Zerodha co-founder and billionaire Nikhil Kamath, who became the youngest Indian to join the 'The Giving Pledge' earlier this year, said he was inspired by Bengaluru-based entrepreneurs and fellow pledgers Infosys co-founder Nandan Nilekani, Biocon founder Kiran Mazumdar Shaw, and Wipro founder Azim Premji to donate a majority of his wealth to philanthropic causes.
“So, there are four people in India who have signed The Giving Pledge -- the other three happen to be really good friends of mine. And Bangaloreans will resonate with this -- all of them are from Bangalore. All four of us are friends. Me and Kiran live in the same apartment… we all tend to meet once in a month for dinner or travel together,” Business Today quoted Kamath as saying.
On being asked why he chose to give away his wealth and not save it for his future generations, the Zerodha co-founder said that being in Bengaluru and around other signatories of The Giving Pledge inspired him to make the most of the money he has made.
“When you are growing up, you are looking around you… in the societal construct around you, you meet three or four people, somebody who’s more popular, someone who has more money… and subconsciously you want to be like that person,” Nikhil Kamath said referring to Nandan Nilekani, Kiran Mazumdar Shaw, and Azim Premji.
He then added that he would rather spend the money on causes that he believes in rather than leave it in banks. “I think everybody should realise the importance and understand the concept of mortality... I am 37 and if the average lifespan of an Indian is 72 years old, I have 35 years left. There is no value in leaving money in the banks… so I would rather give it to things I believe in. So rather than leaving the money I have earned in the last 20 years and what I would earn in the next 20 years to a bank or institution like that… I would rather make the most of it," Kamath said.
Reacting to his statement, Kiran Mazumdar Shaw wrote on X, "You are a role model for young philanthropists. I am so proud of you."
Members of The Giving Pledge founded by legendary investors Bill Gates and Warren Buffett contribute a majority of their wealth to philanthropic causes and the Zerodha co-founder plans to contribute to areas such as climate change, energy, education, and health. This is in addition to the 37-year-old's own foundation, Young Indian Philanthropic Pledge (YIPP) which collaborates with leaders from the startup ecosystem to give away at least 25 percent of their net worth to philanthropic causes.
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