Omidyar Network Invests in iMerit Technology ServicesTeam YS
Omidyar Network today announced an investment in iMerit Technology Services, a globally networked IT enabled services company. The investment will help iMerit scale its operations, open additional project centres and expand its senior management team. Omidyar Network has stated that it will will hold an equity stake in the company, and Jayant Sinha of Omidyar Network will join the Board of Directors.
Additional terms of the deal were not disclosed.
iMerit is building a new way to deliver high-quality, web-enabled IT services work across the globe. The company draws on local talent, utilizes an in house market-aligned skills training program, and delivers services through social media, cloud-computing platforms, and web portals. iMerit has built a strong portfolio of clients that includes leading organizations like Aptara and Catholic Relief Services, and has already created over 200 jobs that support more than 1000 individuals from low-income families and marginalized sections of society.
“iMerit is creating opportunities for our young population to build skills and create a secure financial future for themselves and their families,” said Jayant Sinha, managing director, Omidyar Network. “We believe iMerit has the potential to rapidly scale and improve lives of thousands of youth across India.”
“We're inspired by how Pierre Omidyar used technology to revolutionize how commerce is conducted,” said Radha Basu founder of iMerit. “Jobs are getting specialized and companies are looking for ways to have it performed cost effectively. There are many segments of society who are held back due to lack of skills and where they live. With support from Omidyar Network, we believe that these two trends can be addressed in a win-win manner to improve people's prospects and give firms the resources to profitably go after new business opportunities."This is Omidyar's 12th investment in an Indian company. Find their portfolio here.