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Business News/ Companies / People/  Nikhil Kamath to donate 50% of wealth to Bill Gates-Warren Buffet founded 'The Giving Pledge'

Zerodha co-founder Nikhil Kamath has joined the likes of Azim Premji, Kiran Mazumdar-Shaw, and Rohini and Nandan Nilekani and has become the fourth and also the youngest Indian to pledge donating their wealth to charitable causes. 

Kamath became the fourth Indian to join ‘The Giving Pledge’ founded by Warren Buffett, Melinda French Gates, and Bill Gates in 2010. "The Giving Pledge' also bears witness to several wealthiest families and individuals of the world pledging their fortunes for charitable causes, Business Today reported. 

Kamath, 35, joined the league which also boasts the presence of Azim Premji- former chairman of Wipro Limited, Kiran Mazumdar-Shaw- executive chairperson and founder of Biocon Limited, and Biocon Biologics Limited, and Rohini and Nandan Nilekani- Indian author and billionaire entreprenuer and co-founder of Infosys. 

“As a young philanthropist, I am writing to express my gratitude whilst joining the Giving Pledge. Despite my age, I am committed to positively impacting the world and believe that the foundation's mission of creating a more equitable society aligns with my values and aspirations," Kamath was quoted saying by Business Today

Notably, Nikhil Kamath is the co-founder of Zerodha- India’s biggest stock brokerage in terms of volume of trade. 

Kamath who boasts an estimated net worth of $3.45 billion, also has his own foundation- Young Indian Philanthropic Pledge (YIPP), which works with entrepreneurs to donate at least 25% of their net worth to charitable causes.

According to Forbes, Nikhil Kamath, via ‘The Giving Pledge’ aims to support causes like climate change, energy, education, and health. 

“Despite my age, I am committed to positively impacting the world," says Kamath in his pledge letter. “The mission of creating a more equitable society aligns with my values and aspirations." He has committed to give away 50 percent of his wealth, and is interested in contributing towards areas including climate change, education and health care.

Notably, Nikhil Kamath along with brother and Zerodha co-founder Nithin Kamath donated Rs100 crore of personal wealth in 2022, as per the EdelGive-Hurun India Philanthropy List 2022, which was a 300% increase from the year before.

About 241 philanthropists from 29 countries have signed the Giving Pledge so far. Other billionaire signatories include LinkedIn Co-founder Reid Hoffman along with his partner Michelle Yee, Tesla CEO and Twitter owner Elon Musk, philanthropist MacKenzie Scott, and Canva Co-founders Melanie Perkins and Cliff Obrecht.

Kamath, who also heads asset management company True Beacon, had in 2021 told Forbes in an interview, “It cannot be that 10 percent of the country has what should belong to 90 percent of the people". His foundation Young Indian Philanthropic Pledge aims to give back 750 crore in the next three years. 

Nikhil Kamath started working full-time at the age of 17 and his experience largely revolves around the stock markets.

Kamath founded Zerodha in 2010, as well as Gruhas for private investments, hedge fund True Beacon that manages wealth for ultra HNIs in India, fintech incubator Rainmatter, and Rainmatter Foundation, which supports climate-related non-profits.

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Updated: 06 Jun 2023, 07:21 PM IST
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