PayPal plans incubation centre by next year in Bengaluru.

Paypal plans to open its incubation centre, Start Tank, in Bengaluru by next year as the online payments service seeks to nurture startups in the country's IT capital. Start Tank currently has presence in Chennai, Boston and London.

'Our future destination for Start Tank is Bengaluru as we have a development centre there,' said Anupam Pahuja, general manager at PayPal Development Centres India. 'We also plan to help the startup ecosystem in Shanghai and Singapore.' Start Tank was launched in Chennai in October last year, under a partnership with The Indus Entrepreneurs (TiE). It currently houses six technology startups--DoPartTimes, Kobster, Fantain, Hey Feedback, Clockwork Interviews and Demach Software.

Start Tank incubates early-stage tech-centric startups for an aver age of 12 months. It provides them with access to mentors, investors and venture capitalists.

ET