Omidyar Network will stop making new investments in India and completely transition out of the Indian market by the end of 2024, the impact investor told CNBC-TV18 in a statement.
Over the next two months, the board and leadership team will assess how best to manage the organisation’s portfolio of over 90 startups and social enterprises, which includes unicorns Vedantu, Dailyhunt-parent VerSe Innovation, and DealShare.
The portfolio also includes 1mg, Bijak, Bounce, Brands of Bharat, CIIE-IIM Ahmedabad, Masai School, FarMart, Give India, HealthKart, J-PAL, Indian School of Business (ISB), Indifi, Intrcity, Kaleidofin, Kutuki, M2P Fintech, Krishify, MyUpchar, Otipy, NeoGrowth, Pickrr, Pratilipi, SatSure, Scripbox, Teach For India, Villgro and Wingreens, among others.
"This decision was heavily informed by the significant change in context and the growth in the economic landscape that the India-based team has experienced since first making investments there in 2010," the firm said in the statement.
"There is more Indian-led philanthropic and venture capital than ever before, the country has a vibrant start-up sector, and several funds now have a middle and lower-middle income focus as part of their investment strategy," it added.
The firm, which has invested $500 million in both profit and
not-for-profit enterprises, will now focus on exits while maximising returns with zero disruptions.
Sources tell CNBC-TV18 that conversations on exits have started with portfolio founders, with the assurance that Omidyar Network will remain in the country until the end of 2024 "and even after if needed".
This move will impact all 37 members in its India office, who will "transition" when Omidyar exits India by the end of next year.
First Published: Dec 12, 2023 2:28 PM IST