Foreign business cuts investments in India under government’s pressure
Foreign business cuts investments in India under government’s pressure Why Omidyar Network leaves The news that Omidyar Network immediately ceases fresh investments in the Indian economy in 2024 came out of nowhere. The company has previously invested over $600m in various local startups. Among other things, Omidyar Network supported the likes of e-pharmacy 1MG, edtech Vedantu, fintech startups Kaleidofin, Kiwi, M2P Fintech, and Indifi. Pierre Omidyar, Ebay founder and the fund’s backer, provided no reasonable explanation regarding the decision to cut ties with India. In his statement, Omidyar says the end of investments comes as 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.” What this cryptic message means is unclear. Many of the Indian team were caught off-guard by this statement as well. As Omidyar’s unexpected decision was made public, they were ...