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PayPal sets up development centre in Chennai
By siliconindia
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Tuesday, 06 November 2007, 20:30 IST
Chennai: PayPal, an online payment platform and an eBay group company, has set up a development centre in Chennai for product development, analytics and product management work for its global clients. The company hired about 1,000 employees and 1,500 more would be hired over the next two years.
The company which hosts an online payment platform is planning to develop regional applications around the same. It will, however, not do any work for the Indian market currently, said Raj Sundaresan, Vice-President and General Manager, PayPal Global Product Development.
PayPal's platform is available in India to facilitate international trading only. According to a press release, PayPal's global revenues for the third quarter (ended September 2007) were $470 million (about Rs 1,880 crore), 35 percent higher than the figure reported in September 2006.