Omidyar Community, backed by eBay founder Pierre Omidyar, plans to close down its India operations, two sources accustomed to the matter advised TechCrunch, in a surprising improvement for the impression enterprise agency that has backed practically 75 startups within the South Asian market.
TechCrunch couldn’t decide why Omidyar had determined to tug from the Indian market, a improvement that was shared with the native crew Monday, a supply accustomed to the matter stated, requesting anonymity because the matter is non-public.
The agency didn’t reply to a request for remark Monday. A few of its companions in India additionally didn’t reply. After the publication of the story, Omidyar Community confirmed it gained’t be making any extra investments in India however didn’t say what occurs to the native workers.
“Having achieved our major goal of catalysing impression, Omidyar Community India is not going to be making any additional investments in India,” an organization spokesperson stated in a press release.
Omidyar Community aimed to again startups in India that, no less than on paper, have been fixing issues confronted by half a billion individuals. Its portfolio startups consists of 1mg, Bounce, Bijak, DealShare, Doubtnut, Entri, HealthKart, Indifi, M2P, and Pratilipi.
2023 has been a tough yr for the Omidyar Community India crew. Doubtnut, a startup which raised greater than $50 million, offered for $10 million this month. And ZestMoney, as soon as valued at practically $450 million, additionally introduced that it was shutting down.
