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Omidyar Network, backed by eBay founder Pierre Omidyar, plans to close down its India operations, two sources accustomed to the matter informed TechCrunch, in a shocking growth for the enterprise agency that has backed almost 75 startups within the South Asian market.

TechCrunch couldn’t decide why Omidyar had determined to tug from the Indian market, a growth that was shared with the native workforce Monday.

The agency didn’t reply to a request for remark Monday. Some of its companions in India additionally didn’t reply.

Omidyar Network aimed to again startups in India that, at the very least on paper, have been fixing issues confronted by half a billion folks. Its portfolio startups consists of 1mg, Bounce, Bijak, DealShare, Doubtnut, Entri, HealthKart, Indifi, M2P, and Pratilipi.

2023 has been a tough yr for the Omidyar Network India workforce. Doubtnut, a startup which raised greater than $50 million, bought for $10 million this month. And ZestMoney, as soon as valued at almost $450 million, additionally introduced that it was shutting down.

Indian outlet Yourstory additionally reported the event on Tuesday.

More to comply with.