With a burgeoning startup ecosystem, India is witnessing a new generation of wealth creators who are passionate about funding impactful projects
Young philanthropists are playing a catalytic role in ushering in a new age of giving that underscores the need for scalable change and long-term impact. Having the third-largest startup ecosystem, and being home to 100 unicorns, India has given rise to a new generation of wealth creators who are young, tech-driven, and passionate about change. These ‘new-age’ philanthropists are transforming the country’s infrastructure and bringing about long-lasting growth. Their efforts are not just about giving back; they are about driving systemic and sustainable impact across communities. For instance, initiatives like the Karnataka Model School Pathways Programme are redefining India’s education system. In a world where socioeconomic challenges are pervasive, these young change-makers are bringing fresh perspectives and innovative approaches to philanthropy, making it not only a trend but also a powerful force for social change. Moving away from the traditional approach of philanthropy being seen as a post-retirement task, this generation of philanthropists is starting early, leveraging their wealth, influence, and technological savvy to drive meaningful change within their lifetime.
Instead of adhering to traditional models of charity, young philanthropists are adopting a more entrepreneurial approach, seeking out innovative solutions and investing in new focus areas like climate change, mental health, sports for development, etc. The India Philanthropy Report 2024 shows how emerging issues like climate change and Gender, Equity, Diversity and Inclusion (GEDI) have become the top three areas of interest apart from traditional causes for this new cohort of young entrepreneurs. Nikhil Kamath, CEO of Zerodha and one of the youngest philanthropists is a strong advocate of climate change. A founder of YIPP which brings together young entrepreneurs to address pressing societal issues collectively, Kamath had started investing in environmental problems way back in 2019 with the launch of Rainmatter Foundation and recently invested in a charity that combats climate change in India. These new age givers are using technology to tackle some of India’s most pressing problems, combining data-driven insights with a deep understanding of social issues to create long-term, scalable impact. Their approach has been guided by a blend of head and heart making their philanthropy more strategic and forward-thinking. Their willingness to collaborate and pool time, talent and treasure for collective impact is another characteristic of this new generation of philanthropists. Recognizing the complexity of social challenges and the need for coordinated action, they are forging partnerships with like-minded individuals and organizations to amplify their efforts. Collective philanthropy presents a dynamic approach to otherwise traditional models of philanthropy, opening avenues for innovative solutions to India’s unique problems. This spirit of collaboration is exemplified by initiatives such as the YIPP which was started in 2021 to bring together young change makers below the age of 45 to create new-age solutions collectively. With a clear focus on accountability and scalability, this 15-member group aims to make their giving more structured, bold and innovative. Hailing from diverse backgrounds, experiences and philanthropic aspirations, they are collectively a motivated force keen to showcase the power of collaboration and strength in working together towards a set common goal. With their entrepreneurial spirit, technological acumen, and commitment to collective action, they are leading the charge towards a brighter tomorrow for India and the world.
(The writer is founding member, Young India Philanthropic Pledge and chief inspiration officer, Yuva Unstoppable; views are personal)
