Zerodha co-founders Nitin and Nikhil Kamath announced on Thursday that they have pledged a quarter of their wealth to philanthropy, joining several other billionaires across the world who have taken similar steps.
As per IIFL Hurun Rich List 2021, Nitin Kamath’s net worth is around 26,000 crores, while the younger brother Nikhil’s net worth is approx. 11,000 crores.
The pledge, which will be effective throughout his lifetime, is in addition to $100 million given to the RainMatter Foundation to combat climate change.
Over the past decade, many billionaires have pledged a portion of their wealth to charitable causes. In 2010, Bill Gates and Warren Buffet created the ‘Giving Pledge’, a commitment through which wealthy individuals can pledge most of their wealth to charity.
According to its website, the Giving Pledge includes more than 200 of the world’s wealthiest individuals, couples and families, ranging in age from their 30s to their 90s. Globally, they represent 27 countries.
“Charity is an extension of the investments I make. While valuing investing in stocks is about making maximum profit, philanthropy is an extension of the same spirit – the difference in philanthropy is that your measure,” Nikhil Kamath said in a statement to Mint. That’s where you make the most impact.
“I think there is a desire for young entrepreneurs to take on more philanthropic initiatives; however, with not many seamless avenues to do so in a sustained manner, there is paralysis on that front. With the aim of mitigating this, YIPP ( Young India Philanthropic Pledge) was launched, where all signatories below 45 years of age will pledge 25% of their assets with minimum expenditure 1 crore per year. I am pledging 25 per cent of my property for this purpose.
“The funds will be disbursed to create a think-tank for strategic interventions and to support efforts at the grassroots level. It will go towards poverty alleviation, refugee aid, disaster relief, empowerment of women and girls, medical research, criminal justice reform, environmental sustainability, arts and culture and global health. The pledge will not involve any political or religious reasons, and there will be detailed reporting of financial spending at the end of each year.”
YIPP’s current members and mentors include Unicorn co-founders, entrepreneurs and social activists, including Udaan co-founder Sujit Kumar; Prashant Prakash, partner at Excel; Ravindran Pai, managing director of Century Real Estate Holdings; Amitabh Shah, founder of Yuva Unstoppable; and Anil Shetty, an independent investment banker and social activist. The current advisors are Prashant Prakash and Jameel Khatri and Ankit Bhandari, who
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