Omidyar Network India, an impact investment firm employing a dual-chequebook investment model, has decided to exit the Indian market after a decade of operations, according to reports from TechCrunch. The firm, known for its focus on the Next Half Billion, played a critical role in building the impact investment sector in India. In a statement, Omidyar Network India highlighted its pride in catalyzing impact in the region, attracting larger capital pools from local venture capitalists, impact investors, and domestic philanthropists. The firm will not make further investments in India and aims to transition out of the market completely by the end of 2024. The decision comes after months of deliberation and takes into account the evolving economic landscape and increased local philanthropic and venture capital presence in India. The Omidyar Group’s internal blog post explained that the decision was informed by the substantial changes and growth observed in the Indian context since the firm’s initial investments in 2010. The board and leadership team will assess the best way to manage the organization’s portfolio over the next two months. Omidyar Network India, backed by eBay founder Pierre Omidyar, has been a key investor in Indian startups, including Tata 1mg, Bounce, Centa, CloudSek, DealShare, Kiwi, Otipy, Doubtnut, and more. The firm recently led a $6 million funding round for Digivriddhi Technologies, a fintech startup serving the dairy industry. Reports indicate that the investor holds approximately $673 million in cumulative assets in India. It’s worth noting that the Omidyar Group faced scrutiny from the Government of India in 2021 over alleged unauthorized foreign funding, with Omidyar Network International among the entities barred from funding.
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