the global leader in digital payments, today announced the launch of the fifth
edition of the PayPal Incubator Challenge. Applications are now open for
early-stage financial technology companies, including startups across the
country specializing in loyalty, machine learning, big data and logistics,
among others to compete for a spot in the PayPal Incubator.
2013 in partnership with The Indus Entrepreneurs (TiE), the incubator provides
a conducive environment for early-stage startups to grow and evolve. As well as
an exclusive facility available at PayPal’s Technology Center in Chennai, the
PayPal Incubator offers startups technology counsel and mentorship,
infrastructure support and networking opportunities with both investors and
and co-creating with our ecosystem has been core to PayPal’s presence in India.
The PayPal Incubator, with its state-of-the-art facilities backed by our 17
years of global experience and expertise in the sector, will help budding
start-ups compete in a very competitive business environment. The recent
demonetization has created a behavioural shift towards digital payments and as
we build next-generation solutions, the Incubator will help elevate and drive
innovation, propelling India into a less-cash economy.” said, Guru Bhat – GM
Technology & Head of Engineering– PayPal.
vision is to transform and democratize financial services and become an
everyday part of people’s lives. As part of this vision, the PayPal Incubator
will focus on startups in the FinTech space, including those focused on core
payment features such as wallets, gateways and remittances as well as payments
enablers and adjacencies such as biometric authentication along with artificial
intelligence, machine learning, big data, security and financial inclusion. The
winners of the 2015 PayPal Incubator Challenge were FinTech startups CashFree,
Codemojo, Notifie and ftcash.
startups can apply for the PayPal Incubator at https://www.paypal-incubator.com/india/apply/.
Applications are open from today and will close on January 31, 2017. Successful
applicants will be contacted to undergo two rounds of pitching before the final
companies are selected by a jury panel. The panel will include senior leaders
from PayPal as well as prominent venture capitalists and entrepreneurs in
the PayPal incubator has hosted ten startups and provides access to global
mentors, angel investors and venture capitalists. Some success stories of the
PayPal Incubator include, BookMyShow investing in Fantain, a fan relationship
management (FRM) solutions provider, Freshdesk Inc., a start-up that provides
customer support platforms, acquiring Konotor, and PiQube receiving funding of
Rs. 500,000 from The HR Fund. Other PayPal Incubator graduates such as Kobster
have raised an undisclosed amount of funding from Splice Advisors.