai to provide office space, mentoring, technical training, and networking opportunities to tech start-ups in India.
The first batch of start-ups will consist of 8-10 companies, with a couple of companies already settling into the incubation centre, while the average incubation period will be 12 months.
Although the PayPal has incubators in its Boston and New York offices as well however this is the first time that the company has tied up with an external agency to set up the same in India.
Apart from startup incubation PayPal also wants to make India an incubation center for the company’s employee engagement policies. In 2012, PayPal hired 120 people for its offices in Chennai and Bangalore. PayPal plans to recruit 1000 candidates for its Bangalore Development center.
India is fast picking up in terms of startup incubation centres in India and especially in southern part of India like Bangalore, Hyderabad, Kochi and now Chennai is also coming up as hub of startup incubation.