Omidyar Network India will leave the country by the end of 2024
Impact investment company Omidyar Network India will leave the country after a decade of operating in India, according to an exclusive report by YourStory.
Omidyar Network India will stop new investments and leave India by the end of 2024, the report said. In the next two months, the board will evaluate its portfolio and existing partnerships.
"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," the group said in a statement.
"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," it said.
Omidyar Network is a venture of the Omidyar group that has invested in media, digital society, education, emerging tech and many others.
In May 2022, the US-based Omidyar was among 10 non-profits accused of allegedly conspiring to illegally facilitate the registration and renewal of Foreign Contribution (Regulation) Act (FCRA) licences. FCRA is a mandatory requirement to receive foreign funds.
Omidyar was also placed on a watch list by the Home Ministry in 2021 and all of its foreign donations were restricted.
Omidyar India Network on its website says it invests in bold entrepreneurs who help create a meaningful life for every Indian, especially the hundreds of millions of Indians in low-income and lower-middle-income populations, ranging from the poorest among us to the existing middle class.
To drive empowerment and impact at scale, we work with entrepreneurs in the private, non-profit, and public sectors, who are tackling India's hardest and most chronic problems, it says.