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.