Omidyar Network India Advisors, the Indian arm of the US-based impact investor, said it will be shutting down its business in the country more than a decade after launching operations.
The firm, which has backed firms such as BYJU’S, WhiteHatJr, 1MG, and Pickrr in the past, said it will not make any new investments going ahead and will completely transition out of the market by the end of 2024.
Its current investments include Bounce, CloudSEK, Drink Prime, Health Kart, and Wingreens Farms.
The firm has made investments of over $500 million since its inception in India in 2013.
It was not immediately clear about the jobs impacted because of the business shutdown. The firm has 41 employees, according to LinkedIn.
YourStory first reported about the development.
Omidyar Network India was hived off from the parent entity in 2019 as an autonomous investment advisory firm, focused on an India-specific investment thesis and separate investment team.