In a surprise move, ace impact investor Omidyar Network is shutting down its India operations, according to a report by TechCrunch, now confirmed by the group. This comes as a shocking development for the impact venture firm because of its active involvement in the market. It has financed around 75 startups in the South Asian market over the span of the last 13 years. The report cites an internal team meeting on Monday, wherein the team was informed of the decision.
“After several months of deliberation, it has been decided that Omidyar Network India will stop making new investments and will completely transition out of the market by the end of 2024. Over the next two months, the board and leadership team will assess how best to manage the organization’s portfolio while recognizing the long and trusted partnerships that the Omidyar Network India team has built,” the group said in a statement.
Omidyar Network had renowned startups feeding on its coffers. The startups backed by the firm include Bounce, Bijak, DealShare, 1mg, Healthkart etc. All have gone on to create major splashes in critical sectors, such as healthcare, last mile commerce among others. Omidyar has also gained significant exits in the country, thus making the announcement even more surprising.
According to Omidyar’s investment deck, it has nearly $673Mn in assets deployed in India, with its startups reaching cumulatively 735 million users across the country.
The firm had recently announced five brand new investments in India in the last two months. Moreover, its executives were actively participating till the beginning of this week. On top of that, the firm is also sponsoring at least one currently running podcast series.
Read more at thetechportal.com
Add comment