India's largest stock brokerage firm Zerodha co-founders Nithin and Nikhil Kamath have been recognized in the 'Hurun’s top Philanthropist List 2023' for their donation of Rs 110 crore to organizations focusing on climate change and environmental sustainability.
Notably, Nikhil Kamath, at 37, has become the youngest philanthropist to be featured on this list.
Who are the other top philanthropists?
The Kamath brothers secured the 12th position on the list. The top spot was claimed by Shiv Nadar, the chairperson of HCL Enterprise, and his family.
Nadar made a significant contribution of Rs 2,042 crore towards the promotion of art and culture. It's worth noting that this is the third time in five years that Shiv Nadar has been titled "India's Most Generous," with an average donation of Rs 5.6 crore per day.
Nikhil Kamath's commitment towards 'The Giving Pledge'
Nikhil Kamath's philanthropic efforts are not new. Last year, he was at the pinnacle of the 'Hurun India 40 & under self-made rich list 2022', boasting a net worth of Rs 17,500 crore. Furthermore, he became India’s youngest individual to commit to 'The Giving Pledge', an initiative by renowned investors Bill Gates and Warren Buffet.
Nikhil is the fourth Indian to make this commitment, joining the ranks of Azim Premji, Kiran Mazumdar-Shaw, and the Nilekani couple. The pledge signifies that members will donate a significant portion of their wealth to charitable causes.
The Kamath brothers' wealth
Both Kamath brothers have distinct foundations that align with their philanthropic visions. Nikhil, with a net worth estimated by Forbes to be around $3.45 billion, founded the Young Indian Philanthropic Pledge (YIPP).
The foundation partners with startup leaders and encourages them to donate at least 25% of their net worth to charitable causes. On the other hand, Nithin leads the Rainmatter Foundation, which supports initiatives and organizations dedicated to climate action.
What is EdelGive Hurun India Philanthropy List 2023?
The EdelGive Hurun India Philanthropy List 2023 highlighted several other philanthropists alongside the Kamath brothers. Wipro's Azim Premji secured the second spot with a donation of Rs 1,774 crore.
Rohini Nilekani was recognized as the most generous female philanthropist, donating Rs 170 crore. The list also revealed that education is the most preferred cause for donations, attracting Rs 1,547 crore.
Mumbai, with 39 individuals, stands as India's philanthropy capital, followed by New Delhi and Bengaluru. The list also featured other notable philanthropists like Kumar Mangalam Birla, Gautam Adani, and the Bajaj family.
"This is a record year for big philanthropy,” said Anas Rahman Junaid, managing director and chief researcher, Hurun India. “In the past five years, the number of donors contributing over Rs 100 crore has surged from two to 14, and those donating over Rs 50 crore has risen from five to 24. Given India's potential for wealth creation and assuming a continued commitment to philanthropy by billionaires, I anticipate these figures to potentially double over the next five years."