PayPal India in 2013 launched Start Tank Chennai which is an innovation space for start-ups in India. The aim of this initiative is to nurture and support the creation of a new generation of technology companies. They aim to do this is by offering them initial infrastructure, direction, mentorship and encouragement. On February 25th, the online payment portal announced the graduation of their second batch of start-ups.
Konotor and PiQube — the two companies that started their incubation at Start Tank in November 2014 were the ones to graduate. PiQube at the time of the graduation has raised $500,000 in funding from private investment company, HR Fund.
While, software firm Freshdesk has recently acquired Konotor.
“As one of the world’s largest startups, it is rewarding to see the startups incubated at Start Tank benefit from our mentorship and expand their teams and business during their incubation period. PiQube and Konotor have done extremely well over the past year, and we wish the two companies the very best in their entrepreneurial endeavors,” Guru Bhat, general manager, Chennai Technology Centre, PayPal told The Economic Times.
