Family philanthropists, including Premjis of Wipro, Nikhil Kamath of Zerodha, Nisa Godrej and Rohini Nilekani, on Tuesday announced a network, aiming to raise $1 billion for social causes annually by 2030.
Each member of the invite-only platform launched along with Dasra will contribute at least Rs 50 lakh per year, and the network aspires to have at least 5,000 members by 2030, as per an official statement.
The network, christened 'Givingpi', aims to mobilise $1 billion annually for helping the country achieve the Sustainable Development Goals (SDGs) adopted by the United Nations, it said.
At present, philanthropists, including Aditi and Rishad Premji, Bill and Melinda Gates Foundation, Manisha and Ashish Dhawan, Nikhil Kamath, Nisa Godrej, Rajan Navani, Rohini Nilekani, Skoll Foundation, Tara Singh Vachani, Vasvi Bharat Ram and Vivek Jain, have joined hands for founding the network.
"The Givingpi network will provide philanthropy-focused offerings such as connections to credible NGOs (Non-Government Organisations) and trusted philanthropy advisors, peer networking, theme-based learning and collaborative funding opportunities while also mainstreaming the narrative around family philanthropy in India," the statement said.
Members of this community will share and learn from live experiences and insights, thereby accelerating their own giving journeys and collectively grow India's giving pie, it said.
Illustrating the possibilities for a network like it, the statement said India has 113 billionaires and 6,884 ultra high-net-worth individuals and the same is expected to grow to 12,000 in the next five years, as per Bain and Company and Dasra's India Philanthropy Report 2021.
If these families are inspired to give in line with their global peers, family philanthropy could generate an additional annual investible corpus of Rs 60,000 crore to Rs 1 lakh crore for the development sector in India.
"Families are powerful constructs for driving social change but their giving gets overshadowed by CSR. Family philanthropy has tremendous potential that once unleashed can be transformative for India's development," Dasra's co-founder Neera Nundy said.