The Indian division of eBay founder Pierre Omidyar’s family office, Omidyar Network India, a significant investment fund, is leaving India and will no longer be taking on new investments
By 2024, the fund—which has made investments in firms including the edtech Vedantu and healthcare portal 1mg, among others—will have entirely left the Indian market, as reported by The Economic Times.
The development states that the fund will exclusively concentrate on departures. In addition, the fund is currently discussing how to run its current active portfolio.
“Over the next two months, the board and leadership team will assess how best to manage the organisation’s portfolio while recognising the long and trusted partnerships that the Omidyar Network India team has built,” the firm said in a statement.
With over 90 active companies in its portfolio, the impact fund has invested in Indian markets for ten years, starting in 2010.
About Omidyar Network India
Omidyar Network India makes investments in audacious businesspeople who contribute to giving every Indian, particularly the hundreds of millions of low- and lower-middle-class Indians who range from the most impoverished to the middle-class today, a meaningful life.
They collaborate with entrepreneurs in the public, nonprofit, and private sectors who are taking on India’s most difficult and persistent issues to promote empowerment and social impact on a large scale. In the fields of advancing cities, digital society, education & employability, emerging technologies, financial inclusion & well-being, and property inclusivity, they invest in start-up businesses and charities.