Zerodha sets up non-profit organisation Rainmatter Foundation for climate change

Online brokering firm Zerodha.

Aiming to support grassroots individuals, organisations, and companies working on solutions for climate change, online brokering firm Zerodha has set up a non-profit organisation Rainmatter Foundation.

Over the next few years, Rainmatter Foundation will commit $100 million to focus on conservation education, ecological restoration and afforestation. The Non Governmental Organisation (NGO) is also mulling to set up 70-acres of private forest land, CNBC-TV18 reported.

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"Over the last 3-4 years we have been giving back. We didn't have a structured format and a name to it... From 2015-16 we have been doing a lot of giving back initiative and putting it all together under Rainmatter Foundation and because now our ambitions have become bigger with this. So we allocated capital and this can lead for us," the Business channel quoted founder and CEO of Zerodha Nithin Kamath as saying.

"This is all going to be all Zerodha, so we will be raising mix general capital," Kamath added while saying that all the $100 million will be spent by Zerodha.

Per Kamath, those who have a concentration of wealth should give it back towards the growth of the nation's development.

"The core philosophy is to invest in ideas and organisations who are working towards solving problems in turning the economy into jobs,"the  Chief Executive Officer (CEO) of Rainmatter Foundation Sameer Shisodia said.

He further added the Rainmatter Foundation will fund those that create projects and platforms for climate change.