Impact investor Omidyar Network scores four exits in 2019

Impact investment firm ONI (Omidyar Network India) exited three portfolio companies in 2019, apart from a partial exit from news and local video content platform Dailyhunt, according to a company statement. Dailyhunt was ONI’s first India investment in 2011. 

The firm, which is a part of The Omidyar Group supported by eBay founder Pierre Omidyar and Pam Omidyar, said in a statement that it had exited skill-testing platform Aspiring Minds, small and medium business-focused digitisation platform NowFloats and mobile technology company U2opia Mobile. All three exits were facilitated by acquisition of the portfolio companies by enterprises.

“For the impact investing industry, these exits serve as examples of how tech-led investments can create a compelling combination of direct impact on customers lives, sector-level impact and financial returns. They can help the impact investing industry build on the success stories of the microfinance era,” Rupa Kudva, managing director at ONI, said in the statement.

Aspiring Minds was acquired by UK based SHL in October in an all-cash deal pegged close to $80 million. ONI had backed the HR company with a $2.4 million cheque in 2011. ONI’s investments in U2opia Mobile dates back to 2014 and was acquired by Nairobi-based Comcraft Group, while NowFloats was acquired by Reliance Strategic Business Ventures. 

The firm also partially exited Dailyhunt when new investors Goldman Sachs and Belgium-based investor Sofina joined the cap table.

ONI makes equity investments in early-stage companies and assigns grants to non-profits in the areas of digital identity, financial inclusion, education, emerging technology, governance and citizen engagement.

ONI’s more recent investment rounds include wound-care product maker Axios Biosolutions, social commerce platform DealShare and banking service provider to the underserved Kaleidofin.