Omidyar Network announced its exit from the Indian market. The investment firm, which makes equity investments in early-stage enterprises and provides grants to non-profits in the areas of digital identity, education, and emerging tech, will not make any new investments in Indian companies.

The news website YourStory, the first to report the news, stated that the eBay founder Pierre Omidyar and Pam Omidyar backed Indian entity will not make new investments, quoting individuals aware of its development. The investment firm will be closing follow-on rounds committed to date, as per the report.

Since its presence in India, the Omidyar Group has invested over $500 million and has already clocked exits worth $250 million.

The group has also backed Indian startups such as Zestmoney, DealShare, VerSe, (Dailyhunt), Vedantu, Kiwi, Indifi Technologies, and Swqureteck, among others.

"Over the last decade, Omidyar Network India has played a critical role in building the impact investment sector, especially focussed on the Next Half Billion. We are proud of our work in this space, which is now attracting larger pools of capital from local venture capital or 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," a statement by Omidyar Network India said.

It further added, "This decision was heavily informed by the 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. Today, there is more Indian-led philanthropic and venture capital than ever before, the country has a vibrant start-up sector, and several funds now have a middle and lower-middle income focus as part of their investment strategy."