Omidyar Network launches initiative to invest in solutions for MSMEs, migrants affected by COVID-19
Omidyar Network India, an investment firm focussed on social impact, on Wednesday said it has launched an initiative to invest in building solutions for MSMEs and migrant workers impacted by the COVID-19 pandemic, earmarking funding between Rs 3.75 crore and Rs 15 crore per project.
Through the 'ReSolve Initiative', Omidyar Network India seeks to create a portfolio of investments - selectively seeding new solutions or institutions and supporting investments with large demonstration effects, the company said in a statement.
"The preferred range of funding will be between Rs 3.75 crore ($500,000) to Rs 15 crore ($2 million) per project; and larger amounts can also be considered," it added.
Around 110 million Indians help run micro and small businesses, 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, Omidyar Network India said.
With the effects of COVID-19 likely to last for at least another 12 to 24 months, the initiative will look at entrepreneurs, thought leaders, and policy makers to come together to reframe and resolve the issues plaguing these areas, the company added.
"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 Managing Director Roopa Kudva said.
She further 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."
Omidyar Network India said the ReSolve initiative comes on the back of its recently-concluded 'Rapid Response Funding' initiative, which deployed Rs 10.75 crore to 67 proposals from across the country.
While the rapid response initiative was meant to provide short-term relief, the ReSolve initiative will focus on a 12-18 month time horizon.