India: Omidyar set to invest in solutions for MSMEs, migrant workers

Visual from the company website

Omidyar Network India on Wednesday announced an initiative to invest in building solutions for MSMEs and migrant workers impacted by the Covid-19.

Under the ‘ReSolve Initiative’, the company has earmarked funding between Rs3.75 crore and Rs15 crore per project. The initiative will focus on a 12-18 month time horizon.

“The preferred range of funding will be between Rs3.75 crore (USD 500,000) to Rs15 crore (USD 2 million) per project; larger amounts can also be considered,” the company said in a statement.

Through the initiative Omidyar aims to create a portfolio of investments–selectively seeding new solutions or institutions and supporting investments with large demonstration effects.

Omidyar Network said aound 110 million Indians help run MSMEs and the size of India’s migrant worker population is estimated to be between 80 to 130 million, both the segments have faced devastating setbacks due to the pandemic.

“Both micro, small & medium enterprises (MSME) and migrant worker issues are longstanding national priorities with a large unfinished agenda. The biggest impact of both is on our focus segment – the Next Half Billion – so we are keen to support new long term solutions,” Omidyar Network India MD Roopa Kudva said.

“ReSolve signifies our focus on reimagining and re-solving some of the challenges in both sectors, as well as India’s resolve to build long term resilience as we come out of this crisis,” Kudva added.

The ‘ReSolve Initiative’ comes on the back of Omidyar Network India’s recently concluded ‘Rapid Response Funding’ initiative which deployed Rs10.75 crore to 67 proposals from across the country.

This article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.