CHENNAI: PayPal on Thursday announced the graduation of the second batch of startups incubated at its Start Tank Incubation Centre in Chennai.
The two companies — Konotor and PiQube — started their incubation at Start Tank in November 2014. At their time of graduation, PiQube has raised $500,000 in funding from private investment company, HR Fund, while Konotor has recently announced its acquisition by software firm, Freshdesk. The occasion marks another milestone for Start Tank, which is located within PayPal’s Technology Centre in Chennai.
PayPal’s Start Tank incubates early-age startups with the aim of enabling them to help revolutionize and drive innovation in the industry. The startups receive mentorship and infrastructure support from PayPal, as well as access to an extensive network of leaders from the industry, including The Indus Entrepreneurs (TiE) Chennai, a not-for-profit organization committed to the cause of entrepreneurship.
“This graduation is another major step in our commitment to the development of a strong technology ecosystem in India. 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 businesses 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 endeavours.” said Guru Bhat, general manager, Chennai Technology Centre, PayPal.
Konotor, founded by Srikrishnan Ganesan, Vignesh Girishankar and Deepak Balasubramanyam, is a product of Demach Software India Private Limited. It enables messaging between businesses and their app users for customers support, promotions, re-engagement, and more. Konotor provides the businesses the right tools to manage customer conversations, as well as the ability to engage in a contextual and personal way with their app users.
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PiQube, founded by Jayadev Mahalingam, is a hiring intelligence platform that uses data science and human judgment in the right proportion to help companies hire smarter, swifter, simpler. The machine learning platform aggregates companies and recruitment agencies. PiQube raised $500,000 from The HR Fund during its incubation at Start Tank.
PayPal India formally launched its startup incubator in association with TiE Chennai in November 2013. The exclusive facility in PayPal’s Chennai technology centre provides an obligation-free environment as well as technology and business mentorship for select startups to evolve. It has an office area of more than 11,000 square feet with a world-class incubation space, state-of-the-art conference rooms and other amenities.
Start Tank is located globally across PayPal offices in London and Chennai and provides access to global mentors, angel investors and venture capitalists. Start Tank Chennai currently hosts four other startups: CashFree, D-Rewards, Notifie and ftcash.