Investment firm Omidyar Network said it will stop making new investments and will completely transition out of the market by the end of 2024, after over a decade of operations.
The firm said its board and leadership team will assess how best to manage the organisation's portfolio over the next two months.
"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," Omidyar said in a statement.
"Having achieved our primary objective of catalysing impact, Omidyar Network India will not be making any further investments in India,” it said.
The news was first reported by TechCrunch.
Omidyar Network India is part of the Omidyar Group, backed by philanthropists Pam and Pierre Omidyar, founders of eBay.
The social impact-focused investment firm had about $673 million in cumulative assets under management, reported Inc42.
In 2019, the parent spun off its India unit as an autonomous investment advisory firm with a new mandate.
The investment firm has backed businesses across areas, including education and employability, emerging tech, financial inclusion and well-being and property inclusivity.
Among startups, it has invested in online pharmacy company 1mg, electric scooter and swappable-battery company Bounce, small business lending platform Indifi, e-commerce firm DealShare, health supplement retailer HealthKart, and audiobook portal Pratilipi.
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