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Omidyar Network to shut India ops

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Impact investment firm Omidyar Network India, which has a dual-chequebook investment model, is exiting the country after a decade of operations. Backed by the Omidyar Group promoted by eBay founder Pierre Omidyar and Pam Omidyar, the India entity will no longer make any new investments, though it will be closing committed follow-on rounds. Omidyar Network India was hived off from the parent entity in 2019 as an autonomous investment advisory firm, focused on India-specific investment thesis and separate investment team. Omidyar Group has had a presence in India since 2010 and has made investments of over USD 500 million, of which nearly USD 150 million was directed to non-profit investments. Nearly 70% of the capital was directed at for-profit investments. The firm recorded returns of USD 250 million over the period from its for-profit investments, with a Distributed to-Paid-in-Capital ratio of 0.7.