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News from around the sector
Omidyar Network establishes new base in India
, Added: 28 October 2009US-based philanthropic investment firm Omidyar Network has established an office in India. Having an in-country presence will enable Omidyar to increase investments and partner more closely with India-based portfolio organisations.
Matt Bannick, managing partner at Omidyar Network, said, “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.”
To date, the firm has invested more than $43m (£26m) in India by funding organisations such as the Rural Development Institute, a non-profit 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.
Jayant Sinha will lead the new entity, called Omidyar Network India Advisors. He 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 firm's Delhi and Boston offices.
Sinha said, “I am excited to lead the organisation to encourage market-based approaches that have the potential to improve millions of lives.”
