Omidyar Network, backed by eBay founder Pierre Omidyar, plans to shut down its India operations, two sources familiar with the matter told TC, in a stunning development for the venture firm that has backed dozens of startups in the South Asian market.
TC couldn’t determine why Omidyar had decided to pull from the Indian market, a development that was shared with the local team Monday.
The firm didn’t respond to a request for comment Monday. Some of its partners in India also didn’t respond. Indian outlet Yourstory also reported the development.
More to follow.
