The global online payment company PayPal has selected five Indian startups – Finbox, Neoeyed, Paymatrix, Scalend and Tybo – for inclusion into its incubator program in Chennai, reports one of the media firms. The startups were selected as part of the fifth round of the company’s Incubation Challenge, which saw participation from 250 startups.
This development came after when in August 2017, to support projects in the field of machine learning, and artificial intelligence, PayPal has opened two innovation labs in India. PayPal, who has labs in the US and Singapore has opened its labs in Bengaluru and Chennai.
According to the reports, the program will offer startups technology counsel, mentorship, infrastructure support and networking opportunities for both investors and customers. Not only this, the global giant will also pick up a stake in each of the selected startups this year.
Commenting on the development, Guru Bhat, GM Technology & Head of Engineering – PayPal said, “In its 5th year, the PayPal Incubator has received an overwhelming response with over 250 applications from early stage FinTech startups – a 150% growth from last year, reflecting both the need for an incubation program, as well as the FinTech industry’s potential.”
The incubation program focuses on startups in financial technology as well as adjacencies like loyalty, machine learning, big data, and logistics among others. The program launched four years ago in association with The Indus Entrepreneurs, gives startups access to PayPal’s Technology Center in ChennaiThe jury panel
The jury panel includes prominent names like Guru Bhat, GM Technology & Head of Engineering – PayPal; Anupam Pahuja, MD – PayPal India and Rama Bethmangalkar, Venture Capitalist, formerly with Ventureast.
Earlier in December 2016, GetMeAShop, a Times Internet backed e-commerce platform has partnered with PayPal to enable small merchants to access international markets. Whereas in May 2016, PayPal has tied up with India’s branded hotel room aggregator OYO Rooms. Under the tie-up, PayPal helped OYO Rooms source payments from global consumers and allow Indian users to make international bookings.