Anudip Foundation to Raise Up to Rs 3.21Cr from Omidyar Network

Thursday, February 23, 2012

Omidyar Network, an investment firm specialising in early and mid-venture investments, has announced a four-year grant of up to $650,000 (Rs 3.21 crore) to Anudip Foundation.

The proceeds of the funds would be used to scale up its skills training and entrepreneur development operations in eastern India, a statement added.

“Anudip Foundation plays a vital role in bridging the gap between traditional schooling and achieving sustainable livelihood for many of the country’s youth,” commented Shreya Deb of Omidyar on the funding.

Anudip Foundation focuses on creating livelihood opportunities for impoverished people in rural areas and urban slums of India, providing IT-based job skills training and job placement services to educated yet underprepared young people. The foundation claims to have trained more than 8,000 students in the last five year.

Omidyar Network, incorporated in 2004 by eBay founder Pierre Omidyar and his wife Pam, is an investment firm specialising in early, mid and late-venture investments, as well as non-profit organisations. Bulk of its investments supports companies in India and the Sub-Saharan Africa, and targets areas like microfinance, SMEs, emerging market ventures and property rights.

In December 2011, Teach For India, a non-profit organisation aiming to eliminate educational inequity in the country, raised $2.5 million (Rs 13.4 crore) from Omidyar Network. In November last year, Omidyar also invested an undisclosed sum in Gurgaon-based Aspiring Minds, an employability assessment company which provides standardised employability benchmarks to students and enables employers to evaluate students for job placements. In April 2011, Omidyar had invested in Tree House Education in a pre-IPO round, along with existing investors Matrix Partners India and Foundation Capital.

Other organisations funded by Omidyar include Janaagraha Centre For Citizenship & Democracy, Foundation For Ecological Security, D.light Design, Quikr India and Sa-Dhan, according to VCCEdge, the financial research platform of VCCircle.

Source: VCCircle (link opens in a new window)

skill development