Omidyar Network Establishes New Entity In India

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Oct 2009
California, United States, October, 13 2009 - Omidyar Network, a philanthropic investment firm, announced today it has established a new entity in India to expand the firm's level of investment in the rapidly growing economy. The organization has engaged Jayant Sinha to lead Omidyar Network India Advisors, the newly formed entity.

The Indian office will enable Omidyar Network to increase investments and partner more closely with India-based portfolio organizations in order to support India's economic and social transformation.

"I am confident that Omidyar Network's investment in high-impact entrepreneurs and innovative organizations will catalyze economic opportunity and social impact in India," said Sinha. "I am excited to lead the organization to encourage market-based approaches that have the potential to improve millions of lives."

Sinha brings more than 20 years of experience in investments and consulting to his role. Most recently, he led Global Technology and India-related investments as Managing Director of Courage Capital Management. Previously, Sinha was a Partner with McKinsey & Company in the Delhi and Boston offices.

Sinha will build on Omidyar Network's existing Indian investments. To date, the firm has invested more than $43 million in India by funding such organizations as the Rural Development Institute, a nonprofit that brings land rights to rural India; Quikr, the fastest-growing online classifieds company in India, and Unitus Equity Fund, which funds high-quality microfinance institutions in 19 of India's 28 states.

"We aspire to play a role in India's transformation by promoting economic opportunity for all Indians. Creating a new entity in India allows us to work more closely with our partners to ignite lasting social change," said Matt Bannick, Managing Partner at Omidyar Network. "Jayant's experience and commitment to social impact will be invaluable to our portfolio organizations and to our leadership team."



Source : Reuters
 

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