NEW DELHI: Funding agency Omidyar Community India has introduced to transition out of the India market by the tip of 2024, and can cease making new investments.
The information got here at a time when the funding in India’s tech startup ecosystem in 2023 was lowest within the final 5 years, dropping the nation’s international rating from third place to fourth spot.
Backed by eBay founder Pierre Omidyar, the native unit made investments in a number of Indian startups like Kiwi, Tata 1mg, CloudSek, DealShare, Otipy, Doubtnut and extra.
Final month, homegrown fintech startup Kiwi raised $13 million (about Rs 108 crore) in a Collection-A funding spherical led by Omidyar Community India.
Omidyar Community India stated in an announcement that it’s going to shut down operations within the nation subsequent yr.
“After a number of months of deliberation, it has been determined that Omidyar Community India will cease making new investments and can utterly transition out of the market by the tip of 2024,” the group stated in an announcement.
“Over the subsequent two months, the board and management workforce will assess how greatest to handle the organisation’s portfolio whereas recognising the lengthy and trusted partnerships that the Omidyar Community India workforce has constructed,” it added.
YourStory first reported in regards to the improvement. In keeping with studies, the funding agency had practically $673 million value cumulative property in India.
“Right now, there’s extra Indian led philanthropic and enterprise capital than ever earlier than, the nation has a vibrant start-up sector, and a number of other funds now have a center and lower-middle revenue focus as a part of their funding technique. From its outset, the Omidyar Community India workforce recognized these system shifts as vital to affect and labored diligently to assist catalyze this alteration,” the group famous.
The transfer got here as homegrown digital EMI financing platform ZestMoney, backed by Omidyar Community amongst others, is shutting down operations after a number of unsuccessful makes an attempt to discover a purchaser.
