Omidyar Network India, an investment firm focused on social impact, announced that it has fully utilized the capital pool of Rs 10.75 crore under its Rapid Response Funding Initiative for Covid-19.
The initiative was launched on March 24, 2020 – since then 2000 applications were received and 67 proposals have been approved. Of this, Rs 3.25 crore was contributed by employees of Omidyar Network India.
According to the Company’s press statement, the majority of proposals were focused on physical health (79%), some (3%) were for addressing mental health challenges too. Nearly half (49%) the proposals were technology-focused – primarily online and mobile based solutions. The solutions focused on supporting the vulnerable sections – the lower 60% of the country’s income distribution represented by the daily wage earners, vendors, the gig-economy workers, and small businesses.
Commenting on the initiatives in response to Covid-19, Roopa Kudva, Managing Director, Omidyar Network India said, “The response of the nonprofit sector to the current crisis has truly been awe inspiring. The way they have galvanized into action has dispelled many myths associated with the nonprofit sector. NGOs and nonprofits have responded rapidly to provide cost-effective solutions. They are adopting new technologies at a fast pace. They are collaborating with each other to create a more effective response. If they continue to be funded adequately, these organizations will continue to play an increasingly greater role in India’s response to the pandemic both in the medium and the long term.”
The 67 initiatives chosen for funding under the Rapid Response Funding Initiative include a wide range of organizations – non-profits, coalitions of NGOs and civil society organizations, for-profit businesses seeking to create non-profit solutions as well as research bodies.
Omidyar Network India invests in bold entrepreneurs who help create a meaningful life for every Indian, especially the hundreds of millions of Indians in low-income and lower-middle-income populations, ranging from the poorest among us to the existing middle class.
Omidyar Network India is part of The Omidyar Group, a diverse collection of companies, organizations and initiatives, supported by philanthropists Pam and Pierre Omidyar, founder of eBay.
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