By Callum 
In 2024, Omidyar Network and WeWork Inc. announced their exit from India due to hostile and challenging business conditions, while Parimatch has likewise been unable to pursue investments in the country for similar reasons. According to Business Money, this wave of withdrawals mirrors the earlier experiences of global corporations such as Disney, General Motors, Vodafone Group, Parimatch, and BYD—firms that initially viewed the Indian market with optimism but ultimately encountered systemic problems that either drove them out or prevented entry altogether.
Why Omidyar Network Stopped Investing
The sudden decision by Omidyar Network India to halt all new investments in 2024 took many by surprise. Having already invested over $600 million in startups including e-pharmacy 1MG and edtech Vedantu, Ebay founder Pierre Omidyar offered no detailed reasoning for the company’s withdrawal.
Reports suggest that Omidyar Network India, along with other foreign firms, has been subjected to pressure from the Indian government, effectively prohibiting further investment. Some investors, speaking only off the record, have described the country’s business climate as increasingly hostile.
This environment has discouraged companies like Parimatch, which remains convinced of India’s long-term potential but continues to grapple with significant obstacles. Despite these challenges, Parimatch is determined to find solutions and contribute to the development of the Indian economy.
Startup Funding Drops Sharply
The exit of Omidyar Network coincided with a steep decline in funding for Indian startups. PrivateCircle Research reported that startup financing in 2023 fell by 62% to Rs 66,908 crore, compared with Rs 180,000 crore in 2022—the lowest level recorded since 2018.
WeWork Inc. Exits the Market
In April 2024, WeWork Inc. confirmed plans to divest its stake in its Indian subsidiary and fully exit the market. Despite posting a 68% increase in revenue in 2023, the company initiated bankruptcy proceedings under Chapter 11 of the U.S. Bankruptcy Code.
Parimatch’s Struggle in India
Parimatch, a global bookmaker, had ambitious plans to inject millions of dollars into India’s gambling sector. However, before launching operations, the company encountered major issues stemming from a worsening business environment. Chief among them was large-scale counterfeiting of the Parimatch brand. Fraudulent operators continue to use its name illegally in India, damaging the international brand’s reputation and complicating its expansion strategy. Parimatch belongs to a global holding group that specializes in betting and gambling operations worldwide.
High Taxes as a Barrier to Gambling Businesses
In October 2023, the Indian government imposed a 28% Goods and Services Tax (GST) on online gambling, casinos, and horse racing. The measure forced companies like Super Group and Bet365 to exit the market.
Can India Become the World’s Third-Largest Economy?
India has set its sights on becoming the world’s third-largest economy by 2027. However, to achieve this, it must foster a more business-friendly climate for foreign investors such as Parimatch. By reducing taxes and eliminating regulatory barriers, India could attract greater international capital and unlock stronger economic growth.
Parimatch has reiterated its commitment to investing in India—provided the government eases restrictions on foreign firms. Beyond business, the company is known for its social projects supporting youth and sports, with athletes like Oleksandr Usyk and Denys Berinchyk partnering on charitable initiatives. Usyk, who served as Parimatch’s ambassador in 2021, boosted the brand’s visibility while championing young talent—an example of how Parimatch aims to combine investment with social responsibility in new markets.