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Impact investment firm Omidyar Network Indiawill be shutting down its operations in the country after a review by its Investment Committee, according a source privy to the development.

Backed by the Omidyar Group supported by eBay founder Pierre Omidyar and Pam Omidyar, the India specific entity will not make any new investments going ahead, though it will be closing follow-on rounds committed to date, confirmed the source. 

Omidyar Network India was hived off from the parent entity in 2019 as an autonomous investment advisory firm, focused on India-specific investment thesis and separate investment team.

Omidyar Group has had a presence in India since 2013 and has made investments of over $500 million. The entity has recorded returns of $250 million over the period, with a Distributed to-Paid-in-Capital ratio of 0.7.  

Omidyar Network India is an investor in the likes of two-wheeler mobility company Bounce, SME financing company Indifi, online pharmacy company 1MG, which was acquired by Tata Digital, and others. The investor is in the process of letting its portfolio companies know of its decision and has mentioned the shutdown on an internal company blog, confirmed the source. 

Queries sent to the company remained unanswered at the time of publishing. This is a developing story and will be updated with new information.