Omidyar Network Establishes New Entity In India

Jayant Sinha Named as Managing Director

REDWOOD CITY, Calif. and MUMBAI, India, Oct. 14 /PRNewswire/ -- Omidyar
Network, a philanthropic investment firm, announced today it has established a
new entity in India to expand the firm's level of investment in the rapidly
growing economy. The organization has engaged Jayant Sinha to lead Omidyar
Network India Advisors, the newly formed entity.

The Indian office will enable Omidyar Network to increase investments and
partner more closely with India-based portfolio organizations in order to
support India's economic and social transformation.

"I am confident that Omidyar Network's investment in high-impact entrepreneurs
and innovative organizations will catalyze economic opportunity and social
impact in India," said Sinha. "I am excited to lead the organization to
encourage market-based approaches that have the potential to improve millions
of lives."

Sinha brings more than 20 years of experience in investments and consulting to
his role. Most recently, he led Global Technology and India-related
investments as Managing Director of Courage Capital Management. Previously,
Sinha was a Partner with McKinsey & Company in the Delhi and Boston offices.

Sinha will build on Omidyar Network's existing Indian investments. To date,
the firm has invested more than $43 million in India by funding such
organizations as the Rural Development Institute, a nonprofit that brings land
rights to rural India; Quikr, the fastest-growing online classifieds company
in India, and Unitus Equity Fund, which funds high-quality microfinance
institutions in 19 of India's 28 states.

"We aspire to play a role in India's transformation by promoting economic
opportunity for all Indians. Creating a new entity in India allows us to work
more closely with our partners to ignite lasting social change," said Matt
Bannick, Managing Partner at Omidyar Network. "Jayant's experience and
commitment to social impact will be invaluable to our portfolio organizations
and to our leadership team."

About Omidyar Network
Omidyar Network is a philanthropic investment firm dedicated to harnessing the
power of markets to create opportunity for people to improve their lives.
Established in 2004 by eBay founder Pierre Omidyar and his wife Pam, the
organization invests in and helps scale innovative organizations to catalyze
economic and social change. To date, Omidyar Network has committed more than
$300 million to for-profit companies and nonprofit organizations that foster
economic advancement and encourage individual participation across multiple
investment areas, including microfinance, property rights, government
transparency, and social media. To learn more about Omidyar Network, please
visit www.omidyar.com.

SOURCE Omidyar Network

Kelly Mason, Manager, Communications, Omidyar Network, +1-650-482-2566,
kelly@omidyar.com