Impact investment fund Omidyar Network India, the Indian arm of the family office of eBay founder Pierre Omidyar, is exiting the country and will stop new investments immediately. The fund, which has invested in the likes of healthcare platform 1MG and edtech Vedantu, among other startups, will completely transition out of the Indian market by 2024, it said in a statement on Tuesday.This development will have the fund currently focus on exits only.“We are proud of our work in this space, which is now attracting larger pools of capital from local venture capitalists/impact investors and domestic philanthropists than ever before. Having achieved our primary objective of catalysing impact, Omidyar Network India will not be making any further investments in India,” the firm said when ET reached out. Further, the fund is now deliberating on how to manage its existing active portfolio. “Over the next two months, the board and leadership team will assess how best to manage the organisation’s portfolio while recognising the long and trusted partnerships that the Omidyar Network India team has built,” the investor said in a statement.The impact fund, which has been investing in India since 2010, has about 90 active companies in its portfolio currently. It has deployed a total of $500 million in the domestic market so far, $350 million in for-profit companies and the rest in non-profits. The decision, Omidyar’s statement added, was a result of “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”.Over the last year, Omidyar has seen some of its portfolio companies shut down including the edtech Doubtnut.
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