International Premier Tennis League (IPTL) founder Mahesh Bhuapthi, India's one of the most successful doubles player, confirmed the absence of the two star players.
While Federer was not named in any side, he was expected to be part of the Indian Aces while Serena was named in the Singapore Slammers squad.
"We have had challenges this year and we are hoping to get past them. With current economic climate in India and uncertainty of spending money, I reached out to both Roger (Federer) and Serena (Williams) to explain the situation. They have been very supportive of the IPTL the first two seasons and we look forward to bring them in Futures," Bhupathi said in a statement.