Paypal to invest in and support five more Indian start-ups

Online payment company PayPal has selected five startups – Finbox, Neoeyed, Paymatrix, Scalend and Tybo – for inclusion into its incubator program in Chennai.

The program offers startups technology counsel and mentorship, infrastructure support and networking opportunities with both investors and customers.

In addition to these, PayPal will also be picking up a stake in each of the selected startups this year.

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 start-ups access to PayPal’s Technology Center in Chennai

The start-ups were selected as part of the fifth round of the company’s Incubation Challenge, which saw participation from 250 startups.

Judges included Guru Bhat, GM Technology & Head of Engineering – PayPal, Anupam Pahuja, MD – PayPal India and Rama Bethmangalkar, Venture Capitalist, formerly with Ventureast

“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,” said Guru Bhat, GM Technology & Head of Engineering – PayPal.