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Bijoy Ghosh

Trading platform: (From left) Mr Sriram Samu, General Manager, India Development Centre, ebay; Mr Raj Sundaresan, Vice-President and General Manager, PayPal Global Product Development; and Mr Scott Thompson, Chief Technology Officer, PayPal, at the inauguration of the first ebay and PayPal global development centre in Chennai on Monday. —

Our Bureau

Chennai, Nov. 5

PayPal, an eBay group company, has set up a development centre in Chennai for product development, analytics and product management work for its global clients.

About 1,000 employees have been hired and 1,500 more would be hired over the next two years.

The company hosts an online payment platform and is planning to develop regional applications around the same. It will, however, not do any work for the Indian market currently, said Mr Raj Sundaresan, Vice-President and General Manager, PayPal Global Product Development, at a press conference today.

Company officials did not share the investment in the development centre, revenues expected from it or India’s share in PayPal’s global revenues. 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 per cent higher than the figure reported in September 2006.

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