Emerging and Growth Markets | December 13, 2023

Omidyar Network India to shut down

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, December 13 – Omidyar Network India was an early mover and impact ecosystem builder in India when it was launched more than a decade ago by Omidyar Group. It is ceasing new investments and will close its operations by the end of next year, YourStory reported.

Omidyar Network India says it “achieved our primary objective of catalyzing impact,” the outlet reported, citing a statement circulated to media in India. “We are proud of our work in this space, which is now attracting larger pools of capital from local venture capital or impact investors and domestic philanthropists than ever before.”

Omidyar Network India has invested more than $500 million in over 80 Indian startups advancing financial inclusion, education access, independent media and other social goods. It was spun out in 2019, as part of Omidyar Group’s devolution of its fund strategies.

The firm had announced its latest deal, leading the Series A round of DGV, a fintech venture serving India’s dairy farmers, earlier this month.

Troubled waters

Many impact investors’ portfolios have taken a hit from the tech and economic turbulence in the past 18 months. Last week, news broke that Omidyar Network India portfolio company ZestMoney was shutting down after eight years in the buy-now, pay-later business after unsuccessfully seeking a buyer. Edtech portfolio company Doubtnut, once valued at $150 million, was reportedly acquired for just $10 million.

Omidyar Network India’s managing partner Roopa Kudva departed the group last month.

Kudva and Omidyar Network India could not be immediately reached for comment.