WEALTH

WITH PURPOSE
A REPORT ON PRIVATE
INDIAN PHILANTHROPY
Personal Philanthropy is almost never linear, it goes through its twists and turns, from initiation to
experimentation, slowly gathering conviction and strength, and finally maturing into a joyful and
fulfilling life experience. Our cover tries to depict some aspects of this journey. The cover also aims to
capture the transformative impact of philanthropic efforts across a range of sectors from education
to healthcare to climate and the arts, with innovative initiatives and their profound effects on
communities. Rich with case studies and data, we highlight the collaborative spirit and dedication that
drives positive change through personal Philanthropy. Our aim is to inform, influence and inspire
stakeholders, fostering a deeper understanding of how strategic philanthropy can address pressing
social challenges. These pages are full of narratives of impactful philanthropic journeys and insightful
quotes, which we hope you find both - inspiring and useful as practical guides to further your own
efforts in making a meaningful difference through your personal Philanthropy. The cover is a vibrant
and joyful celebration of philanthropy and philanthropists, and an invitation to explore this wonderful
world.

Front Cover design

m Sane Difference
 Wealth
With Purpose
A Report on Private Indian Philanthropy

A collaborative initiative of

&
Acknowledgements

This report is the result of a collaborative effort between Accelerate Indian Philanthropy (AIP) and the
Boston Consulting Group (BCG). It is our pleasure to acknowledge and extend our heartfelt thanks to all
those who contributed their time, insights and expertise to make this report possible.

We are profoundly grateful to the 100 ultra-high-net-worth individuals (UHNIs) who generously shared
their experiences and insights during the interview, and whose candid reflections were invaluable in
shaping the findings of this report. Many of these philanthropists have chosen to remain anonymous;
hence, we have not acknowledged them individually here.

We thank the many team members from AIP who have shaped the report with their invaluable
contributions, in particular, the Knowledge team of Bhavana Resmi, Isha Mathur and Jhilmil Garg, led
by Vishal Dutta as well as Shayan Ahmad Shamim from the communications team. We also thank our
alumni Kanika Kocchar, Ritu Arora Jain and Riya Vig for their support in conducting interviews and data
analysis. Aparna Joshi deserves special mention for helping put this report together.

We thank colleagues at Boston Consulting Group – Alpesh Shah (MD & Senior Partner), Abheek Singhi
(MD & Senior Partner), Vikram Bhalla (MD & Senior Partner), Abhishek Gopalka (MD & Partner), and
Aparna Bijapurkar (MD & Partner) for their expert guidance and support during the study. We extend
our heartfelt gratitude to BCG alumnus Seema Bansal for her leadership in the conception, shaping and
design of the overall study. A special note of thanks to BCG alumnus and consultant Gautam Gambhir
for being a key pillar in conducting interviews, research, analysis and content writing.

We also thank the team at The Convergence Foundation (TCF) — Praveen Khanghta (Head, Strategy,
Investments and Portfolio Development), Tania Goklany (Senior Manager, Strategic Communications)
and Akaash Preetham (Manager, Strategy, Investments and Portfolio Development) — for their expert
guidance.

Our deepest gratitude to our Core Founders — Rohini Nilekani (Chairperson, Rohini Nilekani Philanthropies,
Co-founder and Director, EkStep; and Founder and Former Chairperson of Arghyam), Ashish Dhawan
(Founder-CEO, The Convergence Foundation; Founding Chairperson, Ashoka University and Central
Square Foundation) and Amit Chandra (Founder, A.T.E. Chandra Foundation), as well as to Neeraj
Aggarwal (Managing Director and Senior Partner; Chair, BCG Asia Pacific) for their insightful forewords
to this report. Their views and perspectives on philanthropy provide a great understanding of the context
and importance of this research.

We thank the team(s) at Central Square Foundation, Dani Foundation, Indian School of Business,
Swades Foundation and Wadhwani AI for their collaboration in presenting the case studies about their
work and impact in the report.
Credits

Contributors:
• Aditi Ray, Philanthropy Partner, AIP
• Amitabh Jaipuria, CEO, AIP
• Aparna Joshi, Program Associate, AIP
• Atul Pokhriyal, Associate Director, BCG
• Garima Batra, Managing Director and Partner, BCG
• Piyush Doshi, Operating Partner, TCF
• Radhika Jain, Philanthropy Partner, AIP
• Dr. Sabhyata Prakash, Manager – Communications and Brand, AIP

Cover Design: Sane Difference

About AIP

AIP is a not-for-profit organisation (NPO) set up with a vision to see strategic philanthropy impact
India’s transformation. Supported by our experienced team, AIP’s dynamic network of philanthropists
inspire, influence and inform each other, leveraging AIP’s well-curated knowledge resources, network
of NPOs and experts, to give more, sooner and better.

AIP is neither a grant-maker nor a fundraiser and does not route any philanthropic funds through itself.
We take a sector and organisation-agnostic stance, guided by individual philanthropists’ perspectives
and passions to curate convenings, workshops and insightful knowledge stacks (such as philanthropic
case studies, sectoral primers, NPO repository and research studies).

We are supported by our Core Founders and Founders who are some of India’s leading philanthropists
and who have come together to promote the cause of meaningful and impactful personal philanthropy
in India.

About BCG

Boston Consulting Group partners with leaders in business and society to tackle their most important
challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when
it was founded in 1963. Today, we work closely with clients to embrace a transformational approach
aimed at benefiting all stakeholders — empowering organisations to grow, build sustainable competitive
advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that
question the status quo and spark change. BCG delivers solutions through leading-edge management
consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative
model across the firm and throughout all levels of the client organisation, fueled by the goal of helping
our clients thrive and enabling them to make the world a better place.
Attribution

Please cite this report as:

‘Wealth with Purpose: A Report on Private Indian Philanthropy,’ Accelerate Indian Philanthropy and
Boston Consulting Group, 2024.

Contact Information
For any inquiries or further information about this report, please contact:

Accelerate Indian Philanthropy (AIP)

Email: [email protected]

Boston Consulting Group (BCG)

Email: [email protected]

© Copyright 2024.

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Table of Contents

Foreword 6

Executive Summary 10

Chapter 1 | Elevating Philanthropy to Catalyse India’s Transformation 17

Chapter 2 | Understanding Philanthropic Archetypes 31

Chapter 3 | Tapping the Transformative Power of Philanthropy 45

Chapter 4 | Exploring Giving Motivation & Triggers 57

Chapter 5 | Overcoming Barriers to Philanthropy 65

Chapter 6 | Understanding Giving Philosophies & Causes 77

Chapter 7 | Knowing What to Give & When 91

Chapter 8 | Identifying the Right Giving Vehicles 103

Chapter 9 | Mapping the Future of Indian Philanthropy 115

Chapter 10 | Calling India’s UHNIs to Give More, Sooner, Better 123

Foreword
Wealth creation comes with a profound responsibility to share
that wealth in a manner that plays a catalytic role in making the
world better for all. With the wealth we have been so lucky to
receive, we hold in our hands the potential to spark transformative
change, empower grassroots movements and foster a society
where everyone has an equal chance to thrive. Each one of us
must discover our own unique purpose in philanthropy, and it is a
journey that continuously enriches us further, from the inside out.

In my own philanthropic journey, I have found that starting from

a place of trust is essential. Trust in the power of philanthropy
itself and trust in the organisations with which we collaborate.
This foundational trust has not only amplified the impact of our efforts at my foundation but has also
deepened my conviction that trust only begets more trust. And I have realised that this mutual trust
also brings about real humility and reflection, as we realise how little we can assume of how social
change really happens.

This report stands as a testament to the growing consciousness among wealth creators about their
pivotal role in society. It captures the insights of 100 philanthropists, shedding light on what motivates
their giving, how they overcome obstacles and the strategic decisions they have made to maximise the
impact of their philanthropy. This compilation is a valuable resource for our entire ecosystem, providing
a comprehensive view of Indian philanthropy and urging greater generosity and collaboration among
all wealth creators.

Meaningful change is inherently collective. As emphasised throughout this report, collaboration among
Indian philanthropists is crucial for achieving significant, scalable impact. In fact, one of the key findings
of this study is the increasing consensus that impact is most effective at scale. I hope the insights
about the evolving landscape of Indian philanthropy inspire all givers to expose their hearts more,
sharpen their minds more and open their pockets wider. The report suggests that the privileged wealthy
elite are genuinely eager to contribute more to India’s progress.

But there is a long way to go for us to realise this intention. I hope that this report not only encourages
greater financial contributions but also inspires personal involvement and advocacy for the
transformative power of philanthropy in support of civil society organisations. The country needs more
generosity and a more strategic vision among its donor community. We need to witness a significant
rise in philanthropists who become system orchestrators and enable paradigm change. What are
we waiting for? Let’s take more risks, let’s be more generous, let’s unleash our passion for change.
Let’s work together! It will surely be a journey of joyful responsibility towards a better samaaj.

Rohini Nilekani
Chairperson, Rohini Nilekani Philanthropies;
AIP Core Founder

6 Foreword
Foreword
“The easiest deed in the world is to give away money that will
never be of any real use to you or your family. The giving is
painless and may well lead to a better life for both you and your
children,” says Warren Buffett, whose quotes on wealth creation
most of us love, while ignoring the extraordinary generosity the
man should be equally celebrated for. One of his inspirations, as
is mine, is the legendary Chuck Feeney, who passed earlier this
year after making good his promise to donate almost ALL of his
money during his lifetime. In the process, Chuck was responsible
for making extraordinary impact on millions of lives in Vietnam,
South Africa, Ireland, the US and other parts of the world.

Accelerate Indian Philanthropy (AIP) was seeded as a collective movement to help Indian philanthropists
make a serious impact on millions of lives. It is something only a handful of Indians, such as the Tatas,
have done before. The practice is much more prevalent in the west. It not only requires stepping up
materially on giving but also being a lot more thoughtful and strategic about it. It is, therefore, heartening
to see the culmination of the collaboration between the AIP and BCG teams, via this report, to show
how philanthropy is evolving in India, and the roadmap for it to be more impactful. Readers can hope
to be provoked to think more deeply about systemic philanthropy, address root causes and recognise
that working with the government is essential to guarantee the scale and sustainability of solutions.
This report is a call to philanthropists to go beyond writing cheques and incorporate more of themselves
into their philanthropy.

Enhancing the quality of outcomes that India’s philanthropic ecosystem spurs, calls for collective
action and collaboration, peer learning, capacity-building and the dissemination of more knowledge on
philanthropy itself. This is at the heart of AIP’s agenda, and this report is a great step towards creating a
body of knowledge in the ecosystem that everyone can benefit from, as it documents key insights and
learnings from 100 philanthropic journeys, hopefully inspiring some to step forward and give more, as
well as strategically.

Its emphasis on ‘evolving through experimentation’ is something we have also experienced at A.T.E.
Chandra Foundation, and my hope is that more philanthropists will be convinced to increase their risk
appetite and learn from their failures. With its focus on actionable insights and collaborative efforts, this
report is an essential tool for philanthropists that can be used to navigate challenges and amplify the
positive impact of philanthropic endeavours.

Amit Chandra
Chairperson, Bain Capital India;
Co-Founder, A.T.E. Chandra Foundation, and AIP Core Founder

Foreword 7
Foreword
In a country as diverse and dynamic as India, the role of
philanthropy cannot be understated. The AIP-BCG report delves
into the barriers and motivations for giving, as well as the
approaches and strategies shaping India’s philanthropic sector,
highlighting its potential to accelerate India’s growth. Based
on insights from 100 philanthropists regarding their thinking,
approaches, decision-making frameworks and best practices,
the report aims to enhance our understanding of Indian
philanthropy and provides actionable steps for stakeholders to
achieve transformative impact in India.

I found several insights in the report very encouraging.

Firstly, there is a noticeable shift in the mindset of Indian philanthropists from traditional charity to
strategic giving. Remarkably, 90 per cent of ultra-high-net-worth individuals (UHNIs) are not only eager
to increase their financial contributions, often directing their wealth towards systems change initiatives,
but also to deepen their involvement in terms of advocacy and support to ensure lasting impact.

Secondly, there is a growing preference towards supporting organisations and initiatives that adopt a
systems change approach. At The Convergence Foundation, we are strong advocates of a systems
change approach which involves working with governments for scale and sustainability and addressing
the root cause of the problem for outsized impact. It is heartening to see younger philanthropists
championing systemic giving, with 40 per cent of those supporting it being under 40.

If we continue to capitalise on these emerging trends and make bold and visionary bets over the next
25 years, India’s progress will likely exceed our collective expectations. I hope this report serves as a
valuable resource for emerging givers to learn from experienced philanthropists, and as a reminder
that we are all working towards the common objective of propelling India’s growth. By embracing
collaboration and systemic change, we can unlock the full potential of Indian philanthropy and catalyse
meaningful change across the nation.

Ashish Dhawan
Founder-CEO, The Convergence Foundation;
AIP Core Founder

8 Foreword
Foreword
The Indian economy is poised to see unprecedented growth
and expansive opportunities over the next two decades with
investments in infrastructure, technology and talent development.
A dream of ‘Viksit Bharat’ in 2047, where India achieves $30tn
in GDP, is a North Star for all of us. The role of government in
realising this dream is, of course, critical; however, treading the
path equitably and sustainably requires all stakeholders to play
their part with a collective commitment.

This critical juncture presents a unique opportunity for India’s ultra-

high-net-worth individuals (UHNIs) to contribute their necessary
financial capital and, importantly, become active partners in the
development process. The new philanthropy extends far beyond the act of giving money. It is about
building and creating lasting change. On my personal philanthropic journey, I have been involved in
shaping the future of technology education in India through the establishment of Plaksha University.
This endeavour was the result of a group of passionate individuals and organisations coming together
to pool their money, skills, time and networks to create a unique institution which is striving to reimagine
education in technology and foster innovation.

This report on private Indian philanthropy is the culmination of a significant collaboration between
Boston Consulting Group (BCG) and Accelerate Indian Philanthropy (AIP). Together, we engaged with
100 UHNIs to explore the full spectrum of philanthropic activity. These enlightening conversations have
filled me with optimism, revealing that philanthropy in India is poised to enter a golden age. The report
talks about six archetypes of philanthropists, each of which is driven by different motivations and acts
differently. All these six archetypes are critically needed to bring us closer to achieving our national
aspirations.

We at BCG remain steadfast in our commitment to driving positive change both in India and across
the world. Our dedication to social impact is deeply embedded in our core values and translated into
actionable initiatives through our dedicated Social Impact Practice Area. We drive major initiatives
across education, health, agriculture and other areas, aimed at shaping a better and a more equitable
future.

I extend my heartfelt gratitude to all who contributed to this report. It is our hope that this document
will inspire readers to reflect on their philanthropic journeys and envision the transformative potential
of their contributions.

Neeraj Aggarwal
Chair, Asia-Pacific
Boston Consulting Group

Foreword 9
Executive Summary
Philanthropy in India is evolving significantly as it builds on a long-standing legacy of giving. Traditional
giving in India, though, has been largely faith-based and sporadic. In contrast, modern philanthropy
is increasingly more systematic and strategic. As India progresses economically and socially, this
philanthropic role of ultra-high-net-worth individuals (UHNIs) in solving problems and catalysing
sustainable development will become progressively more important.

A. Study Objectives & Methodology

This report — a collaborative effort between Accelerate India Philanthropy (AIP) and Boston Consulting
Group (BCG) — delves into the motivations, challenges, strategies and decision-making processes
of UHNIs across various stages of philanthropy. We interviewed 100 UHNIs as part of a selective
sample, ensuring diverse representation across net worth, geographical location, source of wealth and
stage of giving. This mixed-method approach combined qualitative in-depth interviews and surveys
with quantitative analysis, drawing on data from our own study as well as other reputable sources.
The result is a wealth of insights and findings from the philanthropic landscape which, we hope, will add
to the body of knowledge on this vital topic to inform, influence and inspire UNHIs to give more, sooner
and better.

B. Key Findings
1. Evolving Philanthropic Culture
Philanthropy in India is transitioning from traditional, informal giving to more strategic and impactful
engagement. Young first-generation wealth creators are leading this shift, focusing on long-
term solutions rather than one-time charitable acts. This new wave of philanthropists is deeply
involved in the causes they support, preferring to get involved more fully rather than making only
financial contributions. They are also interested in funding experimental models that can lead to
scalable solutions.

2. Significant Potential for Philanthropic Capital

A remarkable 90 per cent of our respondents — especially those with a net worth of over ₹500
crore — expressed a strong desire to give more. Additionally, a substantial number of respondents
with a net worth of over ₹2000 crore already engage in or expressed a desire to engage in strategic
philanthropy. Our analysis reveals that even modest increases in philanthropic allocations of
UHNIs’ wealth can unlock substantial additional capital. If UHNIs channel just 5 per cent of their
annual incremental wealth, they could contribute an estimated ₹75,500 crore annually, which is
approximately five times the total CSR spent by India Inc in FY2023.

3. The TIE Model of Philanthropy

The study reinterprets the 5 Ts (Treasure, Talent, Time, Ties and Testimony) of philanthropy to

10 Executive Summary
 provide a simpler and more purposeful model in the context of our findings. Hence, we present our
TIE Model of Philanthropy, which categorises philanthropic contributions into three key areas:

Treasure (Financial Resources)

This is the most commonly understood method of philanthropy — giving money.
However, more than half the givers we spoke to lack a formal method or strategy
for determining the extent of their giving. Where there is a method, it identifies a few
common approaches to allocating treasure — giving based on a percentage of their
annual income or on the returns from their investments, or setting aside an annual
philanthropic budget. Many experienced and committed givers also decide on their
philanthropic contributions as a percentage of their total wealth, typically making
these commitments through pledges.

Involvement (Time, Talent and Ties)

Increasingly, givers want to move beyond giving only money and elevate their level
of personal involvement. We found that when philanthropists start engaging more
with their time and talent and start leveraging their vast entrepreneurial, strategic
and organisational skills, they magnify their impact multi-fold. By providing access
to their networks, philanthropists also play a vital role in building visibility of non-
profit organisations (NPOs) for fund-raising, talent acquisition and collaboration for
population-level impact.

Evangelisation (Advocacy and Influence)

Many of the more experienced and evolved philanthropists in our study have decided
to make philanthropy a part of their life and identity, going beyond giving or even
advancing specific causes to espousing the cause of philanthropy as a whole. They
believe in stepping out and leveraging all their networks and influence towards building
a vibrant philanthropic movement.

The TIE model highlights the importance of holistic engagement in philanthropy, demonstrating that
those who integrate all three elements tend to achieve more significant and sustainable impact.

4. Collaboration for Building and Fostering an Ecosystem

Collaboration is identified as a key factor in amplifying philanthropic impact. By sharing knowledge and
working together, philanthropists can strengthen the overall ecosystem and create greater impact.

5. Diverse Philanthropic Archetypes

Our research identifies six distinct archetypes among Indian philanthropists:

Inspiration Seekers Emerging Givers Strategic Enablers

Cause Champions Core Givers Rainmakers

Executive Summary 11
 Breakup of Respondents by Archetype in our Study

Rainmakers Inspiration Seekers

15% 11%

Emerging Givers
18%

Core Givers 26%

10%
Strategic Enablers
20%

Cause Champions

a. Inspiration Seekers
These are individuals who are yet to embark on their philanthropic journey in a significant
manner. They are either waiting for the right moment in their lives or are unconvinced about the
impact of philanthropy. As many as 81 per cent of Inspiration Seekers in our study reported a
net worth of ~₹500 crore or under and are perhaps yet to ascertain how much wealth they need
for themselves and their future generations.

b. Emerging Givers
These are people who have started their philanthropic journey. They believe in its power and
practise both proactive and reactive forms of giving. Of Emerging Givers, 53 per cent reported
a net worth of over ₹500 crore. In addition, 35 per cent of this group are first-generation
entrepreneurs who clearly show an early inclination towards philanthropy.

c. Strategic Enablers
They get deeply invested in philanthropy through their personal involvement, playing a pivotal
role in building the organisations they support and enhancing the ecosystem. In addition to
Treasure, their philanthropy is predominantly characterised by giving generously of their Time,
Talent and Ties. Around 60 per cent of Strategic Enablers in our study are career professionals.

d. Cause Champions
They are almost totally devoted to a specific cause and commit most of their philanthropic
resources to support it, including Treasure, Involvement and Evangelisation. Of Cause Champions,
42 per cent have a net worth of over ₹2,000 crore, indicating this to be a preferred philanthropic
approach for many such UHNIs.

e. Core Givers
These are experienced UHNI philanthropists who support a range of causes with established
programmes for reasonably long periods. Their preferred method is to give generous amounts of
financial support (Treasure) and serve as backbone benefactors of the not-for-profit ecosystem.
They may not have the time or the inclination for personal involvement at this stage. Nearly 70
per cent of Core Givers have a net worth of more than ₹500 crore

12 Executive Summary
 f. Rainmakers
These are the most passionate, far-sighted and inspirational personalities of the philanthropic
world. They evangelise for all of philanthropy and have made philanthropy a significant
part of their identity. They not only give freely of their wealth but also take risks, get
involved, undertake bold experimentation and try to solve large problems in a systematic
and systemic way. Of Rainmakers, 64 per cent reported a net worth of over ₹2,000 crore.
This finding is encouraging as it shows that big givers are increasingly giving more strategically
and evangelising for philanthropy.

While each archetype reflects unique values, motivations and approaches to giving, it is important to
note that these identities are not static, with many philanthropists transitioning between archetypes as
their philanthropic journeys evolve.

6. Strategic Giving Trends

Today’s UHNIs are changing the way they conduct their philanthropy and recalibrating what they
expect to achieve through it.

a. Philanthropists Are Increasingly Thinking About Scale

35 per cent of our respondents, almost 60 per cent of whom are Rainmakers and Core Givers,
ascribe to the philosophy that impact is best achieved at scale.

b. New Generation of Givers Believe in Starting Early

80 per cent of respondents who emphasise starting philanthropy early belong to the new
generation — first-generation founders, self-made professionals and the wealthy next generation.

c. Most Philanthropists Support More Than One Cause

84 per cent of respondents prefer to support a wide range of causes — allocating their
philanthropic resources to more than one cause, and more than 50 per cent contribute to three
or more causes.

d. Evolved Philanthropists Prefer to Do It Themselves

56 per cent of philanthropists prefer direct Grant-Making, since it is less complicated, while ~70
per cent of the larger and more involved philanthropists (Rainmakers and Cause Champions)
choose to route their philanthropy through an Operating or Grant-Making Foundation.

7. Barriers to Giving
Despite their willingness to contribute, UHNIs face various personal and motivational challenges as
well as structural and cultural barriers:

a. Personal Challenges
Over 30 per cent of respondents acknowledge facing these challenges. Many believe that by
setting up and running their businesses — which create jobs and contribute to the economy
— they are already making a significant contribution to society. Additionally, some think
that their CSR initiatives sufficiently reflect their philanthropy. Some put it off for later in
life, while others have no time to devote to it or still others have not yet found a cause that
resonates. However, our research indicates that discerning philanthropists have overcome

Executive Summary 13
 such barriers and understand the distinct need for and role of philanthropy which can provide
long-term flexible and unrestricted funding for high-risk initiatives such as experimentation,
research and innovation.

b. Structural Challenges
Over 60 per cent of respondents identified structural challenges as a barrier to their philanthropic
efforts. These range from difficulties in finding credible organisations, lack of transparency in
non-profits’ work and reporting and concerns about effective fund utilisation and sustainability.
Additionally, many philanthropists are uncertain about disengagement strategies. Many also
cite the regulatory landscape as a significant obstacle.

c. Cultural Challenges
Though significant, these challenges are often unspoken and remain below the surface.
Wealth is viewed as a family asset to be preserved, expanded and passed onto future generations,
leading to conservative philanthropic giving. There is also a reluctance to openly discuss wealth
and giving. Additionally, there is no socio-cultural incentive to give more, as philanthropists are
not widely recognised or celebrated.

However, there is a silver lining here. Many UHNIs told us that their children are comfortable with
more modest inheritances and want significant portions of the family wealth to be devoted to
philanthropy. Almost 80 per cent of our respondents involve their spouse or family members in
the philanthropic decision-making process, with the next generation also being actively involved in
these discussions.

Our research sheds light on how givers navigate these barriers and realise the full potential
of their philanthropy.

8. There is Hope. Philanthropists Have a Profound Connection to Community

and Desire to See National Development
The motivations driving UHNIs to engage in philanthropy are diverse, ranging from personal values
and family traditions to societal impact and legacy building. Many are inspired by a sense of
responsibility to contribute to societal betterment and create opportunities for those left behind in
the pace of rapid market-led growth. However, the primary motivation for philanthropists remains
a deep-seated desire to ‘give back to society’ and foster transformative change. Notably, 63 per
cent of UHNI respondents are driven by this desire. Our study thus reveals a strong potential
for increased philanthropic engagement, provided the right triggers and support mechanisms
are in place.

9. Peer Inspiration is Key

Nearly 40 per cent of respondents were inspired to engage in philanthropy by the stories of
their peers. High-profile philanthropists such as Azim Premji, Rohini Nilekani, Amit Chandra and
Ashish Dhawan serve as powerful role models, demonstrating the impact of strategic giving. This
underscores the importance of powerful storytelling and peer influence in promoting philanthropy
among UHNIs. This also points to a responsibility that evolved philanthropists have — to step out,
tell their stories and evangelise for philanthropy.

14 Executive Summary
10. Philanthropy is Deeply Personal
Over 60 per cent of respondents began their philanthropic journey following a significant personal
milestone or life-altering experience. These events often catalyse a deeper reflection on their
role in society and their responsibility to effect change. These experiences frequently shape
giving preferences. Most respondents continue to rely on their own resources while making
philanthropic decisions. They do not take the help of any external agency or experts to help
them design their giving strategy or to help them gain exposure to the full range of causes as
well as the opportunities available within each sector for catalytic funding. While philanthropy
will remain a deeply personal and enriching journey, modern day philanthropists need to enlist
professional help to ensure that their enhanced giving delivers exponential impact.

C. Unlocking the Promise of Philanthropy

This report celebrates the seminal contributions of Indian philanthropists and acknowledges the
intrinsic values and motivations that drive their giving. It also identifies critical gaps that need to be
addressed to unlock the full potential of Indian philanthropy. Looking ahead, it calls for greater giving
and deeper engagement by philanthropists with the causes and organisations they support. It suggests
that in addition to enhancing the quantum of their giving, philanthropists should also make their giving
more systematic, strategic and systemic. The study illustrates some ways of doing this, viz. - Support
Institution-Building; Catalyse Innovation; Collaborate with Government; Adopt a Holistic and Long-term
Approach; Build Capacity of Grassroots Organisations as well as Collaborate and Share Knowledge.

D. Conclusion
India’s UHNIs are uniquely positioned to drive the country’s social and economic transformation
through their philanthropic efforts. This report serves as a guide for UHNIs to understand the evolving
landscape of philanthropy, recognise their potential impact and adopt strategies that can contribute to
India’s transformation.

In the following chapters, we provide detailed frameworks, exemplar journeys and practical insights to
support philanthropists in their endeavours. We encourage all UHNIs, whether nascent or seasoned in
their philanthropic efforts, to read this report and use the giving guide at the end of the report to reflect
on how they can enhance their giving strategies to foster long-term, sustainable change at scale.

By promoting and celebrating inspirational philanthropy, we hope to harness the transformative power
of personal philanthropy to help build a healthier, better educated and more prosperous India where
every citizen has equal opportunity to be the best they can and live their dreams.

Come, join the movement.

Executive Summary 15
 “In Indian business families, there’s the idea that they must save
for future generations, but the tide is changing now. A lot of young
people are coming into money, and even if they’re not billionaires,
we’re seeing that they’re beginning to give very early on. The culture
of wealth is shifting, and that really matters here. If the norm is to
give when you come into wealth, you focus as much on giving as you
would on using it on yourself. And that’s really exciting for us to see
in the philanthropy sector.”1

Rohini Nilekani
Chairperson, Rohini Nilekani Philanthropies:
AIP Core Founder

Nandan Nilekani
Co-founder, Infosys
 CHAPTER 1

Elevating
Philanthropy to
Catalyse India’s
Transformation

Key Takeaways
Significant Philanthropic Capital Can be Unlocked in India
By allocating even 5 per cent of their annual incremental wealth to philanthropy, UHNIs can unlock
₹75,500 crore of additional private philanthropic capital in India.

There Is a Unique Opportunity for Philanthropic Capital in India

While the government will remain a major source of social expenditure, philanthropic capital has
an opportunity to play a catalytic role in taking risks in the social impact space, providing flexible
and patient capital to non-profits, funding evidence-building, partnering with the government and
developing scalable models.

Elevating Philanthropy to Catalyse India’s Transformation 17

A. Giving Has Always Been a Cornerstone
of Indian Culture
“India’s connection with philanthropy didn’t begin with Western influences.
The connection with philanthropy is age-old and ingrained in our value systems.
Major forces that have contributed to the evolution of philanthropy in India in
the pre-modern era have mainly been driven by religion, family and society.”2

Shiv Nadar
Founder, HCL Technologies;
Founder and Chairman, Shiv Nadar Foundation

Giving has always been an integral part of India’s history, serving society through social, religious and
spiritual causes. Back in 1892, when few even understood the concept of philanthropy, Tata Group
founder Jamsetji Nusserwanji Tata established the JN Tata Endowment, India’s first philanthropic trust,
to support education and healthcare programmes. Over a century later, in 2021, EdelGive Foundation
and Hurun Research acknowledged Jamsetji’s singular contribution by putting him at the top of their
Philanthropists of the Century list.

The desire to help those less fortunate than themselves cuts across communities and religions.
This strong sense of interconnectedness has transformed giving into not just a tradition, but a cherished
way of life that transcends boundaries and beliefs. While a lot of giving in India has been informal,
driven by retail donations and unorganised efforts, it is now evolving to become more thoughtful and
strategic.
The transformation in the nature of giving is particularly evident among the country’s ultra-high-net-
worth individuals (UHNIs). This segment, increasingly characterised by young, first-generation wealth
creators, is rapidly expanding and wielding influence with its significant resources. The overall pattern
of giving, as well as the causes being supported, have begun to shift over the last few decades.

One-off acts of charity are being replaced by a holistic culture of personal philanthropy which practises
strategic and thoughtful giving. Instead of offering short-term funds or one-time support during
calamities, new givers prefer to address problems in the long run. Another discernible trend is that
philanthropists no longer want to just write cheques. Instead, they want to be deeply involved in the
causes and organisations they support and to work with them in a collaborative way.

“The ideal version of philanthropy is to be hands-on so you can see tangible and
deeper impact.”

Puneet Bhatia
AIP Founder

18 Chapter 1
B. India Has Made Significant Economic
& Social Progress
With the highest GDP growth rate in the world, India is positioned to spring from fifth to third spot
among the world’s top economies in the near future. The International Monetary Fund (IMF) projected
India and China to account for about half of the world’s economic growth in 2023 and 2024. Of this,
India’s share is estimated at 16 per cent, which will grow to 18 per cent in the next five years, indicating
India’s fast growth trajectory.3

The country has also progressed significantly across several social parameters. As per the United
Nations Development Programme’s report, India’s Human Development Index value has significantly
improved to 0.644 in 2022 after declining in 2021 and continuing a flat trend over the previous
few years.4 Overall, India’s HDI score has changed by 48.4 per cent, from 0.434 to 0.644, between
1990 and 2022.

All HDI indicators — life expectancy, education, and gross national income (GNI) per capita — improved
in India in 2022. In addition to this, the incidence of poverty dropped from 55.3 per cent (2005–06) to
11.3 per cent (2022–23).5 Life expectancy at birth increased to 68 (2022) from 59 (1990) and 45 (1960).6
From an exceptionally high of 556 (1990), maternal mortality rate (MMR) fell to 97 (2020)7 and infant
mortality rate declined from 84 in 1990 to 26 in 2022.8

Figure 1.1 | India’s Performance Has Improved Across Several Parameters

Incidence of Poverty (% of population) Life Expectancy at Birth (years)

68

45
55.3

11.3

2005-06 2022-23 1960 2022

Maternal Mortality Rate (per lakh live births) Infant Mortality Rate (per thousand live births)
556 84

26
97

1990 2020 1990 2022

Elevating Philanthropy to Catalyse India’s Transformation 19

C. But the Country Needs More
Despite India’s commendable progress in economic and social domains, there remains substantial
untapped potential for further advancement. The key imperative lies in ensuring inclusive growth and
fostering development across various sectors, and India still has a long way to go in this aspect.

As per the Sustainable Development Report 2023, India ranked 112 out of 162 countries in terms of
the Sustainable Development Goals (SDG) Index in 2023.9 While the country is on track with respect to
fighting poverty and ensuring responsible consumption and production, it continues to face challenges
in areas such as the mission to achieve Zero Hunger and Sustainable Climate Action.

Figure 1.2 | India’s Progress on the SDGs10

On Track or
Maintaining
No Responsible
Poverty Consumption
& Production

Moderately
Improving
Good Health Quality Education Gender Clean Water & Affordable &
& Wellbeing Equality Sanitation Clean Energy

Decent Work & Industry, Life Below Water Partnerships for

Economic Growth Innovation & the Goals
Infrastructure

Stagnating

Zero Hunger Sustainable Cities Climate Action Peace, Justice &

& Communities Strong Institutions

Decreasing

Reduced Life on Land

Inequalities

While the government’s social service expenditure grew from ₹9.15 lakh crore in 2015-16 to ₹21.3
lakh crore11 in 2022-23,12 fulfilling the SDGs remains a challenge. According to NITI Aayog’s Voluntary
National Review of 2020, India will need an additional annual spending of 6.2 percentage points of GDP
till 2030 to achieve all its SDGs.13 This means an additional investment of ₹219.4 lakh crore by 2030.14
While only government social expenditure has the capacity to bridge this gap, there certainly emerges
a unique opportunity for philanthropic capital to play a catalytic role at this juncture and become a part
of the agenda for achieving India’s sustainable growth.

20 Chapter 1
In her book, Samaaj, Sarkaar, Bazaar, Rohini Nilekani, Chairperson, Rohini Nilekani Philanthropies,
explores the roles played by civil society, the government and the markets in social sector development
and says citizens (or Samaaj) do not always realise the extent of their potential and influence in
shaping societal change. Samaaj often fades into the background, when it should be at the forefront.
About philanthropy in particular, she says, “Civil society organisations depend on the moral imagination
of the privately wealthy to carry out their societal work. In India, there has long been a tradition of giving
forward, but the wealthy can and need to do far more.”15

D. UHNIs Can Boost India’s

Philanthropic Capital
“When you have increased prosperity, there will be some people who will be left out,
because they are struggling to climb onto that ladder or they don’t get a chance. That’s
where philanthropy in the social sector comes in, to create those spaces for people.”

Luis Miranda
Chairperson and Co-Founder, Indian School of Public Policy

Over the last couple of years, various reports have showcased the upward trend in the growth of
UHNIs in India. An analysis of these trends to estimate the amount of philanthropic capital that can
be unlocked and its potential throws up promising results. The analysis utilizes two methods: the
first based on annual incremental wealth, and the second based on annual incremental income, to
determine how UHNIs can contribute a significant quantum of capital by channeling a certain share of
these increments.

Figure 1.3 | Method 1: Potential Philanthropic Capital from Wealth

Optimistic
1,50,000
incremental wealth)

(10%)
Possible Giving

(% of annual
Scenarios

Control
75,500
(5%)

Conservative
15,000
(1%)

Philanthropic Capital Unlocked in a Year (₹ crore)

Note: The wealth estimates are arrived at using the Knight Frank Wealth Report 202416 and Hurun India Rich List 2023.17
The possible giving scenarios are an attempt to bring the giving by philanthropists in India closer to their peers overseas.

If UHNIs18 in India channel even 5 per cent of their annual incremental wealth to philanthropy, our analysis
estimates the overall capital that can be unlocked in a year at ₹75,500 crore. To put it in context, this

Elevating Philanthropy to Catalyse India’s Transformation 21

amount is nearly three times the Government of India’s Budget (2023) allocation for Women and Child
Development or almost 1.1 times the allocation for school education or 1.02 times the allocation for the
Department of Drinking Water and Sanitation. Also, it is 99 per cent of the PMAY funds to achieve the
Housing for All mission, or nearly 85 per cent of the allocation for healthcare.

Figure 1.4 | Potential of ₹75,500 crore of Philanthropic Capital in India

3X
2023 Budget Allocation for
99%
of PMAY Funds to Achieve
Women and Child Development Housing for All mission

1.1X
Allocation for
85%
Allocation for
School Education Healthcare

1.02X
Allocation for Department of
Drinking Water and Sanitation

And this is a conservative estimate, considering the growing number of individuals entering the UHNI
group. According to the 2023 Hurun report, India added two new billionaires approximately every three
weeks in 2022.

Additionally, according to Knight Frank’s 2024 Wealth Report, India will witness more than 50 per cent
growth in the number of UHNIs — the highest for any country — in 2023-28. The report expects the
number of UHNIs in India to rise to nearly 20,000 in 2028 from 13,263 in 2023.19

In addition, many first-generation Indian diaspora citizens have begun accumulating substantial
wealth and the first generation of inheritors is emerging. It’s not just a metropolitan phenomenon.
According to the Hurun Rich List 2023, residents of smaller cities such as Vadodara, Nagpur and
Udaipur have begun joining the UHNI group too. Thus, it is more and more likely that anywhere between
₹75,000 crore and ₹1.5 lakh crore in philanthropic capital can be unleashed. This corresponds with the
Optimistic projection shown earlier.

22 Chapter 1
Income-Tax Returns filed between 2015 and 2022 show a significant rise in the number of wealthy
individuals in India. The total number of people filing tax returns grew at an average rate of 7.6 per cent
during this period.

The average growth in the number of people earning ₹1 crore-plus was over 12 per cent between 2015
and 2022, while the number of those with an income of ₹50 crore-Plus grew at an average rate of
14 per cent.

As per the second method, if UHNIs in India channel even 10 per cent of their annual incremental
earnings to philanthropy, our analysis estimates they will release over ₹52,000 crore annually.

Figure 1.5 | Method 2: Potential Philanthropic Capital from Income

Optimistic 1,00,000
incremental income)

(20%)
Possible Giving

(% of annual
Scenarios

Control 52,000
(10%)

Conservative 26,000
(5%)

Philanthropic Capital Unlocked in a Year (₹ crore)

Note: The income estimates are arrived at using ITR filings.20

Given this potential, UHNIs are positioned to accelerate India’s social transformation. The potential of
philanthropic capital lies in its flexibility and risk-taking, which can move the needle by experimenting,
creating evidence and scaling replicable models to create population-level change.

“It is essential that we experiment and do things that could lead to failure. Because if
we don’t do it, who will? The government can’t afford to do this because they work at
scale. Our role as philanthropists and non-profits is to experiment and create models
which can be scaled.”

Zarina Screwvala
Co-Founder, Swades Foundation

Currently, research into what drives Indian philanthropists and what can be done to increase the
pace of giving is limited. While traditional, second- or third-generation family philanthropy has been
researched, what remains under-explored is the philanthropic impulses of the new wealth that has been
created in India.

Elevating Philanthropy to Catalyse India’s Transformation 23

Also, public knowledge on philanthropy is limited in India because most giving remains private, due to
cultural norms that limit conversations around wealth and philanthropy. This is unlike the US where
such contributions are publicly disclosed and scrutinised.

However, given the UHNIs’ distinct position to influence India’s development, understanding their
philanthropy is essential for leveraging their wealth and influence effectively.

“I view philanthropy as risk capital because we have the flexibility and risk appetite
to invest in those disruptive interventions that other change agents, such as the
government or the NGO sector, are unable to.”

Karishma Shanghvi
Director, Sun Petrochemicals;
AIP Founder

Recommendations

Adopt strategic, long-term philanthropic approaches over one-time charity.

Get deeply involved in supported causes beyond just financial donations.

Recognise the significant potential of strategic giving in driving India’s development goals.

Channel a modest percentage (5-10 per cent) of incremental wealth / income towards
philanthropy to unlock substantial philanthropic capital.

Collaborate and share knowledge to strengthen the philanthropic ecosystem in India.

24 Chapter 1
 Recognising the potential of UHNI philanthropy to drive inclusive and sustainable economic
growth, Accelerate India Philanthropy (AIP) and Boston Consulting Group (BCG) joined forces to
shed light on this relatively-unexplored and under-reported domain in India.

About the Study

To define the scope of this project, we focused our study on understanding how UHNIs practise
philanthropy, going beyond charity or Corporate Social Responsibility (CSR) mandates.

Rationale

The difference between Charity, CSR and Philanthropy

Charitable donations are often defined by their reactive or faith-based nature. As the need
to alleviate distress arises in society, charity becomes an essential tool used by community
members. However, while charity can mitigate short-term challenges, it cannot address the root
causes of long-term, socio-economic problems.

On the other hand, CSR, which was introduced as a mandatory provision under Section 135 of
the Companies Act 2013, has made considerable strides in unlocking capital for addressing key
challenges in sectors such as education, healthcare and livelihood creation. Increasingly, CSR
spend is also moving towards issues related to environment and sustainability. In FY 2023, the
companies listed on the main board of the National Stock Exchange (NSE) spent ₹15,524 crore
on corporate social responsibility. In this period, CSR spending increased most in the area of
environmental sustainability (76 per cent), followed by education (41 per cent).21

However, key gaps remain, as there is immense scope to improve the sustainability and
strategy of CSR vis-a-vis its ability to create widespread impact.22 Also, given CSR’s compliance
and reporting rules, it is not suitable for funding risky ideas and unconventional solutions or
programmes whose impact measurement cannot be quantified.

“The best of philanthropy is flexible, innovative, and audacious enough to attempt

systems change.”

Ashish Dhawan
Founder-CEO, The Convergence Foundation;
AIP Core Founder

Thus, philanthropy is best suited to ecosystem and capacity-building work. By its very
nature, philanthropy provides wealth creators with the freedom to decide how and where to
deploy their wealth.

Elevating Philanthropy to Catalyse India’s Transformation 25

 Philanthropists are well suited to transformative giving because they can choose causes,
interventions and methods to fund passions that resonate with them and design solutions for
niche areas. Philanthropic capital can play a unique role by testing new approaches and piloting
programmes that can be embedded with the government. It can also strengthen the capacity of
the non-profit sector.

Most importantly, it is suited to funding experimental models to create evidence for solutions
that can bring about population scale impact. Such untied work may not have short-term or
immediate outcomes, and philanthropy can prioritise such future-oriented initiatives due to its
flexibility and potential to evolve quickly as per changing needs.

Our collaborative effort has culminated in a comprehensive report that delves into the patterns
of UHNI giving in India. A key focus of the report is to trace the evolution of an individual’s
philanthropic journey, from the initial inclination to give to a stage of active and strategic
philanthropic engagement. While acknowledging the uniqueness of each philanthropist’s journey,
the report identifies some common traits and milestones.

Objective of Study

The report is crafted to provide thought-provoking frameworks and insights to support the
philanthropic ecosystem. It seeks to celebrate India’s philanthropy movement by informing,
influencing and inspiring all stakeholders. These stakeholders range from aspiring philanthropists
embarking on their giving journeys to seasoned philanthropists looking to amplify their impact
through giving more, giving sooner and giving better.

Additionally, the report provides useful evidence to the larger social impact sector, helping
them understand the mindset of emerging and evolved philanthropists. A deeper insight into
what motivates givers, the challenges they face and their expectations will help non-profits and
other partner organisations to tailor their efforts and enhance overall effectiveness of outreach.
It also offers insights to policymakers and think-tanks who facilitate philanthropic efforts through
regulations and collaborations.

Structure of the Report

In the following chapters, we first develop a framework that categorises different types of
givers in six distinct archetypes. This is followed by exploring some exemplar philanthropic
journeys. We delve deeper into the giving mindset, studying giver motivations and triggers, as
well as challenges. We examine how this mindset manifests into philanthropic philosophies and
choice of causes, and then move towards a broader conversation on philanthropic action on
what to give, when to give and what vehicles to use. In the final chapters, we consolidate key
findings to provide insights on the future of philanthropy in India and a call to action to catalyse
personal philanthropy.

To support our readers with articulating their own philanthropic aspirations, we have developed

26 Chapter 1
 a workbook that wealth creators can use as a starting point to think more systematically about
their giving.

Methodology

The report presents the findings of an extensive research study conducted with a selective
sample of 100 UHNIs, drawn from a representative strata of wealth. Based on the potential
for unlocking significant additional philanthropic capital, we have maintained a sharp focus on
individuals with a net worth of ₹200 crore to ₹2,000-plus crore, as of 2023.

Sample Sizing & Selection

This sample size was carefully selected to ensure representation of the diverse landscape of
domestic philanthropy. The diversity was achieved by taking into account factors such as net
worth, source of wealth, geographical location, gender, vehicles of giving as well as stage of
giving. The sample selection process used secondary research to identify potential participants.
This was then enhanced using the snowballing method, whereby recommendations from existing
participants were solicited.

Research Design

This report employed a mixed-method approach combining primary and secondary research
to ensure comprehensive data collection and landscape analysis. Throughout the report, we
have used some key quotes from our respondents to support our findings. Some impactful
quotes were also found through secondary research, and the sources for all such quotes have
been cited.

The methods used under primary research were as follows:

• Qualitative Interviews
In the primary research phase, we conducted in-depth interviews with the selected
participants. These interviews were conducted through virtual calls to facilitate open and in-
depth discussions. To guide the interviews, a semi-structured discussion guide was prepared
by the AIP and BCG teams. Each interview ran for approximately an hour, allowing for a deep
exploration of the motivations, philosophies and experiences of the participants.

• Qualitative Surveys
Additional data was collected via online qualitative surveys to a select group of participants
to supplement the interviews.

• Quantitative Analysis
The sizing exercise for determining potential for additional philanthropic capital was carried
out by analysing data sources such as the Knight Frank Wealth 2024 Report, Hurun India
Rich List 2023 and Income-Tax Return statistics. The model for calculation of potential

Elevating Philanthropy to Catalyse India’s Transformation 27

 philanthropic capital was further refined through consultation with experts. Furthermore, all
in-depth interviews and surveys were analysed to derive quantitative data, which allowed for
the analysis of trends and patterns in the responses.

Respondents’ Consent

Each participant was provided with a clear understanding of the study’s objectives and nature
at the start of the programme, and asked for their consent. The process involved a verbal
explanation of the research and its intended use in the report. Interviews were conducted only
after the participants verbally confirmed their willingness to participate. All respondent quotes
used in the report have been explicitly consented to by the participants. Some respondents
wished to remain anonymous; their insights have been attributed to ‘Study Respondent’.

Limitations

• The sampling method used in this research is non-probabilistic. The sample size includes
only those respondents who agreed to participate and were available during the research
period. This may introduce a selection bias. Therefore, the sample, though diverse, may not
be fully representative of the entire domestic philanthropic landscape.
• Some of the calculations presented in the report are based on estimates, due to the limited
availability of quantitative data on philanthropic giving in India in the public domain.
• The findings and insights are derived from the responses and experiences of the participants
and may not statistically encompass the entire philanthropic community.
• The research methodology employed in this report seeks to balance depth and breadth by
combining qualitative insights from in-depth interviews with the statistical analysis of survey
data. It acknowledges the role of subjectivity in making observations and the non-probabilistic
nature of the sample.

Respondent Demographics

Percentage of Respondents by Gender

24% 76%

Female Male

Percentage of Respondents by Age

2% 8% 26% 37% 22% 5%

20-30 Years 30-40 Years 40-50 Years 50-60 Years 60-70 Years 70-100 Years

28 Chapter 1
 Percentage of Respondents by Geographical Location

38% 7% 12% 26% 17%

North India East India South India West India Diaspora

Percentage of Respondents by Source of Income

15% 19% 40% 26%

Family Business Family Business Next Gen First-Gen Entrepreneur Self-Made Professionals

Percentage of Respondents by Total Wealth

21% 22% 26% 31%

₹50-200cr ₹200-500cr ₹500-2,000cr Over ₹2,000cr

Elevating Philanthropy to Catalyse India’s Transformation 29

 “Philanthropy is deeply personal to the
individual. It is her or his way of giving back
to the society that helped create their wealth
in the first place. Therefore, people will take
widely divergent routes: Some will build
institutions that throw up leaders, others will
fund movements that bring change.”23

Amit Chandra
Chairperson, Bain Capital India;
Co-Founder, A.T.E. Chandra Foundation,
and AIP Core Founder
 CHAPTER 2

Understanding
Philanthropic
Archetypes

Key Takeaways

Our Study Finds Six Distinct Philanthropic Archetypes

These are Inspiration Seekers, Emerging Givers, Strategic Enablers, Cause Champions, Core Givers
and Rainmakers. Each shows varied motivations and approaches, reflecting personal values, life
stages and giving styles. These are not static, with philanthropists transitioning between archetypes
over time.

Our Study Proposes TIE Model of Personal Philanthropy

The TIE model — comprising Treasure, Involvement and Evangelisation — highlights diverse
philanthropic contributions beyond funding, emphasising deeper personal involvement and advocacy
for philanthropy.

UHNIs Are Keen to Give and Give Strategically

Most UHNIs with a net worth over ₹500 crore are keen to give more and a majority of those with
over ₹2,000 crore in net worth are strategic givers. Rainmakers (15 per cent of respondents) use
a systems-change approach, using all elements of the TIE model to drive strategic and systemic
impact.

Understanding Philanthropic Archetypes 31

A. The TIE Model of Philanthropic Giving
One of the key findings of our research is that the nature of contributions in the Indian philanthropic
landscape is highly diverse and dynamic. Indian philanthropists now recognise that giving is more
than just wealth allocation; it encompasses a broader sense of fulfilment that can be experienced
when philanthropists get more deeply involved in their giving journey. Furthermore, philanthropists that
engage in giving holistically are also better able to improve outcomes and have a stronger impact.

Through our study, we identified a TIE model to organise philanthropic inputs into three categories:
Treasure, Involvement and Evangelisation.

Treasure
Providing financial resources is the most common form of philanthropy. Many givers
select a non-profit organisation (NPO) that matches their criteria and engage in grant-
making to support it, either directly or through a philanthropic foundation.

Involvement
Personal involvement is a combination of Time, Talent and Ties as they collectively
reflect the extent of the giver’s involvement in the causes and organisations of
their choice.

• Time refers to the giver’s participation in the social impact ecosystem. This can
take the form of providing strategic direction to NPOs, spending time in board
meetings, building their perspective on specific causes and sectors and helping
fine-tune the operations of their philanthropic foundation.
• Talent refers to the skills and expertise that givers dedicate to the service of their
chosen cause. Philanthropists often serve on the board of NPOs and provide
valuable advice and expertise in governance and management. They also use
their talent to help with fundraising, branding, managing human resources and
equipping organisations with tech-based resources. In addition, many choose to
get involved in the strategising for the growth of the organisation.
• By introducing their preferred cause and the organisations they support to their
social and/or professional network, givers leverage their Ties to not only raise
awareness and garner support but also expand the network and fundraising pool
of the chosen NPO.

Evangelisation
When philanthropists decide to make philanthropy a part of their life, a significant shift
occurs. Their role is no longer limited to advancing specific causes and sectors but
expands to the evangelisation of philanthropy itself. These givers become indispensable
to the growth of the philanthropic movement as they become the flag-bearers of the
philanthropic ecosystem-building.

32 Chapter 2
The TIE model is a result of the findings and analysis of our research and interviews. We see this
as a progression of the 4T model — made up of Treasure, Time, Talent and Ties — which is used by
organisations worldwide to categorise philanthropic giving. A fifth T, for Testimony24, is perceived by
many organisations as a key contribution by philanthropists, who like to showcase their support for
their preferred cause or organisation publicly and are ready to become the face of the movement.

During our research, we found that the TIE model of philanthropic giving manifests itself as a collaborative
effort by the philanthropist’s family. While Treasure may continue to come from the wealth creator, the
family often gets involved by dedicating their Time, Talent and Ties to their preferred cause, thereby
making philanthropy a part of the family’s identity. In many cases, they also choose to Evangelise for
their chosen cause, or for the cause of philanthropy itself.

B. Archetypes of Philanthropy
We found that philanthropy is an extremely personal and unique endeavour for givers and their families.
Everyone has their own take on philanthropy, influenced by their values, family background, wealth,
life stage and preferred causes. But our study of 100 Indian ultra-high-net-worth individuals (UHNIs)
reveals that givers display certain distinct, yet common, characteristics that can be grouped into
different archetypes and philanthropic identities. In our study, we have used these findings, the TIE
model, as well as estimations of net worth and source of wealth to arrive at six distinct archetypes of
philanthropists:

Inspiration Seekers Emerging Givers Strategic Enablers

Cause Champions Core Givers Rainmakers

Let’s explore the six archetypes in more detail to understand them better.

Figure 2.1 | Breakup of Archetypes Identified from 100 Interviews

Rainmakers Inspiration Seekers

15% 11%

Emerging Givers
18%

Core Givers 26%

10%
Strategic Enablers
20%

Cause Champions

Understanding Philanthropic Archetypes 33

 Figure 2.2 | Philanthropic Contribution of Archetypes as per TIE Framework

Treasure Involvement Evangelisation

Inspiration Seekers

Emerging Givers

Strategic Enablers

Cause Champions

Core Givers

Rainmakers

This graph is a representation of the philanthropic contribution of each archetype in terms of their Treasure and Involvement
in philanthropy as well as Evangelisation for philanthropy. These contributions have been visualised on the basis of our
conversations with philanthropists and are indicative only. They do not represent any absolute numbers or quantum, but
only present a comparative analysis of the contribution of each archetype along the TIE framework.

34 Chapter 2
B.1 Inspiration Seekers

These are individuals on the verge of starting their philanthropic journey. Our study reveals that these
individuals regularly engage in Corporate Social Responsibility (CSR) activities and also dedicate
resources to dealing with urgent needs, such as the COVID-19 pandemic. But they do not dedicate
their Treasure in a sustained manner to philanthropy, nor do they get personally involved. Their giving
is sporadic and spontaneous, and often limited to a small set of organisations present in their network.
They represent a group full of untapped potential in the world of giving. As a study respondent said,
“I feel this has something to do with how long you have been comfortable financially. People ask,
‘Why don’t you give the money to philanthropy?’ But I have just received the money. People like me will
get to giving later once we build ourselves a bigger house.”

Findings

• Many Inspiration Seekers work with their family business. Since their wealth is inherited,
they often believe that it should be passed on to the next generation.

• Others have substantial wealth but want to bolster their resources and secure themselves
further before sharing their Treasure.

• A few still need to be convinced that they can make a difference to the world through personal
philanthropy. Others are on the lookout for a cause, passion or problem that truly resonates
with them.

• Some Inspiration Seekers are willing to give but only after they’ve reached a financial or
personal milestone. Some are awaiting liquidity before they can give substantial amounts, and
others believe that they are at a life-stage where they cannot dedicate time to philanthropy.

Figure 2.3 | Percentage of Inspiration Seekers as per Source of Wealth

27.3 9.1 27.3 36.4

Family Business Family Business Next Gen Self-Made Entrepreneur Self-Made Professional

Figure 2.4 | Percentage of Inspiration Seekers as per Net Worth

45.4 36.4 9.1 9.1

₹50-200cr ₹200-500cr ₹500-2,000cr Over ₹2,000cr

81 per cent of Inspiration Seekers we interviewed have a net worth of under ₹500 crore

Understanding Philanthropic Archetypes 35

B.2 Emerging Givers

Unlike the previous category, which is still looking for inspiration, this group has already embarked
on its philanthropic journey. Emerging Givers have started experimenting with different causes and
organisations and are allocating Treasure towards these, but it is still a small percentage of their wealth.
They largely fund NPO programmes, where they can see immediate and tangible outputs for the
money invested. Our study shows that these givers are still actively involved with their careers; hence
their personal involvement in philanthropy is quite low. However, they do recognise the importance of
allocating Time to their chosen causes.

The philanthropy of this group has not yet reached its full potential. As a study respondent said, “I am
a member of tens of WhatsApp groups from where I hear about initiatives that need help. Whenever
someone reaches out about a project that I think will positively impact society, I contribute.”

You could call Emerging Givers the explorers of India’s philanthropic landscape, who are still looking for
the best way to leverage their resources for social change.

Findings

• Some members of this group give as and when opportunities or needs arise.

• Others are more proactive, experimenting with causes, philosophies or methods. This
exploratory phase involves testing different avenues to see what resonates with them before
making a larger commitment.

• Emerging Givers do not have set preferences in terms of causes or methods of giving. They’re
flexible about whom they donate to, but prioritise trust and credibility when making philanthropic
decisions.

• Their giving approaches and strategies are still evolving.

Figure 2.5 | Percentage of Emerging Givers as per Source of Wealth

11.8 23.5 35.3 29.4

Family Business Family Business Next Gen Self-Made Entrepreneur Self-Made Professional

Figure 2.6 | Percentage of Emerging Givers as per Net Worth

11.8 35.3 29.4 23.5

₹50-200cr ₹200-500cr ₹500-2,000cr Over ₹2,000cr

64 per cent of Emerging Givers we interviewed are self-made entrepreneurs and

self-made professionals

36 Chapter 2
B.3 Strategic Enablers

Strategic Enablers are committed philanthropists who leverage their Time, Talent and Ties to support
organisations and stimulate the broader philanthropic ecosystem. They generously provide Treasure,
but their main mode of engagement is personal involvement. By using their expertise in areas such
as strategy, growth, fundraising and governance, they become accelerators of building capacity in the
social impact ecosystem.
They enrich the sectors they work in with their in-depth knowledge and strategic involvement and
leverage their professional mindset as well as their networks to help scale the sector and organisations
they support. As a result, their engagement often goes beyond traditional philanthropy. Strategic
Enablers sometimes evangelise for the philanthropic sector, encouraging others to give more of their
Time, Talent and Ties to philanthropy.

Findings

• Some Strategic Enablers channel their efforts into a single cause or organisation, providing it
with in-depth support and guidance.

• Others opt for a broader approach, spreading their influence across the sector through board
memberships and other models of engagement.
•
Strategic Enablers start by dedicating Time to understand the ecosystem thoroughly.
This helps them build deep knowledge and connections in the sector. When they do start
contributing money substantially, they do so in a well-informed and strategic way.

Figure 2.7 | Percentage of Strategic Enablers as per Source of Wealth

10 30 60

Family Business Family Business Next Gen Self-Made Entrepreneur Self-Made Professional

Figure 2.8 | Percentage of Strategic Enablers as per Net Worth

40 20 20 20

₹50-200cr ₹200-500cr ₹500-2,000cr Over ₹2,000cr

60 per cent of Strategic Enablers we interviewed are self-made professionals

Understanding Philanthropic Archetypes 37

B.4 Cause Champions

Cause Champions stand out for their deep and passionate commitment to one or more select causes.
Their area of work is often defined by a sectoral, geographical or community marker — and it reflects
their profound connection to solving key issues in that area. Cause Champions can be identified
through their strategic and long-term involvement in their passion of choice, where they commit fully
to significantly move the needle, rather than spreading themselves thin by dividing their effort across
causes. They give generously, by way of Treasure, Involvement as well as Evangelisation (for their cause
of choice and, often, philanthropy as a whole), aligning their resources with their passion.

Their cause-specific giving is usually motivated by a personal connection to the cause (such as a
lifelong interest in a subject or a medical issue impacting the family) and the desire to pay it forward or
a combination of the two.

Findings

• Cause Champions are driven by a deep passion for a specific cause from the start.

• Some Cause Champions select their focus area after gaining hands-on experience in the
sector and meticulously evaluating every aspect of it.

• They are willing to go all-out for the cause, from organising funds and providing capacity-
building support to amplifying surround sound through public events and galvanising support
for the cause.

Figure 2.9 | Percentage of Cause Champions as per Source of Wealth

21.1 31.6 36.8 10.5

Family Business Family Business Next Gen Self-Made Entrepreneur Self-Made Professional

Figure 2.10 | Percentage of Cause Champions as per Net Worth

10.5 15.8 31.6 42.1

₹50-200cr ₹200-500cr ₹500-2,000cr Over ₹2,000cr

42 per cent of Cause Champions we interviewed have a net worth of over ₹2,000 crore

38 Chapter 2
B.5 Core Givers

All givers play a critical role in the philanthropic universe. But it’s Core Givers who form the backbone
of the funding for the social sector. Core Givers are well known for their philanthropy within the social
sector and as the first port of call for NPOs looking for funds. They experience joy in giving, and hence
have allocated substantial wealth to philanthropy. What makes them unique is that they provide long-
term and substantial help to multiple organisations and this financial support directly helps non-profits
in scaling their reach and expanding their footprint.

These givers are known to focus on specific causes, methods or structures that align with their
philanthropic vision, but their giving is typically focused on funding and scaling core programmes of
NPOs. They evangelise for the causes and organisations they support, but their personal involvement
may be limited.

Findings

• The extent of their engagement varies. Some Core Givers prioritise financial aid with limited
personal involvement, while others seamlessly integrate their Time and Treasure. Despite their
varied approaches, what defines Core Givers is their Treasure allocation, coupled with their
presence in the larger philanthropic ecosystem.

• They usually scale existing programmes run by NPOs but are also open to aiding new and
innovative ventures.

• Non-profits depend on Core Givers to fund them. They also rely on the givers to use their Ties
to expand the organisations’ funding pool.

Figure 2.11 | Percentage of Core Givers as per Source of Wealth

16 20 40 24
36.4%
Family Business Family Business Next Gen Self-Made Entrepreneur Self-Made Professional

Figure 2.12 | Percentage of Core Givers as per Net Worth

12 20 40 28

₹50-200cr ₹200-500cr ₹500-2,000cr Over ₹2,000cr

60 per cent of Core Givers we interviewed are next-gen wealth creators of family businesses
and self-made entrepreneurs

Understanding Philanthropic Archetypes 39

B.6 Rainmakers

Rainmakers are the most influential figures in the philanthropic ecosystem and are recognised for their
extensive contribution and visionary approach. For them, philanthropy is more than a pursuit; it’s a
defining aspect of their identity. They approach giving with a strategic mindset, often using a systems
change* lens to affect change.

What separates Rainmakers from other philanthropic archetypes is their appetite for risk as well as
their willingness to act as evangelists of philanthropy. They take on a broader approach and address
systems and root causes, rather than viewing symptoms in isolation. They experiment with multiple
methods of funding that often go beyond traditional grant-making. They are the champions of systemic
change and ecosystem-building.

Rainmakers make philanthropy aspirational. They use their Treasure, Involvement and Evangelisation to
the maximum extent to solve pressing social issues and take the cause of philanthropy forward.

Findings

• Philanthropy forms a core part of the Rainmakers’ identity and they dedicate significant Treasure,
while also getting completely Involved and Evangelising for more and better philanthropy.

• Attuned to the shifting dynamics of the sector, they are adept at recognising and supporting
emerging trends. They are often at the forefront of change, leading the evolution and shaping
the future of philanthropy. This can be attributed to their ability to use their Treasure, Involvement
and Evangelisation for not just direct philanthropic support but also to strengthen the ecosystem.

• They play a crucial role in rallying the community around philanthropic initiatives. They lead by
example, inspiring others to enhance their giving, and act as key drivers and evangelisers in the
philanthropic community.

Figure 2.13 | Percentage of Rainmakers as per Source of Wealth

21.4 78.6
36.4%
Family Business Family Business Next Gen Self-Made Entrepreneur Self-Made Professional

Figure 2.14 | Percentage of Rainmakers as per Net Worth

7.1 14.3 14.3 64.3

₹50-200cr ₹200-500cr ₹500-2,000cr Over ₹2,000cr

64.3 per cent of Rainmakers have a net worth of over ₹ 2,000 crore

40 Chapter 2
 *Systems change is an approach used to solve complex social problems by understanding
the structure, relationships and incentives of a system and addressing them holistically. Unlike
interventions which are akin to service delivery, where impact scales in a linear fashion, systems
change aims to achieve nonlinear impact by identifying leverage points in the system. These
leverage points can include policies, practices, connections, resources, power structures and
values, among others.
Four guiding questions can help you understand whether a given approach is systemic:
1. Does the approach address the root cause of the problem, rather than the symptoms?

2. Is the approach expansive enough to create population-level change, and not rooted in
hyperlocal contexts?

3. Will the impact sustain after the intervention or will it revert to the old norms?

4. Does the approach shift the underlying mindsets, values and power structures within
a system?

Given how dynamic, varied and complex these structures are, systemic change in practice can
vary significantly. In India, systemic change could entail increasing the effectiveness of the
government, given its pivotal role as a funder, service provider and regulator.

Significant differences also emerge among archetypes when analysed demographically, as per their
source of wealth/professional profiles and estimated net worth calculations. These demographic
differences can influence their distinctive giving patterns.

Figure 2.15 | Comparative Analysis of Archetypes as per

Source of Wealth / Professional Profiles

Inspiration Seekers 27.3% 9.1% 27.3% 36.4%

Emerging Givers 11.8% 23.5% 35.3% 29.4%

Strategic Enablers 10% 30% 60%

Cause Champions 21.1% 31.6% 36.8% 10.5%

Core Givers 16% 20% 40% 24%

Rainmakers 21.4% 78.6%

Family Business Family Business Next Gen Self-Made Entrepreneur Self-Made Professional

Understanding Philanthropic Archetypes 41

 Figure 2.16 | Comparative Analysis of Archetypes as per Net Worth

Inspiration Seekers 45.4% 36.4% 9.1% 9.1%

Emerging Givers 11.8% 35.3% 29.4% 23.5%

Strategic Enablers 40% 20% 20% 20%

Cause Champions 10.5% 15.8% 31.6% 42.1%

Core Givers 12% 20% 40% 28%

Rainmakers 7.1% 14.3% 14.3% 64.3%

₹50-200cr ₹200-500cr ₹500-2,000cr Over ₹2,000cr

While there is a pattern in how most wealth creators engage in philanthropy, it’s important to note
that the six archetypes are not static. Most givers start out as passive observers in the philanthropic
landscape but eventually become actively committed philanthropists. Givers typically balance Treasure,
Involvement and Evangelisation based on their other interests, capabilities and commitments. As a
result, we find that some givers align themselves with different archetypes at different stages of their
life, reflecting the evolving nature of their philanthropic journey.

Inspiration Emerging Strategic Cause

Core Givers Rainmakers
Seekers Givers Enablers Champions

In this chapter, we have tried to not just map the philanthropic archetypes, but to also explore the
diverse approaches that they use to navigate the broader ecosystem. The archetypes that employ
Treasure, Involvement as well as Evangelisation in their giving approach and are increasingly driven by a
passion for philanthropy are more likely to achieve amplified social impact. Thus, our hope is that more
and more philanthropists start giving more of their Treasure as well as start getting more involved in
their philanthropy and ultimately evangelise for it.

42 Chapter 2
 Recommendations

Inspiration Seekers should start with a small philanthropic budget supporting two to three non-
profit organisations and getting personally involved (Time and Talent) with at least one.

Emerging Givers should deepen their perspective and understanding of the causes of interest
and actively seek opportunities to connect with Cause Champions and Rainmakers to build
their philanthropic portfolio.

Strategic Enablers should leverage their Time and Talent to influence more and better giving
by Emerging and Core Givers. They should also leverage their Ties to support Rainmakers in
evangelising philanthropy.

Cause Champions should disseminate their knowledge on exemplar NPOs, what works and
what does not to inspire and influence other archetypes to give more and better to that cause.

Core Givers should consider allocating a portion of their giving portfolio to support
interventions that have achieved large-scale impact by adopting the systems change approach.

Rainmakers should keep doing more of what they are already doing, especially to amplify and
evangelise not only philanthropy but also their own belief in the importance of systemic change
and ecosystem building.

Understanding Philanthropic Archetypes 43

 “Given the pace at which Indians are becoming wealthy and the varied nature of issues in
the country which the state alone may not be able to solve, and entrepreneurs may not find
attractive to solve, philanthropy can be a very effective vehicle in these spaces.
Successful individuals can make a significant difference with their time and money.”

Sanjeev Aggarwal
Co-Founder, Fundamentum Partnership and Helion Ventures
 CHAPTER 3

Tapping the
Transformative Power
of Philanthropy

Key Takeaways
Philanthropists Are Helping Create World-Class Institutions and Enhancing Existing Ones
to Nurture Global Talent
This is helping elevate India’s global standing in various fields.

Indian Philanthropists Are Driving Innovation and Leveraging Emerging Technologies such
as AI to Address Critical Development Challenges
This approach is helping develop and deliver novel solutions at scale.

Philanthropists in India Are Partnering with the Government to Support Policy Implementation
Collaborating with the government to pilot projects and build evidence in priority areas is becoming
an important strategy. This partnership approach helps scale up successful initiatives, enhancing
their reach and effectiveness across the population.

Holistic Community Development Is Being Prioritised by Philanthropists to Ensure

Comprehensive Societal Growth
A holistic approach to community development addresses a broad spectrum of issues such as
education, healthcare and economic empowerment.

Philanthropists Continue to Fund Targeted Interventions

In supporting grassroots NPOs, philanthropists are not only aiding last-mile programme delivery and
aligning interventions closely with outcomes, but enhancing specific impact by supporting capacity-
building initiatives of the NPOs they partner with to address specific issues.

Tapping the Transformative Power of Philanthropy 45

 Long-Term Impact of Philanthropy
“Ronnie and I started our journey with a goal to lift a million people out of poverty.
A few years into it, I believe we are closer to it every passing day.”

Zarina Screwvala
Co-founder, Swades Foundation

In Chapter 1, we delved into the potential of philanthropy, envisioning a scenario with a substantial
increase in giving, amounting to upwards of ₹100,000 crore. Indian ultra-high-net-worth individuals
(UHNIs) are already giving more and exponentially increasing the scale of philanthropy. The impact,
however, lies in more than just increased wealth allocation. The transformative power of philanthropy
lies in catalytic funding. As philanthropists increasingly give better, the impact will be confined not just
to the distant future but will also actively shape the India of today.

Going beyond one-off handouts, big-ticket donors are giving hundreds of crores to create long-term
change. Their philanthropic efforts are spurring innovation, enhancing implementation of governmental
interventions and building resilience in communities, among other things. In short, philanthropy in India
is consistently demonstrating the transformative power of giving.

The impact of philanthropy cannot be summarised easily, as it has been multifold. This chapter seeks
to reveal the breadth of its influence through some powerful stories of people who are giving better and
organisations that are improving the lives of millions of Indians.

A. Building Cutting-Edge Institutions That

Power World-Class Talent
Philanthropists are setting up cutting-edge institutions across sectors as well as enhancing the capacity
of existing ones to bring global standards to India. They are redefining possibilities and nurturing talent
that can compete on a global level.

The Tatas are the pioneers in this narrative of institution-building. The Tata Group established the iconic
Indian Institute of Science and the Tata Institute of Fundamental Research, which have significantly
contributed to India’s scientific and educational advancement. More recently, Azim Premji’s philanthropic
vision has led to the creation of the Azim Premji Foundation dedicated to transforming education.
Similarly, Shiv Nadar has given us Shiv Nadar University, which fosters innovation and excellence in
higher education.

Today’s philanthropists are ensuring that India’s brilliance doesn’t need to seek recognition abroad; it
can shine brightly right here at home. Increasingly, collective philanthropy is being leveraged to amplify
institution-building efforts, which we explore in more detail in Chapter 8.

46 Chapter 3
 Indian School of Business

The Story

One of the best examples of this is the Indian School of Business (ISB). The School has been in
existence just a little over 20 years with the first class of its Post-Graduate Programme in Management
graduating from the Hyderabad campus in 2002. And yet, it consistently ranks as India’s #1 B-school
and among the world’s top 40 B-schools in global rankings. ISB was born out of a visionary idea to
provide top-notch business education in India, imbued with global perspectives to help meet the
leadership needs of emerging Asian economies. The mission was unequivocal: Provide world-class
business education at a fraction of the price students pay at prestigious US and European institutions.
Led by the vision and organisational acumen of educationist-entrepreneur Pramath Raj Sinha, who was
entrusted with nurturing the idea on the ground as the founding Dean, ISB roped in accomplished India-
born entrepreneurs and global academic leaders to secure substantial seed funding and rally support
from industry, philanthropists and academia. The rest, as they say, is history.

The Impact

ISB’s rise was meteoric. It entered the Financial Times MBA Global rankings when it was only seven
years old. However, the School isn’t just about rankings. Top-tier organisations recruit from ISB, offering
salaries that are on par with those offered to graduates of the world’s leading business schools. Its alumni
occupy the top echelons of corporate leadership and serve as exemplars for India’s startup ecosystem.
The School is also home to distinguished faculty from India and around the world who contribute to
ISB’s academic excellence and foster its vision of being a research-led B-school. Its reputation for
cutting-edge management research and thought leadership is clear by the school consistently ranking
among the world’s top institutions for the per capita research productivity of its faculty.

The Action Continues

ISB stands as a testament to contemporary philanthropy and the impact it can have. It is a non-profit
organisation (NPO) that’s funded entirely by private corporations, foundations and individuals from
across the globe who believe in its mission. Since its inception, ISB has consistently received significant

Tapping the Transformative Power of Philanthropy 47

financial support from philanthropic foundations and individual philanthropists. It has an Alumni
Endowment Fund that supports the award of scholarships to deserving candidates and research grants
to promising junior faculty, thus acting as a strategic pillar for long-term sustainability. The School also
directs its funds towards spearheading pioneering research initiatives and recruiting top faculty.

B. Incubating Game-Changing Ideas

& Catalysing Innovation
Today’s philanthropists are changing the rules of philanthropy by becoming innovation leaders.
Demonstrating the same entrepreneurial zeal with which they create their wealth, they are now supporting
causes and creating novel solutions to address critical development gaps. They focus on scaling ideas
that show early promise and use a strategic lens to identify core levers that they can experiment with
to build evidence. They are also disrupting the status quo and bringing about innovations in technology,
ideas, policies and models of intervention.

Wadhwani AI

The Story

Wadhwani AI is a great example of leveraging innovation for catalytic philanthropic impact. Romesh
and Sunil Wadhwani, US-based technology entrepreneurs and philanthropists, realised that though
Artificial Intelligence (AI) was booming, its benefits were reaching only a privileged few. They
envisioned a different path for AI — one rooted in scientific rigour and technological excellence
but also steeped in compassion. The overarching objective was to devise ways in which AI could
be employed to address development challenges, especially in poverty-afflicted regions. In 2018,
Sunil and Romesh committed $30 million (~₹250 crore) to establish the Wadhwani Institute for
Artificial Intelligence, seeking to develop AI-based solutions for development sector challenges.
The ongoing contribution has crossed $60 million (~₹500 crore).

48 Chapter 3
The Impact

The Delhi-based non-profit institute takes tangible action in over 30 AI projects spanning healthcare,
agriculture, climate and education. Within the health sector, for instance, it focuses on addressing the
problem of tuberculosis in India. The country is home to a quarter of the world’s tuberculosis cases,
and countless lives are lost every year due to incomplete treatment. The institute uses pioneering AI-
driven technology to analyse patient data (related to age, gender, location, cough sounds, symptoms
and comorbidities) and build predictive models for quicker diagnosis and treatment.
Another project, Cotton Ace, has helped over 100,000 Indian farmers protect their land against
pest-related crop losses. Wadhwani AI’s technology is also deployed at India’s Media Scanning and
Verification Cell to scan media articles for news of disease outbreaks and prevention of pandemics.

The Action Continues

Wadhwani AI has collaborated with the Ministry of Health and Family Welfare to incorporate a Clinical
Decision Support System into the Health Management Information System across the country. Used
for more than 12 million consultations, it enhances medical decision-making and streamlines diagnosis
and patient management, thus helping combat a shortage of trained medical personnel, especially in
remote areas. It also partners with governments and NPOs to establish AI Centres of Excellence or
AI Units within organisations to access data on critical problem statements and apply AI to address
development challenges.

C. Partnering With the Government to

Support Policy Implementation
Collaborating with the government is a growing trend, significantly gaining momentum across the Indian
philanthropic landscape. Strategic philanthropy recognises that to create population-level change,
it needs to support the government to scale up and be effective. Indian philanthropists have embraced
this notion and are piloting projects and building evidence in priority areas to work with the system.

Central Square Foundation

Tapping the Transformative Power of Philanthropy 49

The Story

New Delhi-based Central Square Foundation (CSF), founded by philanthropist and former private equity
investor Ashish Dhawan, is an NPO that’s doing exemplary work to ensure quality education for school
children across 13 Indian states. Since 2012, CSF has been working in partnership with the Union and
state governments, other non-profits and ecosystem stakeholders to improve the learning outcomes
of children from low-income communities. Its approach across foundational literacy and numeracy
(FLN), early childhood education (ECE), edtech and school governance focuses on solutions that are
scalable, sustainable and effective, and its system reform approach covers the spectrum from policy
and innovation to practise at scale for sustained student learning impact.

The Impact

To help every child achieve FLN, the Ministry of Education launched the NIPUN (National Initiative for
Proficiency in Reading with Understanding and Numeracy) Bharat Mission in July 2021. The Foundation
supported the Ministry in the development of mission documents and the creation of a five-year
prospective planning document outlining the implementation strategy for states. The Foundation also
works with 11 states to design, develop and deploy their FLN Mission across critical aspects of goal
setting, teacher professional development, teacher mentoring, middle management capacity-building,
robust monitoring systems, communication campaigns and reliable student learning assessments.
The Foundation has invested in building supply and generating evidence on edtech solutions for FLN,
reaching 2.8+ million children through partners for continued learning at home. Given the Nigerian
government’s interest in adopting EdTech Tulna (an evidence-driven EdTech evaluation index developed
by CSF in partnership with IIT Bombay and IIT Delhi), the Foundation has signed an MoU with Nigeria’s
Ministry of Communications, Innovation & Digital Economy to facilitate it. As CSF grows and evolves,
it has further strengthened work on ECE and school governance, two key adjacencies to FLN impact
at scale.

The Action Continues

The Foundation’s goal is to help the system attain targeted FLN outcomes at the student level. As CSF
continues supporting the Union and state governments, it has also started work at the district level to
ensure deeper implementation and impact.
Across its portfolio of 11 FLN states, there have been continued successes enabled by CSF. In Uttar
Pradesh, it integrated a chatbot into the NIPUN Lakshya App for large-scale classroom observation
and student testing, aiming to onboard all teachers and mentors. In Madhya Pradesh, CSF designed,
deployed and ran recruitments for the Madhya Pradesh NIPUN Professionals Fellowship, hiring 52
professionals and developing five tailor-made projects for them to undertake and support districts to
drive implementation of the state FLN mission. The NIPUN Mentor and NIPUN Teacher apps have been
deployed in Haryana to collect FLN-related data for decision-making. In Telangana, CSF supports FLN
programme reviews and helps integrate technology systems for data collection. By building stronger,
more equitable systems and enhancing the quality of systemic inputs (structured pedagogy, capacity
building, assessments, technology and monitoring systems), CSF aims to set India’s children up for a
lifetime of holistic outcomes and broader horizons.

50 Chapter 3
D. Creating Community-Centric
Impact Holistically
There are communities that are bound together not just by their culture or geography but also by
the challenges they share. Philanthropists have adopted a holistic approach to enhance the lives of
such communities and give them agency over their own empowerment. This means expanding their
interventions to go beyond the traditional sectors of education and health and address issues such
as climate change risks and intersectional identity-based concerns. This approach has given rise
to replicable and scalable models of transformation. These models of holistic transformation may
not be restricted to any particular region or community. Rural communities as well as urban migrant
communities benefit from these.

Swades Foundation

The Story

Mumbai-based Swades Foundation is one of the NPOs working to empower communities holistically.
After exiting UTV, one of India’s largest media and entertainment companies, founders Ronnie and
Zarina Screwvala decided to work for social change. Ronnie came up with a grand vision: Lift a
million people out of poverty every five to seven years. This vision thrust the couple into months of
rigorous research and field visits across India and beyond. Inspired by BRAC, one of the world’s largest
development NPOs founded in Bangladesh, they created Swades Foundation in 2013 with a unique
development model.

The Impact

Picture this. Every household enjoys clean water, private toilets and is engaged in diverse sources of
livelihood to augment income. Every child under the age of 16 is in school; the youth possess valuable
skills and dedicated health volunteers serve their rural communities. Villages are clean, beautiful and
equipped with facilities such as community halls, etc.
This idyllic scene is the reality for 75 ‘dream villages’ in India, powered by Swades Foundation. On a

Tapping the Transformative Power of Philanthropy 51

mission to provide holistic development to rural India, the Foundation has so far impacted more than
half a million lives in two rural districts of Maharashtra through interventions in education, health, water
and sanitation and economic development.

The Action Continues

The Swades Foundation uses a 360-degree development model that includes healthcare (eye defect
screenings and child cardiac surgeries), education (teacher training, scholarships and interactive
learning), water and sanitation (access to toilets and clean drinking water) and economic development
(skill building, orchard farming and goat rearing). The goal is to empower communities to become self-
reliant within five to seven years.
Elevating the earning capacity of individuals and ensuring self-sustainability across all initiatives is
central to Swades’ mission. The Foundation’s strength lies in its dedicated team, which consists of
over 10,000 community volunteers and more than 250 full-time staff members, 90 per cent of whom
work at the grassroots level.

E. Targeted Interventions to Enhance Lives

at the Bottom of the Pyramid
Historically, Indian philanthropists have supported NPOs that work at the grassroots level, helping
millions during times of calamity and providing immediate relief. Over time, philanthropists are focusing
on novel, emerging issues. But many continue to support existing causes that strive to improve the
lives of people at the bottom of the pyramid. Thousands of non-profits rely on retail donations for their
day-to-day operations but a bulk of their funding comes from philanthropic contributions. It’s not just
money that these philanthropists provide; they also empower the NPOs to enhance their capabilities
and foster valuable partnerships.

The Dani Foundation

52 Chapter 3
The Story

Maharashtra-based Dani Foundation is a philanthropic initiative that seeks to provide people at the
bottom of the pyramid with access to better nutrition, health and education. Jalaj Dani, co-promoter
of Asian Paints, and sports entrepreneur Vita Dani set up the Dani Foundation only in 2022. But their
philanthropy started over a decade earlier when they began working with the Kapadwanj Keval Mandal
(KKM) Trust at Jalaj’s ancestral village in Gujarat. The Mandal is an 80-year-old foundation seeking to
provide affordable education to Kapadwanj residents.

The Dani Foundation also works closely with the Annamrita Foundation (formerly known as
ISKCON Food Relief Foundation) and Pratham Education Foundation, where Jalaj is a Board
member.

The Impact

The Dani Foundation has transformed lives by partnering with the Annamrita Foundation which
implements the government’s mid-day meal programme in municipal, government-aided and unaided
schools across India. The Annamrita Foundation serves over 10 lakh meals per day in 6,500 schools
across Andhra Pradesh, Maharashtra, Delhi, Rajasthan, West Bengal, Jharkhand and Haryana. With
the support of the Dani Foundation, Annamrita is looking to extend its reach to 15 lakh daily meals,
significantly raising nutrition levels and ensuring increased attendance in schools. Dani Foundation’s
work with the KKM Trust has also created meaningful impact, with a significant number of students
benefiting from holistic education practices. Beyond monetary support, the Dani Foundation is actively
involved in supporting their NGO partners by introducing them to other philanthropists, fostering
knowledge-sharing partnerships, and providing invaluable advisory input. This collaborative effort
helps in enhancing last-mile delivery of their programmes.

The Action Continues

Along with health and education, Vita and Jalaj Dani have also expanded to the sports sector, a cause
close to the family’s heart. Through the ELMS Sports Foundation, they work to achieve sports excellence
in India. The idea is to drive what they call ‘Constructive Philanthropy’.26 In addition to providing financial
support, the couple likes to introduce their NPO partners to their network of philanthropists, thereby
fostering enhanced knowledge-sharing and partnerships.

The philanthropists discussed in this chapter serve as compelling examples of ‘giving better’ in action.
However, there are many ways to play a transformative role. For instance, some philanthropists may
dedicate themselves to a single cause, aiming to significantly move the needle in that sector and
become Cause Champions, employing a multifaceted approach that leverages a bottom-up as well as
a top-down method.

An example of this commitment is demonstrated by philanthropists Sanjiv Kumar and Setika Singh,
whose efforts are dedicated to constructing a self-sustaining rural development model through

Tapping the Transformative Power of Philanthropy 53

Parivartan, their rural community development initiative. Kumar founded Parivartan in 2010 in his
home state of Bihar, motivated by his desire to work for and with the people he feels a sense of
belonging with. The Parivartan campus spans eight acres and includes a variety of multipurpose spaces,
including an Udaan, a community playground featuring state-of-the-art sports facilities, a Rangkargha
weaving, spinning and dyeing studio, a library and classrooms. Gender-inclusive programmes centred
on livelihood, art and education are also being implemented on the Parivartan campus to empower
the local community. With Sabrangi, an initiative designed to provide craftswomen in Parivartan with
significant market opportunities, Singh is carrying forward this legacy.

Though different givers may champion different causes and sometimes support multiple ones, their
fundamental drive remains constant: To leave no one behind and to foster transformative change in the
lives of people across the country.

Recommendations

Seek inspiration from the myriad stories of giving better that already exist in India, and
implement key learnings from these journeys that align with each giver’s own motivations.

Seize the opportunity to explore diverse and impactful ways to give beyond traditional
methods, as Indian philanthropic capital increasingly shifts towards building institutions,
fostering innovation, partnering with the government, adopting community-centric holistic
models and enhancing targeted interventions.

54 Chapter 3
 “For me, philanthropy is all about making use of opportunities to help
bring about positive change in my own country. It means, at an individual
level, utilising my resources and skills to play the role of a catalyst in the
development story that has been unfolding in fits and starts.”27

Anu Aga
Former Chairperson, Thermax
 CHAPTER 4

Exploring Giving
Motivations
& Triggers

Key Takeaways

UHNIs in India Have High Motivation to Give:

Most philanthropists are inspired by personal values and a desire to address societal challenges.
Of our study respondents, 90 per cent said they want to give more; 63 per cent of participants are
motivated by a desire to give back to society.

Our Study Finds Peer Inspiration is a Key Factor in Motivating Individuals to Engage in
Philanthropy
Nearly 40 per cent of our respondents were inspired to give by the story of a philanthropist, several
of them their peers.

Our Research shows Philanthropy is a Deeply Personal Endeavour

Over 60 per cent of respondents started to give after a personal milestone or after a life-altering
experience.

Chapter 4
57
A. The Giving Mindset
“Philanthropy is for inner satisfaction. It’s a lifelong commitment, a duty, a reminder to
exercise control over desires, and a dedication to share resources with others.”

Mukti Gupta
Managing Director, Mukti Group;
Founder, Help Us Help Them

An increasing number of individuals, both young and old, have joined the giving ecosystem, and are
looking for ways to make their contribution more impactful. During our conversations with 100 ultra-
high-net-worth individuals (UHNIs), nine out of 10 respondents said, “I want to give more.”

So far we have explored the diverse categories of givers and garnered key insights from their journeys.
Now, we dive deeper into the commonalities that underpin the distinct and unique aspects of the giving
mindset, including giver motivations, triggers and challenges. Broadly, our report indicates that the
motivation to help others forms the basis of all philanthropic endeavours. It just manifests differently
in different people. While most philanthropists have an inherent inclination to ‘give back to society’,
the transition from thought to meaningful action often hinges on a trigger that has deeply personal
implications. Navigating complexities and obstacles is an integral part of the philanthropic journey.
Overcoming these barriers strengthens the giving mindset, underscoring the commitment needed to
make a lasting impact.

In this chapter, we delve into the twin forces that propel individuals towards philanthropy: Their motivation
to give and the trigger that gets them started.

B. The Giving Motivations

Our study has helped us identify eight key motivations that drive givers:

• Giving Back to Society

• Fulfilling a Sense of Duty
• Carrying a Legacy Forward
• Creating a Legacy
• Contributing to Nation-Building
• Experiencing the Joy of Giving
• Using Entrepreneurial Skills to Solve Social Problems
• Connecting With Like-Minded Individuals

Interestingly, 63 of our 100 study participants said their philanthropy is driven by the desire to ‘give back
to society’, directly or indirectly.

58 Chapter 4
 Figure 4.1 | Motivations for Giving

63

22 20
19
12 14
11 10

Giving Back Fulfilling Carrying a Creating Contributing Experiencing Using Connecting

to Society a Sense Legacy a Legacy to the Joy of Entrepreneurial with Like-
of Duty Forward Nation- Giving Skills to Minded
Building Solve Social Individuals
Problems
Note: Each motivation is indicated by the number of givers who highlighted it during their interviews. Many individuals cited
multiple motivations.

B.1 Giving Back to Society

Jayesh Parekh, Co-Founder of Sony Entertainment Television, Managing

Partner at Good Protein Fund and author of What Shall We Do With All This
Money? Inspiring Perspectives on Wealth, started his philanthropic journey over
two decades ago. “In 2000, when I got my first exit, I decided that I must give back
meaningfully,” he says.

Parekh says he comes from a very humble background and had never imagined
himself as wealthy. But when he and his co-founders sold their stake in Sony Entertainment Television,
he decided to give back to society and make a difference in people’s lives.

As a philanthropist, Parekh wears multiple hats — as mentor, advisor and investor. He was a Director
on the Board of Milaap and is now on the Advisory Board of Akhand Jyoti Eye Hospital, a Bihar-based
non-profit organisation (NPO). At Akhand Jyoti, he is trying to eliminate curable blindness in the country
through free cataract surgeries. The cause is close to his heart due to his own experience with blindness
in his family.

B.2 Fulfilling a Sense of Duty

Tanvi Bikhchandani co-founded Tamarind Chutney, a Delhi-based ethical and

sustainable fashion brand, in 2019 to improve artisan livelihoods and reduce
textile waste.

Passionate about social justice, she believes that “individuals with privilege and
wealth have a moral imperative to share that wealth with others, especially given
the inequitable state of the world”. This motivation not only influences her career
choices but also informs her philanthropic approach.

Exploring Giving Motivations & Triggers 59

Tanvi recognised the power of philanthropy early on, seeing her parents Sanjeev and Surabhi
Bikhchandani’s active involvement in giving. Today, she leads her family’s philanthropic activities in the
fields of education, climate, livelihood and the overall social welfare sector. She’s actively involved with
organisations such as the Indian School of Development Management (ISDM), Air Pollution Action
Group (APAG) and Khan Academy India, among several other non-profits.

B.3 Carrying a Legacy Forward

Payal Jain, Principal Designer, Label Payal Jain, has set up a philanthropic trust
that works at the intersection of education and sustainability, and takes forward
the legacy of her father Prem Jain, the architect of the green building movement
in India.

Payal saw her father teaching sustainability at New Delhi’s School of Planning
and Architecture, pro bono, 40 years ago and is intent on advancing his vision of
a ‘Harit Bharat’ or Green India.

The Prem Jain Memorial Trust, which Payal and her mother set up after her father’s passing, focuses
on two areas: Education and sustainability. It disseminates education on sustainable development
ecosystems, built environments, traditions, arts and crafts and related studies across academic
institutions for students and working professionals. It also promotes green innovations and technologies
as well as celebrates the achievements of technologists promoting sustainability. For Payal, “This is
not philanthropy; it’s a way of life.” The Trust organises the Harit Prem Bharat Mahotsav each January
to promote Jain’s passion for sustainability. This is the largest green event in the country and brings
together thousands of people in an effort to increase awareness about a greener way of life.

B.4 Creating a Legacy

Bajrang Bothra, Executive Chairman, EPACK Durable, is a founding

member of the Jain International Trade Organisation (JITO). This is a trade
organisation that goes beyond economic cooperation and seeks to unite
industrialists and business people to create collaborative social impact.
Bothra believes in the ‘power of the collective’ and is involved in JITO’s multiple
philanthropic projects such as the JITO Administrative Training Foundation and
the JITO Education Assistance Programme, both of which help students with
their educational journey.

He spearheads the Bhagwan Mahavir Relief Foundation Trust Medi-Dialysis Centre, which provides
subsidised dialysis treatment to the underprivileged. The Centre also organises compulsory meditation
sessions for all attendees and patients to make their treatment stress-free. For patients who cannot
afford even subsidised treatment, it provides free treatment through a trust-based process that does
not require any proof of inability to pay.

Bothra’s motivation is clear. He believes in growing with the best and collaborating with diverse
individuals to leave behind a legacy of giving back. “I am manifesting a target. Five years down the line,
if anyone asks what I do, I can talk about my philanthropic work rather than my business,” he says.

60 Chapter 4
B.5 Contributing to Nation-Building

Piyush Shah co-founded InMobi, an Indian multinational marketing platform,

in 2009. Despite playing an active role in the early years of the Indian School of
Business and the Nudge Foundation, he believes that he is only in the initial stages
of his philanthropic journey. Currently residing in Singapore, Shah believes he and
other diaspora givers are motivated by the idea of nation-building and want to help
India deal with crucial challenges and grow. He emphasises the need for India to
address its major socio-economic challenges in the coming decades.

For his own philanthropic endeavours, Shah prefers to deep-dive into a few specific causes such as
education and healthcare, rather than engage in multiple sectors.

Shah says he has transitioned from need-based giving to adopting a more conscious strategy.
This involves supporting organisations that have a startup-like philosophy and deploy a strategic
approach to building impactful initiatives. In the future, Shah wants to join collaborative and purpose-driven
philanthropic endeavours, where he can make a meaningful difference in the areas that matter to him.

B.6 Experiencing the Joy of Giving

Dr Sumita Ambasta is a Founder and Executive Director of Flowering Tree, a US-

based organisation dedicated to advancing children’s education and women’s
development in India, as well as Founder and Trustee of Plaksha University.
Ambasta says she’s been interested in human development her whole life.

She is especially interested in mentoring women entrepreneurs and supporting

women in leadership positions. Her passion has taken her from the business
realm of HR consultancy to issues related to philanthropy and development. Her lifelong goal is to
facilitate communication and integrate an individual’s inner and outer development.

Ambasta’s motivation to do philanthropy stems from the joy and personal fulfilment that she finds
in giving. She believes in “giving to gain satisfaction, happiness and knowledge”, and attests to having
benefited from the transformative power of giving. She says that this has improved her mental and
physical well-being over the past 17 years.

B.7 Using Entrepreneurial Skills to Solve Social Problems

Dr Gururaj ‘Desh’ Deshpande, Co-Founder and Trustee of the Deshpande

Foundation, is a prominent Indian-American venture capitalist and entrepreneur with
a career spanning over 30 years. His philanthropy mirrors his entrepreneurial drive.

At the Deshpande Foundation, he’s created an environment that encourages the

use of entrepreneurial skills to address community issues, primarily focusing
on underserved communities. The Foundation acts as an experimental space
where innovators can test concepts, make adjustments and ultimately create effective solutions to
tackle social problems. In addition to this, Deshpande also supports large-scale organisations working

Exploring Giving Motivations & Triggers 61

in the education and healthcare sectors, such as Akshaya Patra, Pratham, Ekal Vidyalaya, Sankara
Nethralaya and Magic Bus.

“You get to build by investing a lot of time and money, just like when you are an entrepreneur attached
to a startup,” he says.

B.8 Connecting With Like-Minded Individuals

Rishi Khanna, Managing Director of Trimaster Group, actively supports the causes
of higher education and mental well-being. He supports Ashoka University and
Plaksha University and has also been involved with Children First, a child and
adolescent mental health service organisation.
He finds it gratifying to be part of a community of individuals leading or founding
non-profits and foundations.
Through his philanthropic efforts, Khanna seeks to surround himself with
individuals who share his commitment to do good and make social impact. This desire to be a part of
a community of givers, as well as the motivation to give and give better, drives Khanna to continuously
look for opportunities to expand his philanthropic giving.

The Giving Triggers

It’s intriguing how many philanthropists say a specific trigger led them to start giving or
significantly change their approach to philanthropy. Most givers say they started walking
this path after reaching a personal or financial milestone, having a momentous experience,
witnessing a metamorphic event or hearing someone’s inspiring story.

39% of givers were inspired by their peers or the story of a philanthropist’s journey.
Some respondents said they were inspired to give by the incredible work done by
Indian philanthropists, while others named international philanthropists such as Bill
Gates and Warren Buffett.

27% of givers say their first act of giving was triggered when they reached a financial
milestone (an Initial Public Offering or a liquidity event). Many among these respondents
noted that giving substantial financial resources to philanthropy happened when they
exited their company or sold their stake in it.

19% of givers achieved a personal milestone (related to age, children or life goals), which
triggered their philanthropy. For instance, one respondent said they started giving a
substantial quantum to philanthropy once their children went to university.

15% of givers took to philanthropy after having a life-altering experience (personal loss) or
witnessing a humanitarian crisis (earthquake or tsunami). One respondent said their
first substantial act of giving was prompted by the COVID-19 pandemic.

62 Chapter 4
This chapter presents the motivations most cited by our respondents. While some may be more
predominant than others, most givers are driven by multifaceted motivations that may evolve over
time. Whether givers engage in philanthropy for the joy of giving back, creating a legacy, wanting to
help with nation-building or using entrepreneurial skills to solve social problems, tapping into these
motivations is what enables sustained, engaged and thoughtful philanthropy. We have observed that
specific triggers tend to act as precursors to a giver’s first act of philanthropy, but it is the motivation
that sustains philanthropic endeavours over prolonged periods.

The journey of sustained giving, however, is not devoid of challenges. Often, motivational barriers can
inhibit initial acts of giving. Givers also have to tackle multiple structural and cultural challenges on
their philanthropic journey. Indeed, factors that sustain philanthropy and those that inhibit it often exist
simultaneously. These challenges and the process of overcoming them become an essential part of
the giving mindset. We explore that in detail in the next chapter.

Recommendations

Reflect on core motivations for giving to define philanthropy’s vision and mission, and structure
giving from there.

Consider kick-starting or amplifying philanthropy from the first financial milestone, moment of
inspiration or any other trigger.

Align choice of cause to personal values and experience.

Connect with like-minded individuals to find greater fulfilment and expand philanthropic impact.

Exploring Giving Motivations & Triggers 63

 “A lot is expected from us in philanthropic endeavours —
and not all good initiatives will be met with universal
positive acclaim — but this challenge should not divert each
of us from making philanthropic investments in what we
thoughtfully believe to be the highest and best
use of our resources.”28

Chuck Feeney
Founder, Atlantic Philanthropies

64 Chapter 4
 CHAPTER 5

Overcoming Barriers
to Philanthropy

Key Takeaways

Multiple Challenges Impede Giving by Indian Philanthropists

Philanthropists face personal, structural and cultural challenges in their giving journey. But as
philanthropists become more involved and engaged, their ability to navigate such challenges
improves.

Many Inspiration Seekers and Emerging Givers Face Personal Challenges

Over one-third of our study respondents cited facing personal / motivation challenges to philanthropy.
The majority of these fall under the archetypes of Inspiration Seekers and Emerging Givers.

Structural Challenges Serve as Major Roadblocks for Philanthropists

Over 60 per cent of givers said structural challenges within the ecosystem are major roadblocks for
Indian philanthropy.

Cultural Challenges Hinder Greater Giving in India

Many respondents observed that Indians prefer preserving wealth for future generations and lack
social cultural incentives that promote giving. Philanthropic discussions are also rare in social circles.

Chapter 5 65
A. Gap Between Affluence & Altruism
A total of 169 Indians made it to Forbes’ 2023 World Billionaires list, up from 102 billionaires in 2020.
That’s a jump of 65 per cent. But the percentage of giving among India’s wealthiest people has not kept
up. Indeed, the median contribution of India’s 100 richest people to philanthropy is just 0.02 per cent of
wealth,29 according to Forbes. This highlights a gap between India’s affluence and altruism — a stark
contrast to the potential for transformative change. This paradox begs the question: Why aren’t India’s
wealthiest translating their good intentions into impactful giving?

Our conversations with UHNIs establish that almost all of them want to give more, sooner and better.
But not everyone can convert their intent into action owing to the barriers that philanthropists in India
face. Our study reveals the presence of three kinds of barriers:

1. Personal challenges impede individual giving, with many potential philanthropists facing
motivational barriers such as not finding the right cause, lacking time or financial liquidity.
This can also be about a lack of belief in the impact of personal philanthropy or a belief that
CSR/tax are their primary social impact contributions.

2. Structural challenges in the ecosystem include procedural complexities and information gaps
that inhibit individual giving.

3. Cultural challenges are rooted in entrenched societal norms such as intergenerational wealth
transfer / inheritance and wealth stewardship as well as a culture of maintaining anonymity
about philanthropic actions.

Figure 5.1 | Giving Challenges:

Number of Respondents Citing Specific Challenges

Personal Challenges 34

Structural Challenges 70

Cultural Challenges 12

B. Barriers Impeding Philanthropy

B.1 Personal Challenges

Over one-third of our survey respondents said they face personal challenges in philanthropy.
The majority of these respondents have yet to start their giving journey and make substantial and

66 Chapter 5
systematic commitments. These individuals fall into the Inspiration Seekers and Emerging Givers
categories, mentioned in Chapter 2.

Our study reveals that personal challenges often stem from a lack of motivation. People feel that they
can always do philanthropy at a later stage in life and are not motivated to engage in structured giving
today. Since most people are still fully engaged in wealth creation, they have little time to dedicate to
planned giving. In addition, many respondents said they hadn’t yet found a cause that could trigger
their giving.

Apart from these motivational barriers, some individuals are just not convinced about the need for
philanthropy. They believe the contributions they make by way of job creation, tax payment and
Corporate Social Responsibility (CSR) are enough for social transformation.

Some of the personal challenges most cited during our study were:

• I am paying taxes, creating jobs and doing my bit for society.

I do not see the need for philanthropy.

• I already do CSR through my organisation. The colour of money is the same.

Therefore, I don’t engage in other philanthropy.

There seems to be a tendency to view taxes and any other mandated giving, such as CSR, to
be an adequate contribution to nation-building and societal good, negating the need for any
personal philanthropy.

• Navigating Personal Challenges

Our study also found evidence in support of personal philanthropy through people who believe that
these barriers can be overcome. For example,

1. On the difference between job creation and personal philanthropy:

“Job creation is one of the highest forms of giving back. However, philanthropy has a very distinct
role to play in driving social change.”
Study Respondent

“Philanthropy is like investing in R&D. Returns may not be immediate but they can be truly game-
changing.”
Pankaj Gupta, Co-Founder and Co-CEO, GII, Dubai

2. On the difference between CSR and personal philanthropy:

“Since I am not the sole owner of my organisation, I cannot consider CSR my personal
philanthropic endeavour.”
Yashish Dahiya, Chairman & CEO, PB Fintech

Overcoming Barriers to Philanthropy 67

 “CSR is very effective but has its limitations. For instance, CSR cannot be used to fund NGO
corpuses. This should change because how else can one fund core minimum salaries in an
NGO? Funding an NGO corpus will not show immediate results but it is crucial for building the
sustainability of the NGO as well as leveraging philanthropic capital for tackling any cause in the
long run.”
Radha Goenka, Director, RPG Foundation; Founder, Pehlay Akshar Foundation

Our study leads us to believe that while economic growth and job creation are the fastest levers to
lift people out of poverty, personal philanthropy is necessary to provide private discretionary capital
to experiment, scale, build capacity and advocate for novel solutions, which other means such as
taxes and CSR cannot solve for. Hence, for making a lasting impact, it’s not an either / or but CSR
and personal philanthropy.

B.2 Structural Challenges

The majority of givers say structural challenges within the ecosystem are major roadblocks for Indian
philanthropy. These challenges are primarily associated with the broader philanthropic ecosystem and
its different stakeholders, including non-profit organisations (NPOs) and other collaborators. All laws
governing philanthropy, be it tax laws or any other compliance requirements, also form a part of the
structural challenges to giving.

Many givers who cite structural challenges maintain that they are unable to find avenues to scale
their giving or organisations that align with their philosophy. Additionally, some say it is a challenge
to identify an opportune time to exit when supporting a non-profit organisation. There is also a trust
deficit owing to a perceived lack of transparency in NPO reporting. Another frequently-cited structural
challenge pertains to a lack of information and other support structures that can enable informed
decision-making on philanthropy.

Our respondents cited the following as the most common structural challenges:

• I have not found the right organisation to commit to or giving opportunities of scale.

• There is no structured knowledge in the public domain for informed decision-making regarding
different aspects of philanthropy.

• Non-profits are not thinking strategically enough. Their work doesn’t inspire confidence.
Also, they do not report credible outcomes well.

• I cannot support an organisation forever. How does one exit without causing disruption?

• Navigating Structural Challenges

In the course of our research, we also found alternative perspectives on these barriers from
established givers who articulated their experience in overcoming structural challenges.

68 Chapter 5
 1. On finding the right organisations to commit to and giving opportunities of scale:

“We evaluate giving opportunities as being akin to an entrepreneur looking at a variety of factors:
Ability to scale, resource application to purpose, benefit to end users, quality of team, models that
have been successful and impact.”
Rimy Oberoi, Director, Centre for Advancement of Employability;
Founder & Trustee, Plaksha University

“There are inefficiencies in the sector and a general lack of knowledge, which makes it difficult
to evaluate organisations and opportunities. You have to find that one good opportunity or
organisation that shares your values and philosophy and is making an actual impact.
Therefore, we mainly give to people and organisations we know.”
Yuvraj Singh, Co-Founder and Managing Director, DMI Group;
Medha Kochhar Singh, Board Member, DMI Alternatives

“For investing in and supporting good non-profit organisations, we look at their short-term and
long-term goals. We strive to use more tangible, measurable outputs, rather than getting lost in the
conversation about outcomes and work towards making the conversation more quantifiable.
We prefer crisp reports which capture programmatic and financial updates, as opposed to
very long updates.”
Harish Shah and Amira Shah Chhabra, Directors, Harish & Bina Shah Foundation

“The challenge in writing cheques here and there is that you don’t feel like you are making a
difference at scale. Scaling requires the pooling of resources, both financial and non-financial,
like networks, skills, etc.”
Dr Venkat Srinivasan, Managing Director, Innospark Ventures

2. On dealing with information gaps in ecosystem to make informed decisions about philanthropy:

“At the beginning, I engaged with a giving collaborative for a few years. They helped me identify
my sector of interest, organisations within the sector and even conducted some due diligence.”
Rahul Mookerjee, Managing Director, YoNao Capital

3. On building capacity in NPOs and credibility in outcomes reporting by funding Monitoring

& Evaluation:

“I typically tackle this by holding non-profits accountable. But more importantly, I collaborate
with non-profits in goal-setting and building action plans. This is what sets philanthropy apart
from charity.”
Study Respondent

“I mainly direct my funding towards education, farmers’ well-being and creating awareness for
increased giving for social causes. In the medium- to long-term, I would like to create a platform
that will aid organisational capacity-building for NGOs.”
Vishal Tulsyan, Managing Director and CEO, Motilal Oswal Alternate Investment
Advisors; AIP Core Founder

Overcoming Barriers to Philanthropy 69

 “The lens we use to measure the impact of our giving is the eventual benefit to society. It’s a fairly
hard thing to measure but we try our best to understand the results through the metrics that our
team gathers from our grantees.”
Ram Shriram, Founder and Managing Partner, Sherpalo Ventures

“I have a partner who remains in the field with the organisations we support, overseeing day-to-
day operations. I personally visit Bihar a few times a year to ensure outcome achievement.”
Study Respondent

“We support our grantee organisations with capacity-building, learning and development and,
most importantly, with impact measurement and reporting.”
Sumitra Aswani, Founding Director, Ishk Tolaram Foundation; Head of Purpose and
Sustainability, Tolaram; Divya Patel, CEO, Ishk Tolaram Foundation

4. On deciding when and how to exit:

“I start by thoroughly researching and selecting the organisations I support. Then, I focus on
preparing the supported organisation for sustainable operations. When deciding whether to
continue working with them or redirecting my resources elsewhere, I emphasise on removing
personal guilt and other concerns from the equation. It’s crucial to approach these decisions with
a business-like mindset.”
Anupa Sahney, Founder and Director, Origami Consultants; AIP Founder

Many philanthropists who have been in the ecosystem for a long period agree that a significant part
of reducing structural challenges to giving is to become a part of the solution itself. This translates
into working towards strengthening the non-profit ecosystem by funding monitoring and evaluation,
building sector capacity by helping find and retain the right talent and funding the administrative costs
of NPOs to sustain their everyday expenses.

Established givers also highlight the importance of due diligence and suggest leveraging giving
collaboratives or trusted advisors to identify credible organisations. To solve the structural challenges
of the ecosystem, philanthropists can pool resources with other givers, allowing for more patient and
significant interventions in the ecosystem.

Procedural Barriers to Philanthropy

Both philanthropists and NPOs say procedural steps entailed in getting/renewing approval under
tax laws and compliance requirements deter people from giving and reduce the effectiveness
of philanthropy. While many philanthropists say the lack of tax incentives does not deter
their giving, they do maintain that frequent tweaks to rules governing charitable institutions
and the lack of specific enablers in the regulatory regime act as barriers to entry into the
philanthropic ecosystem.

70 Chapter 5
 One such provision is that charitable institutions are neither permitted to accept shares as
corpus donation nor hold / make investments in shares (other than shares of public sector
companies). Since wealth is often concentrated in the form of equity stakes held in companies
and similar assets, a practical way for wealth creators to commence philanthropic efforts
would be to donate part of their shareholding towards charity. Such upfront settlement of
shares in charitable institutions, if allowed, would ensure that the shareholding remains within
the promoter group without dilution of equity stake. This is just one issue that, if solved, can
unlock greater philanthropic capital.

There is a felt need for other innovative structures that can enable wealth creators to give more
while simultaneously taking care of their obligations to other stakeholders and family members.

Most respondents agree that advocacy and working with the government are essential to ensure
that operating in the regulatory regime does not remain an uphill battle for philanthropists, and
adequate enablers are created to unlock increased philanthropic capital.

B.3 Cultural Challenges

Historically, giving in India has primarily been directed towards faith-based causes and channelled
through faith-based organisations. According to the report, How India Gives, published by the Centre
for Social Impact and Philanthropy at Ashoka University, 75 per cent of India’s charitable donations
went to faith-based organisations between October 2021 and September 2022. This is often perceived
as a significant cultural barrier to giving. However, this trend seems to be less pronounced among the
new philanthropists.

In our study, more than 90 per cent of our respondents made no mention of giving to faith-based
organisations. A very small number attributed their motivation for giving to faith-related values but, even
for them, giving to such organisations is limited. Faith-based giving itself is undergoing a transformation
with resources getting channelled instead into the creation of public assets such as schools, colleges,
hospitals, elder care, pilgrim facilities and the promotion of arts and culture.

A more significant cultural challenge is the lack of discourse on giving. Our research study reveals that
this discourse has not yet reached all UHNI groups uniformly.

Some of the most common cultural challenges cited by our respondents include:

• Giving in India is limited because the conversation around it is limited. There is no peer pressure,
unlike in the US where you are not a legitimate member of the community if you don’t give.

• We have an inherent tendency to save our wealth for future generations.

• We do not celebrate givers.

Overcoming Barriers to Philanthropy 71

Many respondents observed that philanthropy discussions are rare in their circles, as Indians often
prefer preserving wealth for future generations and lack socio-cultural incentives to promote giving.

• Navigating Cultural Challenges

However, our conversations with respondents indicate that the tide is shifting. Philanthropists
are looking to become active shapers of a culture that talks about philanthropy on mainstream
platforms and celebrates givers of all hues. Here’s what established givers say about pathways to
overcome barriers:

1. On creating a conversation around philanthropy:

“Earlier, I kept my philanthropy private. However, during a conversation with a friend, I realised
the importance of sharing and talking about it to inspire others.”
Ramesh Mangaleswaran, Senior Partner Emeritus, McKinsey & Company

2. On saving wealth for the next generation:

“I have ensured my kids are well-educated and that I have given them enough. Now it is up to
them to make their journey. I have done my bit.”
Study Respondent

“Our children have had an excellent education. They are self-sufficient and don’t need more
money. We intend to give at least 50-60 per cent of what we have and what the company (Newgen)
generates to philanthropy.”
Priyadarshini Nigam, Director and Head, Corporate Communication and CSR, Newgen
Software, and AIP Founder; Diwakar Nigam, Chairman and Managing Director,
Newgen Software

3. On celebrating givers:

“Peer, societal and governmental recognition for philanthropy can inspire a lot more people to
leverage their resources meaningfully.”

Ashish Bharat Ram, Chairman and Managing Director, SRF Ltd; AIP Founder

“We need to figure out why philanthropy is not recognised positively. Why does society not look up
to you if you have given away wealth? Without addressing this issue, philanthropy will not become
mainstream.”
Abhishek Dalmia, Chairman, Renaissance Group

“It is important to celebrate both big and small-scale givers to foster a culture of generosity and
motivate individuals. For instance, one of my ex-employees who earned ₹40,000 a month donated
25 per cent of her income. We awarded the employee with the highest bonus among all staff
members to inspire others to contribute as well.”
Agam Khare, Founder and CEO, Absolute

72 Chapter 5
Publicly recognising philanthropy and philanthropists, as well as creating societal aspirations around
giving may go a long way in promoting conversations around giving and providing role models for
others to seek inspiration from. In fact, this could become a powerful pull factor which could help
overcome some of the motivational and cultural barriers discussed in this chapter.

A celebratory culture around philanthropy is emerging in India. The Forbes India Philanthropy Awards
have been celebrating givers for more than a decade now. More recently, Ratan Tata was awarded the
PV Narasimha Rao Memorial Award for his philanthropic work. Such public recognition and forums can
strengthen conversations around giving and inspire more and more people to give.

Applying Business Principles to Philanthropy

One key approach for overcoming challenges to philanthropy, highlighted by some respondents,
was to look at philanthropy as akin to their business/entrepreneurial ventures.

“Founders have the ability to see unique solutions where others can’t, and
solve complex problems while building successful businesses. This thinking and
entrepreneurial mindset can also be utilised to solve many of India’s societal
challenges. The startup ecosystem can create successful commercial enterprises
while simultaneously giving back to society.”

Mohit Bhatnagar
Managing Director, Peak XV Partners

Our discussions with givers reveal that many of them feel that their philanthropic endeavours
are not fundamentally different from their professional work.

They point out that there are several similarities between practising philanthropy and
incubating a startup or running a business as they both require:

• Deep sense of passion and purpose

• Deep engagement over a lifetime
• Solid teams for execution
• Strategic investment / capital allocation
• Clear goals and measurable outcomes
• Require risk management and mitigation

However, taking the following factors into account prepares them more effectively for their
new role and helps them overcome challenges that are unique to philanthropy:

• It often involves longer time horizons for measurable impact.

• It operates within complex stakeholder systems.
• It necessitates collaboration over competition.
• It forces people to look at “return on investment” in very different and diverse non-
financial ways.

Overcoming Barriers to Philanthropy 73

It’s important to acknowledge that personal, structural and cultural challenges are very real barriers for
some givers. Not only can these challenges affect first-time givers, they can also act as an impediment
for philanthropists across different stages of their giving journey. However, our conversations with
givers reveal that as individuals progress on their philanthropic journey, they tend to perceive fewer
impediments to giving. The process becomes relatively easier and individuals navigate challenges, if
they do arise, more adeptly.

Some seasoned philanthropists also leverage their accumulated experience and learnings to facilitate
the philanthropic process for others, making it smoother and more accessible for those who are
in their early stage of giving. The emergence of these role models and their philanthropic journeys
demonstrates pathways for all givers to navigate challenges. It is heartening to see more and more
senior philanthropists play this role and increasingly step up to ease, encourage and evangelise for
philanthropy in India.

Recommendations

Structural challenges can be navigated with the support of ecosystem experts helping define
each giver’s philanthropy’s purpose, build perspective, draw process, build portfolio and
develop performance assessment framework (5P framework).

Entrepreneurial skills of wealth creators can be a resourceful lever to design / develop /

support scalable and sustainable interventions.

Philanthropy needs to be celebrated with the government and media contributing to the
promotion and amplification of the transformative role of philanthropy.

74 Chapter 5
 “My time is more valuable than my
money. Therefore, for my philanthropy,
I practise active giving by providing
support beyond just funding.
This is essential to making sure that
my giving plays a catalytic role in the
sector — where I can become a pioneer
by giving financial resources as well as
working to build capacity
and do advocacy.”

Harsh Mariwala
Chairman, Marico Limited
 CHAPTER 6

Understanding
Giving Philosophies
& Causes

Key Takeaways

Giving Philosophies Are Influenced by Many Factors

Philanthropists develop their giving philosophies through a multifaceted process involving
inspirational role models, personal and practical experiences and accumulated knowledge. This is
further shaped by their understanding of the issues they aim to address and the desired impact they
want to achieve.

Personal Beliefs and Experiences Influence Cause Selection in Philanthropy

Of our respondents, 84 per cent allocate their philanthropic resources to more than one cause, and
over 50 per cent contribute to three or more causes. While education and healthcare are preferred
choices for many, the nature of interventions supported varies.

Many Philanthropists Are Striving to Achieve Impact at Scale

An emerging trend is aligning philanthropic commitment to systemic change in the quest for
enhanced impact. Of our respondents, 35 per cent believe that impact is best achieved at scale.

There Is an Urgent Need to Bridge the Knowledge Gap

There is a pressing need for greater perspective-building and knowledge-sharing among Indian
philanthropists on the diverse range of causes and sub-sectors they can support, as well as
opportunities for catalytic funding within each sector.

Understanding Giving Philosophies & Causes 77

A. The Philosophy of Giving
The philosophy of giving is essentially a philanthropist’s approach to making a positive impact, and it
reflects their understanding or belief of which type of giving and solutions can maximise the impact
they intend to achieve. In essence, it captures their beliefs about why and how they do what they do.
Our study indicates that each giver’s philosophy is influenced by their inspirational role models, personal
experiences and accumulated knowledge. It is also shaped by their understanding of the problems
they wish to address and their practical experience in tackling them. Some philanthropists apply their
everyday business and investing principles to their giving, while others base their giving philosophy on
their core values. A nuance to be mindful of here is that these philosophies are not necessarily opposed
to each other.

The study points to six broad areas which, when combined in different ways, guide philanthropists in
their giving.

A.1 Focus of Giving

Focus of Giving

Single Diffused Portfolio

How a philanthropist chooses to focus their giving efforts reflects one of the core philosophies of
their giving. Of our respondents, 16 per cent said they believe in supporting a single cause as the
concentration of effort can have a more forceful impact. Many other respondents support multiple
causes. Some respondents said they choose multiple causes spontaneously, depending upon what
opportunities for philanthropy come to them. This approach is more diffused as it involves a reactive
uptake of causes.

As opposed to this, many givers follow a more systematic and proactive approach, constructing a
portfolio of causes across which they balance their efforts. A more detailed conversation about why
givers pick certain causes follows.

For givers who construct a systematic portfolio to impact change across multiple causes, the focus of
giving can expand beyond causes to the interventions and vehicles chosen for philanthropy.

For instance, the philanthropic portfolio of Roopa Hariharan, Founder and Trustee, Tejas Foundation;
Co-Founder, PureCult, and GV Ravishankar, Managing Director, Peak XV, is an example of a
diversified portfolio comprising collective philanthropy, a private foundation, endowment funding
and making grants to non-profit organisations (NPOs).

78 Chapter 6
While supporting an NPO through grant-making, the two ensure they regularly assess how every
programme performs and, if satisfied, step up their funding to help it scale up. This philosophy has
helped Hariharan and Ravishankar maintain a balanced, impactful and diverse portfolio spanning
programmes across the education, environment and animal welfare sectors, as well as diversify across
methods of funding.

A.2 Approach Towards Giving

Approach Towards Giving

Trust-Based Output-Based

The philosophy of ‘approach towards giving’ reflects a philanthropist’s core understanding of how
the philanthropic ecosystem works and how its impact can be enhanced. Trust-based philanthropy
is not tied to any specific output and is often collaborative, entailing a partnership between givers,
NPOs, experts and communities. Such multi-stakeholder partnerships acknowledge every
stakeholder’s unique needs and capacity and break the traditional binary between a ‘donor’ and a
‘grantee’, thus giving more space to experimentation and building community-centric solutions and
organisational capacity.

Output-based philanthropy is tied to the achievement of certain impact deliverables and tangible
outcomes. The output can be quantified more easily, as opposed to trust-based impact. Output-
based giving is more suited to meeting quantitative targets but can be restrictive when it comes
to organisational capacity-building. This is not to say that trust-based philanthropy does not create
outputs, or that output-based philanthropy cannot be rooted in trust. However, one type of approach
may be more dominant than the other for a giver.

Alternatively, many philanthropists choose to traverse the line between trust-based and output-
based giving, as articulated by a Study Respondent who said she puts her giving in the middle of
the spectrum of trust-based and output-based philanthropy, as it makes her giving more effective.

A.3 Duration of Support

Duration of Support

One-Time Short-Term Defined Period Long-Term / Perpetuity

Understanding Giving Philosophies & Causes 79

This philosophy reflects a philanthropist’s understanding of the appropriate time horizon of extending
financial support to non-profits. Each giver has their own unique philosophy about the ideal duration
of support that should be extended to NPOs. A small number of respondents say they believe in giving
one-time grants.

Most respondents believe it is best to phase out their grants across a defined period, usually up to
three years. This is because they believe in encouraging self-sustainability in the non-profit ecosystem.
Some respondents view their philanthropic funding as seed capital and prefer to support organisations
for a defined period, before moving on to the next set of causes or NPOs.

Some philanthropists say they are willing to extend support to NPOs in perpetuity, as it provides
unrestricted long-term sustenance to the organisations. Such givers are highly passionate and have
deep trust in the NPOs’ ability to execute their vision and mission. Also, the budgeted quantum for
giving is often so large that the NPOs cannot absorb it in a short period of time.

A respondent from our study, who wishes to remain anonymous, said 80 per cent of his giving
is done in perpetuity, which means he intends to support his chosen organisations for as
long as required.

A.4 Type of Solution

Type of Solution

Innovative, R&D-Based
Existing, Known or Proven
and Experimental

Interrelated to the above philosophy is the choice of the nature of intervention or the type of solution
funded by the giver. Our study shows some philanthropists believe it is best to fund solutions with a
proven track record of impact. This may translate into givers supporting existing or known solutions,
such as midday meal schemes, school infrastructure and scholarships, among others. Funding existing
solutions can also entail consolidating these solutions to enable similar players in the ecosystem and
leverage their collective expertise.

Some other respondents, however, believe that philanthropic capital should have a larger appetite for
risk, and hence find new, better and more innovative solutions. Those who believe in this philosophy
of innovation view it as a key that can unlock the potential of sectors that have seen limited progress
so far and take the lead in piloting risky, unproven approaches to tackling difficult social problems.
They invest in ground-breaking technologies, support social enterprises with non-traditional business
models and fund research and development in areas that lack financial support.

For instance, Mukti Gupta, Managing Director, Mukti Group, and Founder, Help Us Help Them
(HUHT), set up HUHT in 2005 to provide underprivileged children in rural communities with quality

80 Chapter 6
education, but decided to do it through innovations in the rural education system. “At Help Us Help
Them, our vision is to reconstruct rural India by redefining the local education system and making the
villagers self-reliant. We encourage the village children to consider the occupations commonly available
in rural areas such as farming and artisanal work, thereby boosting employment opportunities within the
local communities. Unlike most people who consider urban migration the only option, we have chosen to
explore the potential for rural entrepreneurship by providing children with an education that’s connected
to their roots and their environment,” she says.

A.5 Time to Impact & Type of Impact

Time to Impact

Immediate Short to Medium-Term Long-Term

Type of Impact

Direct, Tangible to Measure Indirect, Intangible to Measure

and Easier to Attribute and Harder to Attribute

How comfortable a philanthropist is with the time horizon of seeing the ‘results’ of their giving is reflected
in this philosophy. Those who believe that the impact that matters is ‘here and now’ largely choose to
engage with solutions where they are in control of the output and outcome. This can be witnessed
either on an immediate or a short- to medium-term basis. The evaluation of such solutions is also often
more straightforward and tangible. Thus, the philosophy of ‘time’ of impact is interconnected to the
‘type’ of impact that a philanthropist prefers. Givers who prefer to see immediate or short-to-medium
term impact of their giving are usually more comfortable with those outcomes that are direct and
tangible to measure, and thus relatively easier to attribute to philanthropic inputs and efforts.

A long-term perspective of impact usually makes the giver more comfortable with a non-traditional
measurement of impact, which may often be intangible. Philanthropists with this philosophy may set
out to fix the socio-economic issues that beset systems and look for long-term improvement. They
believe in collaboratively reworking underlying structures in large and interconnected systems. Given the
complexity of such work, outcomes are usually only achieved in the very long run and may not be easily
attributable to certain defined philanthropic inputs and efforts. Instead, philanthropic efforts contribute,
along with other variables, to the outcome achieved. This philosophy is aligned with philanthropy that
funds systemic change.

Understanding Giving Philosophies & Causes 81

For instance, Karishma Shanghvi, Director, Sun Petrochemicals, works with the Shantilal Shanghvi
Foundation in education and healthcare. She is one of the Founders of AIP as well as the founder
and director of an innovative, low-cost school in Mumbai called Shikha Academy, which serves
high-potential, low-income children.

Shanghvi is cognisant of the fact that many of the problems we face today are part of a larger
system with misaligned goals. Philanthropists have the chance to think strategically about this
system, analyse it and figure out what it takes to change the goal or realign its parts. She says,
“When I started in education, I took a step back to understand the larger context of the problem, what
was already being worked on, where the bottlenecks lay and how, with the lever of strategy and capital,
the system could start to reshape. For instance, the nature and quality of the assessments is a high
leverage point in the education system. If figured out, it can have a cascading effect on multiple other
parts of the system.”

A.6 Scale of Impact

Scale of Impact

Targeted and Deep Impact for Very Large or

Well-Defined Beneficiaries Population-Level Scale

The understanding of ‘scale’ of impact can be multifold, but our respondents mostly perceive it as the
number of lives impacted. Many respondents say what resonates with them the most is supporting
programmes or grassroots organisations that are embedded in a local context or community.
They, therefore, don’t focus on a broad-based population-level scale but direct their efforts at a targeted
transformation of limited beneficiaries.

For instance, Prabhat Agarwal, Co-Founder, Parsec Technologies, Parsec Interact and Whowhere,
is a serial entrepreneur and philanthropist and Founder-Trustee and Mentor at The Dhruv
Foundation. Project Dhruv is a programme of Mensa India that identifies and nurtures gifted
children from underprivileged backgrounds. Agarwal says, “I find it extremely stimulating to mentor
gifted underprivileged kids through the Mensa Project, where I can directly witness the impact we have
on the lives of 200-300 kids.”

There are also some philanthropists who believe in funding programmes, interventions or NPOs that
can achieve broad-based and population-level scale. In fact, 35 per cent of our respondents subscribe
to the philosophy that impact is best achieved at scale. Achieving population-level scale is still, however,
an emerging trend. Many givers say leveraging technological tools, such as artificial intelligence, is
vital for replicating successful models and enhancing the scale of impact. Additionally, working with
the government to enhance service delivery and public spending is also emerging as a key pillar for
achieving impact at a population-level scale.

82 Chapter 6
 According to our research study, 60 per cent of those who subscribe to scale giving are major
philanthropists, including Rainmakers and Core Givers

Of our six archetypes, we find that Inspiration Seekers and Emerging Givers, who are typically new to
philanthropy and less engaged, prefer supporting a variety of small causes with more immediate and
tangible outputs. More established and engaged philanthropists prefer to create and support a portfolio
of initiatives, many of which may be long-term and have less-defined impact measures. They tend to
be more experimental and aim for larger and, in some cases, even population-level impact. Most such
philanthropists tend to be Rainmakers or, if the focus is very sharp, Cause Champions.

Over one-third of respondents who work with long-term horizons and intangible impact
are Rainmakers

It is important to note that no philosophy is rigid or cast in stone; instead, it evolves over time and
adapts to situations as they arise. Also, some givers may have a single dominant philosophy that
guides their giving, while others may adopt a combination of philosophies to guide ‘what’ and ‘how’ they
choose to fund.

At its core, the philosophy of giving influences the ‘what’ and ‘how’ of giving across different causes.
Beyond that, the philosophy also impacts more concrete considerations such as the quantum and
duration of giving. Discussions on the quantum, timing and approach of giving are detailed in the rest of
this report. But first, we delve deeper into ‘what’ philanthropists choose to give to, i.e., the giving causes.

B. The Giving Causes

“Pick something you’re genuinely passionate about. It should be enjoyable and bring
positive energy into your life. That’s a significant part of this journey.”

Anupa Sahney
Founder and Director, Origami Consultants;
AIP Founder

Giving causes are the foundation upon which philanthropic action is built. Our study reveals that
philanthropists often choose multiple causes or sectors to allocate their Treasure to and get personally
involved with. About 84 per cent of our respondents allocate their philanthropic resources to more than
one cause, and more than 50 per cent contribute to three or more causes.

Understanding Giving Philosophies & Causes 83

 Figure 6.1 | Number of Causes Picked by Givers

Supporting Supporting
Five Causes One Cause

Supporting 7% 16%
Four Causes
11%

29%

37%
Supporting Supporting
Three Causes Two Causes

Another aspect of the causes selected by givers is the question of why they choose to support what
they do. This decision is usually the outcome of a variety of thought processes. Our respondents cite
the following reasons as the biggest influencing factors in their cause selection:

1. Personal Connect
Close connection to a cause owing to personal experiences, such as formative exposure to
problems in certain sectors, family history with specific illnesses, predisposing them to an
interest in healthcare, identity-based struggles.

2. Professional Connect
Deep understanding of a sector, such as technology, having worked in the field for many years.

3. Family Legacy
Contribution to a cause because of a long family history of philanthropic activities in the sector.
For instance, if the family has been supporting higher education institutions for decades, then
carrying forward that legacy in the education sector.

4. Spontaneous Connect
Contributions based on spontaneous decisions regarding causes that one may have come
across accidentally in a social setting, such as being approached by an NPO in the mental
health sector and spontaneously feeling connected to the cause.

5. Personal Theory of Change / Philosophy

An understanding of the causal relationship between certain inputs / interventions and expected
outputs/outcomes based either on data or exposure to sectors, leading to the pursuit of a
particular problem statement relevant to a specific cause

84 Chapter 6
 Figure 6.2 | Giving Causes

73

50

26
19
15 14 12 10 9
5 5 3
Education Environment, Gender Sports Age-Specific Food Security
Sustainability & (Children and & Agriculture
Climate Change Old Age)

Healthcare Others Skilling, Art & Culture Social Justice Disability &
Employment & Human Special Needs
& Entrepreneurship Rights

Note: Each cause is indicated by the number of respondents who highlighted it; some chose more than one cause.

The diversity of causes has increased tremendously in recent years with the emergence of
environment and sustainability, skilling, sports, social justice and human rights causes in many
philanthropic portfolios.

However, education and healthcare remain the top philanthropic choices of our respondents.
This corroborates findings from other recent reports, which indicate that these two sectors receive
the most private philanthropic capital in India. The EdelGive Hurun India Philanthropy List 2023,
for instance, reveals that education and healthcare remain the most preferred causes for the biggest
philanthropists in India, with 16 per cent and 15 per cent of funds going towards them, respectively30.
Additionally, 46 per cent of the top 100 philanthropic foundations contribute to education31.

Most of the people we interviewed call these ‘universal needs’ and see them as a means of ensuring
access to opportunity and a better quality of life, thus contributing to overall social and economic
progress and equality.

“We thought about this deeply: What is the one charitable intervention that can work,
which is sustainable and does not create dependency? After some research, we decided to
focus our philanthropic giving on education.”

Sanjay Subhedar
Founder and Managing Director, Storm Ventures

Many philanthropists also profess a deep connection with these two fields, having personally benefited
from them or witnessed their transformative qualities within the community. Kumari Shibulal, Founder

Understanding Giving Philosophies & Causes 85

and Chairperson, Shibulal Family Philanthropic Initiatives, says, “Since the inception of The Shibulal
Family Philanthropic Initiatives (SFPI) in the year 1998, we have been working in the education and health
sectors to create a more equitable society. We work towards making education accessible to children
who are from under-served communities, as equity in education has the potential to bring a substantial
change in society. Also, both Shibu and I have witnessed a lot of lives getting impacted due to lack of
resources that has led us to thinking about the role of quality healthcare.”

After education and healthcare, the environment, climate change and sustainability are the causes that
most attract Indian philanthropists. Those passionate about the environment say they feel the need to
‘give back’ to this area, given our existential dependence on it. Additionally, they recognise that climate
change is a fundamental and borderless challenge that all members of society have to grapple with,
and they wish to become a part of the solution.

“The poor are the most vulnerable victims of environmental pollution and climate
change. They bear the brunt of constant exposure to microplastics, the consequences of
which could be catastrophic if timely action is not taken. While climate change impacts
us all, we must recognise that it disproportionately affects the poor.”

Pankaj Gupta
Co-Founder and Co-CEO, GII, Dubai

Niche causes such as sports, gender, arts and culture as well as mental health are also being increasingly
championed by philanthropists. Many givers choose to focus on these niche causes not only to make
a positive impact on society but to further the development of the cause itself.

Sanjiv Saraf, Founder, Rekhta Foundation, serves as a prime example of this. After leading Polyplex
Corporation successfully for over three decades, he decided to “step back from the business and
pursue something more meaningful”. In 2013, he launched rekhta.org with the goal of democratising
Urdu literature and poetry. Today, rekhta.org is the world’s largest repository of Urdu literature
and poetry.

“I agree it may not be life-saving like alleviating hunger or poverty, but culture
is a critical component of one’s identity. The funding of such projects needs to be
institutionalised. After all, culture has always required patrons.”32

Sanjiv Saraf
Founder, Rekhta Foundation

It’s a similar story with many women philanthropists who are passionately committed to enhancing
gender equality and education, focusing on creating employment and livelihood opportunities for
girls. They indicate that their dedication stems from their personal experiences as women who have
successfully shattered the glass ceiling.

86 Chapter 6
Some givers also focus on causes associated with their professional profile. Entrepreneurs,
for instance, often choose to nurture the entrepreneurship ecosystem in the country through mentorship
and supporting ventures that involve risk-taking, while tech pioneers choose to promote technological
innovation and use that as a means to augment other cause-specific solutions.

“Our aim is to establish India as a leader in applying AI technologies for the benefit of
underserved communities. This is why Romesh and I founded Wadhwani AI in 2018 to
transform healthcare, agriculture and education systems in low-income communities by
leveraging innovation and technology.”

Sunil Wadhwani
Founder, WISH Foundation, Co-founder, Wadhwani AI Institute;
Founder / Former CEO, iGate Corporation

Rainmakers Continue to Fund Fundamental Sectors

Interestingly, we found that while Rainmakers are willing to venture into new and innovative
areas, they mainly channel their efforts and resources towards education and health, and
invest less frequently in niche areas such as gender, arts and culture and sports. Given their
commitment to systemic change, they continue to be open to risks and exploring new territories
but also maintain focus on the more fundamental sectors of education, health and livelihoods.

A nuance to be noted here is that none of these causes is monolithic. Our research shows that there are
numerous sub-sectors and intersectional relationships within each cause supported by a philanthropist.
So while education and healthcare may be the top choices for the majority of philanthropists,
the interventions within each sector that they choose to support may differ significantly.

For instance, education sector projects could range from improving primary schooling to offering
scholarships in secondary schooling or setting up higher education institutions. Philanthropists may
also fund projects in the healthcare sector that address particular medical issues such as palliative
or maternal care, bolster public health infrastructure or aim to improve the access of underprivileged
groups to medical treatment.

A key finding of our study is that much work remains to be done in terms of perspective building of
Indian philanthropists on the causes that they can support. Most respondents state that they have
not enlisted the help of any external agency or experts to gain exposure to the full range of causes
they can support, as well as the opportunities available within each sector for catalytic funding to
move the needle.

Bridging this gap between givers and their understanding of causes / NPOs is a call to action
for the entire philanthropic ecosystem. What is evident is that cause selection is an iterative
process. Established givers take years to find the sub-sectoral focus that aligns best with their
philosophy of giving.

Understanding Giving Philosophies & Causes 87

 Recommendations

Make philanthropy more fulfilling by aligning cause selection with personal values
and aspirations.

Engage with experts and experienced peers to help bridge the knowledge gap for a more
informed and strategic philanthropy.

Explore systemic change approaches to achieve impact at scale as understanding and

experiences of socio-economic problems deepen.

88 Chapter 6
 “Every generation has to create new wealth and the wealth that you have created,
a large part of it must go back into making the society better, to make a difference to
the ones who have been wronged in the society. Every one of us who has created this
kind of wealth in India in recent times has demonstrated a social conscience.”33

Kiran Mazumdar-Shaw
Executive Chairperson, Biocon & Biocon Biologics
 CHAPTER 7

Knowing What to
Give & When

Key Takeaways

Indian Philanthropists Are Engaging in Collaborative Decision-Making for their Giving

Over 80 per cent of respondents involve their spouse or family in deciding how much to give. However,
seeking expert guidance beyond immediate family members is still limited.

Choosing Framework for Determining Quantum of Giving is Not Common Practice for
Many Philanthropists
More than half of the respondents lack a formal method or strategy for determining the extent of
their annual giving. Common approaches used by some givers to decide how much to give include:
annual philanthropy budget or allocating a portion of annual income / cashflow / investment returns
/ total wealth.

Early Engagement in Philanthropy Is a Growing Trend

Majority of our study respondents started their philanthropy in their 40s or 50s. Of respondents who
emphasise the importance of starting philanthropy early, 80 per cent belong to the new generation
(first-generation founders, self-made professionals and the wealthy next generation).

Chapter 7 91
A. Decision-Making in Philanthropy
“To unlock philanthropic capital in the country, educating wealth creators on how to
think about their wealth is even more important than finding the right opportunity to
give to. Figuring out how to place limits on what they need to pass on versus what they
can give to philanthropy will help to move their perspective from accumulating wealth
to giving wealth.”

GV Prasad
Co-Chairman and Managing Director, Dr Reddy’s Laboratories; AIP Founder

Two of the most critical questions philanthropists face are: ‘What to give?’ and ‘When to give?’
There’s no universal answer to either of these questions since philanthropy is deeply personal and
context-dependent. But there are multiple factors to consider in both cases.

B. What to Give?
“I believe that giving consists of wealth, work and wisdom. It is important to give time;
otherwise, it is just passive giving.”

Ramesh Mangaleswaran
Senior Partner Emeritus, McKinsey & Company

Philanthropy is evolving beyond sporadic cheque-writing into a long-term, systematic, proactive and
collaborative endeavour. You will recall the TIE (Treasure, Involvement and Evangelisation) framework
introduced in Chapter 2, where we discussed how philanthropists can leverage multiple financial and
non-financial resources for giving. The combination of allocating financial resources (Treasure) while
getting personally involved through Time, Talent and Ties is the key to strategic giving. Through our
research, we have discovered frameworks and insights that philanthropists leverage to decide how
to give all four. A detailed exploration of this follows:

B.1 Giving Treasure

TIE Model

Treasure Involvement Evangelisation

92 Chapter 7
 “I assess the increase in my personal wealth as well as that of the Foundation and
make a decision on my annual philanthropic budget. I monitor it through the year and,
finally, in March, I take the final call on the quantum. This ensures that instead of just
accumulating wealth, I give to worthy causes because there is plenty of need and lots
that can be done.”

Vikram Lal
Former Chairman & CEO, Eicher Group

Philanthropy is built upon the foundation of sharing wealth. So, it’s imperative to understand how givers
decide to distribute it. Based on our research, we have identified three fundamental aspects that play a
pivotal role in shaping the decision-making process.

Exploring Sources of Whom Should How Much

Philanthropic Capital I Consult? Should I Give?

Exploring Sources of Philanthropic Capital

Most respondents say they prefer to use their liquid assets for philanthropy — such as inflows from
salaries, dividends, interest, other annual earnings from assets and, in some cases, liquidity generated
through sale of assets. But that’s not always easy as most UHNI wealth tends to be tied up in shares or
equity of their businesses. In cases where liquidity can be achieved, complex issues arise concerning
the release of stock into the market and the implications for control.

Then there are those whose firms are not publicly traded or lack liquidity. Their assets are not readily
accessible for philanthropic endeavours either. Therefore, the funds available for philanthropic activities
can greatly fluctuate. We’ve observed that significant philanthropic engagement typically follows a
major liquidity event for business owners, such as an Initial Public Offering (IPO), outright sale of the
company / business or a stake sale to a private equity firm or other such entities.

Withdrawing money from liquid wealth is a straightforward process for most donors. But when liquidity
is constrained, some of our respondents have to go to great lengths to ensure they honour their
philanthropic commitments. Some sell their equity holdings to meet their commitments, particularly
when they face a shortfall in their pledged amount, or if they encounter an urgent and impactful need
that requires immediate action.

“While our philanthropic corpus is primarily funded through dividends and other investment income,
fulfilling our philanthropic commitments at times requires liquidation of company shares,” says a first-
generation entrepreneurial wealth creator.

The case of Fabindia Chairman William Bissell, who has made the unconventional decision to gift
stocks to the artisans working with his organisation, is noteworthy. “Fabindia has always endeavoured

Knowing What to Give & When 93

to be a force for positive and inclusive change. Our Artisan Gifting Scheme seeks to honour the ambition
with which the company was founded, where we envisage the transfer of ownership into the hands of
the artisan communities through an authentic, generous and mindful share-gifting initiative. While this
entails a complex process requiring the creation of demat accounts for over 25,000 artisans to begin
with, we believe this is important both for their financial sustainability and to create a model for other
businesses to follow once it is implemented over time,” he says.

Whom to Consult?

More than 80 per cent of our respondents involve their spouse or family members
in the decision-making process

This collaborative approach is particularly relevant when the givers are part of a family with a complex
wealth structure. Determining how much to give necessitates shared discussions and joint decision-
making. Our interviews reveal that philanthropy frequently evolves into a family effort, with members
coming together to decide where, to whom and how much to give.

A first-generation entrepreneur says, “My company shares are divided among my immediate family.
For philanthropy, we come together to collectively decide how to allocate our budget for charitable giving.”
Our research also indicates that the next generation of philanthropists are actively involved in these
discussions. Many UHNIs, in fact, say their children strongly support their intent to give a substantial
portion of their inheritance to philanthropic causes.

The involvement of philanthropy advisors is an emerging trend. A number of respondents say their
philanthropy advisors bring a wealth of expertise and insight into the giving process. They don’t just
suggest potential recipients; their role has a much broader scope and focuses on the strategic allocation
of the giver’s resources over an extended period. They offer tailored advice on how to balance and
diversify the portfolio to ensure sustained impact.

This involves identifying a mix of short-term and long-term initiatives, balancing grants between local
and global causes, providing insights on how to optimise tax benefits, engaging with beneficiary
organisations and measuring the impact of grants.

Of course, these advisors come at a cost, which could be a fixed fee or a variable fee of 2-5 per cent of
the grant. Some philanthropists see this as money well spent while others choose not to use advisors
as their fee cuts into the corpus of the grant.

Many givers we’ve spoken to use Donor-Advised Funds (DAFs), such as Fidelity and Vanguard,
particularly when giving from outside India. They donate their equities and other long-term appreciated
assets to these funds to channel funds to non-profit organisations (NPOs), thus using DAFs as an
intermediary to take philanthropic decisions. While this practice may not be very common in India,
it is quite popular in the global context.

A detailed discussion on DAFs follows in Chapter 8.

94 Chapter 7
How Much to Give?

“If I generate more, I give more. And now that I have taken on the added responsibility
of philanthropy, I earn more.”

Mukul Agrawal
Founder and Director, Param Capital Group; AIP Founder

More than half the givers we spoke to lack a formal method or strategy for determining the extent of
their annual giving. Instead, they give spontaneously, when opportunities arise or if they feel particularly
compelled by an event or a cause.

That being said, several respondents say they use a specific framework to decide on and manage their
financial allocation to philanthropy.

Ranodeb Roy, Founder and CEO, RV Capital Management, uses a unique framework
to calculate his giving quantum. “I benefited from subsidised education at IIT. I did
the maths to see how much I paid and how much my batch earns. I believe that
unless every person who has enjoyed subsidised education gives away that money,
we are stealing from the pockets of hard-working taxpayers. As per my calculations,
if one has a net worth of $10 million by age 54, assuming that this wealth will multiply at least at
5 per cent per annum, you can give away $8.75 million over the next 25 years, after taking care of expenses
and leaving an inheritance of 50 per cent for the next generation.”34

Other givers typically adopt one or more of the following approaches:

• Have a Yearly Budget for Philanthropy
Some philanthropists say an annual giving budget helps them make consistent and planned
contributions to philanthropic causes and ensures a steady flow of support through the year.
This framework allows the philanthropists to balance giving across their portfolio at the start of
the year itself. Interestingly, some of these respondents earmark a portion of the annual budget
for spontaneous philanthropy.

“I have an annual budget in mind and set that aside for philanthropy. About 30-
50 per cent of that is allocated to identified organisations, and the rest evolves
throughout the year.”

Vikram Bhalla
Senior Partner and Managing Director, Boston Consulting Group

“We maintain an annual budget for our philanthropic efforts, and it grows as new
wealth accumulates, investments mature and additional capital is returned.”

Dr Venkat Srinivasan
Managing Director, Innospark Ventures

Knowing What to Give & When 95

 • Give a Portion of Annual Income or Available Cash Flow
Using this framework, philanthropists donate a fixed percentage or portion of their income
or cash flow to their chosen endeavours. This approach ties giving directly to the individual’s
ongoing annual financial earnings / cash flow, creating a predictable plan that can expand each
year based on the increase in annual cash flows.

“Some 15-20 years ago, I had a thumb rule of giving x per cent of my free cash
flow. I stuck to that discipline for a while, until it became more need-based.”

Puneet Bhatia
AIP Founder

“In the early days of my philanthropic journey, the allocation for giving was
small. But as wealth increased, our allocation has gone up. Now, it is around
15 per cent of my annual income.”

Bhargav Dasgupta
Former MD & CEO, ICICI Lombard General Insurance

• Use a Portion of Investment Returns for Philanthropy

Philanthropists employing this framework base their giving on the returns generated by their wealth.
By dedicating a percentage of their earnings on wealth to philanthropy, these individuals ensure
that their overall contribution grows in tandem with their financial investments.

“As a practice, I use the variable incomes generated from the capital I’ve deployed to
manage my philanthropic funds. This way, the capital is maintained and effectively
managed, while allowing me to make philanthropic commitments.”

Ajit Isaac
Founder and Chairman, Quess Corp

• Give a Portion of Their Total Wealth / Assets

This framework sees givers allocating a specific portion or percentage of their total wealth
to philanthropy. Focusing on total wealth rather than income or earnings, this approach
emphasises the long-term impact of philanthropy and underscores a commitment to leveraging
accumulated assets for social good. A great example of this are the signatories of the Giving
Pledge and #LivingMyPromise movements who have publicly made a lifetime commitment to
philanthropy by giving away a portion of their total wealth.

“Initially, I had allocated 40 per cent of my assets to my foundation, keeping 30

per cent for personal use and the remaining 30 per cent for my children. However,
upon reflection, I realised that the foundation required a more substantial corpus.
Consequently, I’ve made a decisive choice to dedicate 70 per cent of wealth (current
and future wealth including investments) to the foundation.”

Dr K Ravindranath, Founder, Global Hospitals Group

96 Chapter 7
 “All surplus beyond personal needs should be allocated to philanthropic giving,
typically amounting to 25-50 per cent of one’s wealth. As one advances in their
philanthropic journey, the focus should shift away from annual income, with
wealth becoming the primary determinant of meaningful giving.”

Sanjeev Aggarwal
Co-Founder, Fundamentum Partnership and Helion Ventures

Many variations of the above four frameworks are possible, and there is no correct system or method
to determine the right quantum of giving. Every philanthropist needs to think about this and arrive at
a system that works for them. Regardless of the chosen method, it is important to note that these
methods are not static and evolve over time as philanthropists get more comfortable in their role and
start finding joy in the act of giving.

Most seasoned givers recommend starting small. They say that’s how they began, and their giving
quantum grew over a period of time. “Begin your philanthropic journey on a small scale. You don’t need
substantial sums to make a meaningful contribution. Every little bit helps in making a positive impact,”
says Renuka Ramnath, Founder MD and CEO, Multiples Alternate Asset Management.

They also recommend that philanthropists start early and be consistent in their giving. Ajit Isaac,
Founder and Chairman, Quess Corp, says, “Kickstart your philanthropy by giving consistently from your
first liquidity or bonus event in your life. This early start helps in building a culture of giving and allows you
to learn how to effectively utilise resources for philanthropy, which is a valuable skill.”

B.2 Giving Time, Talent & Ties

TIE Model

Treasure Involvement Evangelisation

Financial contributions are essential to keep the wheels of philanthropy turning. Without that, most
grassroots organisations would cease to exist. That being said, philanthropists can enhance the
effectiveness of their giving and enhance the overall capacity of grassroots NPOs by also being
generous with their Time, Talent and Ties.

This is corroborated by many of our respondents, who say they are content with the scale of their
financial contributions but desire to elevate their level of Involvement.

Knowing What to Give & When 97

 “To have a gratifying philanthropic journey, it is very important that my financial
contributions are accompanied by my personal time and effort. If they can also align
with some of the experience and expertise that I have built as a professional, it would be
even more exciting for me.”

Rizwan Koita
Co-Founder, CitiusTech; Director, Koita Foundation and AIP Founder

Our research shows that when givers start engaging in earnest with their preferred causes and
organisations, they magnify their impact multifold. This is due to the fact that numerous grassroots
organisations are limited by their scale and their capacity to assimilate substantial grants, which
hinders their ability to fully leverage the advantages of philanthropy. Enhancing their organisational
capabilities is essential for them to fully benefit from philanthropic contributions. That happens when
wealth creators bring their vast entrepreneurial and organisational skill sets into full play and give more
of themselves to the ecosystem by offering strategic insights, gauging performance and contributing
in many other ways.

Figure 7.1 | Different Ways in Which Givers Increase their Involvement

TIME TALENT TIES

Helping Build Networking &

Volunteering
the Organisation Making Connections

Providing Building
Mentorship
Professional Expertise Partnerships

Serving on Contributing to Facilitating

Non-Profit Boards Project Management Collaborations

Reviewing Offering
Performance Fundraising
Strategic Guidance

Serving as Ambassadors Sharing Technical Skills: Governance, Fostering

for the Organisation & the Cause Legal, HR, Technology, Branding Community Engagement

Wealth creators not only have access to their own Talent through which they can make a significant
difference to the effectiveness of their philanthropy, they also have access to a vast pool of Talent
in their business and professional networks that they can leverage. Indeed, there have been many
instances of philanthropists pulling in senior members of their team to help in their philanthropic effort
as well as encouraging staff members to volunteer.

98 Chapter 7
Many philanthropists start getting involved personally with their Time and Talent after a few years
of writing cheques and supporting grassroots organisations financially. They usually start small with
volunteering or pro bono work. This approach provides them with insights into the social sector’s inner
workings and challenges and helps them identify the exact role they wish to play as they prepare to
make a larger commitment. Some philanthropists also choose to get involved in a more meaningful
manner after hitting a personal or professional milestone.

“When I transitioned out of Indigo, I was 42 years old. I started thinking about how I
could contribute to having a sustainable social impact, and making that a part of my
life at this stage itself, instead of waiting until retirement. I decided to dedicate 25 per
cent of my life, on a day-to-day basis, to philanthropic activities, and the five years since
then have been extremely fulfilling.”

Aditya Ghosh
Co-Founder, Akasa Air

The network Ties of philanthropists also play a critical role in spreading the word, raising funds,
accessing new pools of Talent and opening up collaboration avenues. Many philanthropists realise that
their individual efforts as well as those of the NPOs can only go so far. For population-level impact,
collaborating with an extended network and the government is essential.

For philanthropy to realise its true potential, for great institutions to be built and for delivering systemic
change, all three elements of involvement — Time, Talent and Ties — must come together.

Dr GN Rao’s founding of the LV Prasad Eye Institute (LVPEI) is a perfect case in point. Leaving behind a
successful academic medical career in the United States at the zenith of his career, Dr Rao dedicated his
life to developing LVPEI as a premier eyecare institute in India. He was driven by a deep desire to enable
quality affordable care in remote rural areas. His extensive ophthalmologic experience was essential
in establishing the institute’s high standards of service delivery with a strong focus on research and
innovation. Crucial to LVPEI’s founding was Dr Rao’s credibility in inspiring confidence among core
supporters, notably a significant seed grant from the LV Prasad family.

C. When to Give?
“In the finite time that we have here, while we might not be big enough to make a
significant dent, if we encourage and inculcate habits of giving back to society very early,
the next generation will grow up with those habits, start younger and do more in their
older years. The basic idea is to just encourage people to start giving earlier in life.”35

Nikhil Kamath
Co-Founder, Zerodha

Knowing What to Give & When 99

The majority of our study respondents started their philanthropy in their late 40s or early 50s. This aligns
with shifts in people’s priorities and the achievement of significant financial and personal milestones,
as discussed in Chapter 4. But now, many wish that they had started philanthropy earlier.

Starting philanthropy ‘early’ need not be limited to starting at a younger age. It could also mean early into
financial success (through early success of venture) or early stage of initiation into the family business,
at an early stage of life or after arriving at a professional or financial milestone. Many people wait for
all of these to be aligned to embark on their philanthropic journey, but they needn’t really as there is no
‘wrong time’. The trend of starting early is increasing. Today’s startup founders, entrepreneurs and the
next generation of givers are all embracing early giving and early involvement.

Benefits of Starting Early, as Cited by Our Respondents

• Early involvement helps the individual become familiar with the philanthropic landscape by
the time active giving begins.
• Early involvement allows givers to explore and test various philanthropic philosophies and
vehicles, facilitating a clear understanding of what is effective and what is not.
• Given that meaningful change occurs incrementally, initiating philanthropy early ensures
more substantial transformations over a lifetime.
• Commencing the philanthropic journey at an earlier stage gives givers more time to cultivate
a network and establish themselves as persons of influence within the community.

“Younger people should start getting involved in philanthropy and social causes from an
early stage. Much like financial investments where compounding helps early investors,
the earlier you contribute, the more productive it is.”

Aakash Chaudhry
Co-Founder, Aakash Educational Services; AIP Founder

Figuring out ‘What to give?’ and ‘When to give?’ are central to any philanthropic action. The answers
to these questions are rarely straightforward, and will look different for different philanthropists. Thus,
experimenting with different approaches is also critical to the process. Indeed, the best way is to make
the plunge early, and figure out what works best for each giver.

Early engagement in philanthropy allows wealth creators plenty of opportunity for development,
exploration and evolution within the philanthropic field. People can move from early conceptual
frameworks that were exclusively concerned with monetary donations to more sophisticated strategies
that involve cooperation and active community involvement. Our findings highlight the dynamic
character of the philanthropic journey and emphasise the importance of early involvement.

100 Chapter 7
 Recommendations

Embrace collaboration by not only involving family members, but also seeking expert
guidance from advisors for impactful philanthropic decision-making.

Start giving early, even with smaller amounts, to build experience, experiment and maximise
your lifetime impact.

Get involved through Time, Talent and Ties with the preferred causes and organisations to
meaningfully magnify impact.

Knowing What to Give & When 101

 “Like a mid-cap company or a small company, a non-profit
organisation needs something for a quantum leap. It needs money,
organisation, processes, system and people. That’s why for one
NGO, I spaced out the funding over 10 years instead of giving it all
in one year. This will ensure that the organisation grows.”36

Rakesh Jhunjhunwala
Founder, RaRe Enterprises

102 Chapter 7
 CHAPTER 8

Identifying the Right

Giving Vehicles

Key Takeaways

Direct Grant-Making is Preferred Vehicle for Philanthropy

Its uncomplicated nature makes 56 per cent of respondents pick Direct Grant-Making.

There Is a Growing Commitment to Scale and Active Involvement by Philanthropists

Of the respondents setting up and running an Operating Foundation, 70 per cent are Cause Champions
and Rainmakers.

Many Givers Are Leveraging Power of Collective Giving

Of respondents engaging in collective philanthropy, 63 per cent are Emerging Givers and Core Givers.
Collaboratives and Collectives (co-creating institutions) offer the benefits of collective decision-
making, shared resources and opportunities for learning and networking.

Chapter 8 103
A. The Evolution of Philanthropy
“Philanthropists have the freedom to experiment with a variety of strategies to figure
out what works best for them. Even if the initial scale of engagement is small, each act
of giving is also a learning opportunity to understand how one can move towards a
more systematic approach to philanthropy.”

Manisha Dhawan
Founding Trustee and Advisory Board Member, The Convergence Foundation

In the initial stages of philanthropy, most people only give small amounts of money to causes within their
immediate and known circles or do spontaneous acts of generosity to help out during an emergency or a
disaster. The giving is unstructured — an approach that’s both natural and advisable since the givers are just
testing the waters to discover what resonates with them and where they find the most joy in giving.

It is beneficial, however, to introduce a structured approach as early as possible, applying portfolio

thinking to philanthropy. Even if the scale of giving (Involvement or Treasure) is small, it should serve as
an experimental portfolio that can be refined and expanded over time. This way, givers can strategically
navigate their philanthropic path right from the start.

When philanthropists evolve into engaged and impactful givers, their approach to giving undergoes a
transformation. Four key factors drive this transformation:

a. Increased Financial Commitment

They begin to allocate significantly more wealth to philanthropy.

b. Long-Term Commitment
They realise that they are committed to philanthropy and to specific causes for the long term,
perhaps in perpetuity.

c. Active Engagement
They feel a strong desire to actively shape the impact of their philanthropic efforts.

d. Quest for Greater Impact

They want to see a greater scale of impact and more systemic change.

Through our in-depth conversations during the study, we’ve identified several giving vehicles that
philanthropists adopt as they evolve. In the initial stages, direct contributions to causes tend to eliminate
the need for a formal vehicle. But, with time, givers recognise the need to structure and organise their giving
more methodically.

This progression may include establishing distinct structures or entities through which to channel their
philanthropy, allowing for a more strategic and clear-cut approach to their philanthropic efforts. The choice
of vehicles is not static, and many philanthropists leverage multiple vehicles for their interventions.

104 Chapter 8
B. What Are the Different Giving Vehicles?
Figure 8.1 | Types of Giving Vehicles

56

27

17 17 19

Direct Collaboratives Collective Grant-Making Operating

Grant-Making Philanthropy Foundations Foundations

Note: Each giving vehicle is indicated by the count of givers who highlighted it during the interviews.

B.1 Direct Grant-Making

Givers engage directly with grantees, providing financial support either as a one-time contribution or
over a specified period. Almost all non-profit organisations (NPOs) in the social impact landscape take
direct grants.

Non-Profit
Organisation 1

Non-Profit
Philanthropist
Organisation 2

Non-Profit
Organisation 3

Our research study shows that most Indian philanthropists prefer Direct Grant-Making, because of
its uncomplicated nature. This method is used almost equally by respondents across demographics.
However, it is especially popular among both Emerging Givers as well as Core Givers, since Direct
Grant-Making aligns well with funding core programmes of NPOs.

Of the respondents who mention Grant-Making as a method of giving, 42 per cent are
Core Givers and 24 per cent are Emerging Givers

Identifying the Right Giving Vehicles 105

Direct Grant-Making Suits Those Who:

Want a personal
connection to a cause or Are willing to engage in
Want to start on their Seek simplicity in the
the person leading the due diligence efforts to
philanthropic journey giving process
cause through one-on- identify NPOs
one engagement

“We have been making direct grants to several organisations over the past few years.
Since the ticket size of these donations is not in the hundreds of crores, Direct Grant-
Making has proven to be a hassle-free way for us to give.”

Luis Miranda
Chairperson and Co-Founder, Indian School of Public Policy

B.2 Grant-Making Foundation

They are legal entities funded by givers or their families, and their main role is to make grants to NPOs
and other implementing organisations. Examples include the Azim Premji Foundation, Harish & Bina
Shah Foundation, Mariwala Health Initiative, Rainmatter Foundation, Rohini Nilekani Philanthropies and
Veddis Foundation.

Non-Profit
Organisation 1

Grant-Making Non-Profit
Philanthropist
Foundation Organisation 2

Non-Profit
Organisation 3

Grant-Making Foundations are a popular vehicle among both Core Givers as well as Rainmakers,
given that the ticket size of their giving is quite large.

Of the respondents who mention establishing a Grant-Making Foundation, 60 per cent are
Core Givers and Rainmakers

106 Chapter 8
Grant-Making Foundations Suit Those Who:

Adopt a long-term time

Plan to give a large
horizon of allocating Want to build a family Are prepared to design
quantum of money
Treasure as well as legacy beyond a single and create operating
to a large number of
getting involved through generation teams
organisations
Time, Talent and Ties

Want the flexibility to

Are prepared for
either give anonymously
significant costs
or name the foundation in
associated with entity-
a manner that suits them
level operations and
best (in the family name or
compliances
next generation)

“Establishing a Grant-Making Foundation can be highly beneficial when managing

substantial volumes of philanthropic activity and funding support. At the same time,
it requires budgeting adequate resources and instituting robust systems / processes to
ensure requisite regulatory compliances for the legal entity.”

Dr Janhavi Nilekani
Founder and Chairperson, Aastrika Foundation

B.3 Operating Foundations

These are legal entities funded by givers or their families and are also known as Executing Foundations.
They predominantly run and manage programmes and initiatives that align with their philanthropic
mission. Some Operating Foundations may also engage in grant-making and operate in a hybrid
manner. Examples include Deshpande Foundation, Shiv Nadar Foundation, WISH Foundation, Swades
Foundation and Piramal Foundation.

Programmes

Operating
Philanthropist
Foundation
Occasional Grants to
Non-Profit Organisations

Operating Foundations are a popular choice for Cause Champions as well as Rainmakers as
they allow philanthropists more control over implementing their theory of change in their cause

Identifying the Right Giving Vehicles 107

/ causes of choice. They necessitate direct involvement on the ground, which is aligned with their
philanthropic persona.

Of the respondents who mention setting up and running an Operating Foundation, 70 per cent
are Cause Champions and Rainmakers

“Starting an Operating Foundation has been more about dedicating Time rather than
money. I wanted to learn, get my hands dirty and dive deep; so we decided to set up our
own foundation. One of the most significant challenges is assembling the right team.
It took me a decade at Swades to build the right team. You have to find people you can
genuinely trust – not just with money but with people’s lives.”

Zarina Screwvala
Co-Founder, Swades Foundation

Operating Foundations Suit Those Who:

Are prepared to hire

Are passionate about
Adopt a long-term and maintain operating
solving a problem
Plan to give a large time horizon allocating Talent that can be directly
themselves and develop
quantum of money Treasure as well as Time, assigned to the field
their own strategic
Talent and Ties or institutions being
Theory of Change
established

Are prepared for

significant costs
Plan to do impact
associated with the
evaluation and reporting
foundation and handle
entity-level compliances

The Costs of Running a Philanthropic Foundation

Our data indicates that both Operating and Grant-Making Foundations tend to attract individuals
whose total wealth exceeds ₹500 crore. This preference arises from the fact that foundations
have heavy operating and administrative expenses, and carry the added responsibility of
reporting and compliance requirements. The costs involved in building the organisation with
the right people, talent and skill sets is also significant. This becomes more justifiable and
manageable when the scale of philanthropic giving is substantive.

108 Chapter 8
B.4 Giving via Collaboratives

Multiple givers pool their contributions to create a larger grant fund. Within these networks, decisions
about which organisations to support and what priorities to focus on are made together, with
members actively participating in the decision-making process. Collaboratives also foster connections
between philanthropists and enhance discussions on giving. This model can also be referred to as
a Giving Circle. Examples include Social Venture Partners, ACT Grants, EdelGive GROW Fund and
India Climate Collaborative.

Non-Profit
Philanthropist
Organisation 1

Collaborative Non-Profit
Philanthropist
Vehicle Organisation 2

Non-Profit
Philanthropist
Organisation 3

Collaboratives are particularly appealing to Emerging Givers and Strategic Enablers. These collaborative
efforts offer partners and contributors the opportunity to play diverse roles during the journey. These
roles may include participation in compliance committees, grant committees, fund-raising activities,
providing advisory support to NPOs, aiding in the capacity-building of non-profits and contributing to
monitoring and evaluation efforts. Collaboratives provide a valuable entry point for givers to engage
directly with the process and to ease into philanthropy gradually.

The preference for collaboratives diminishes among Rainmakers who manage their own
foundations and grant-making. They prefer to maintain full control over the giving, which is
substantial in every way.

“We have a platform where non-profits share stories with a target audience running into
hundreds, enabling them to raise crores of funds in under an hour. Once this connection
is made, we’ve witnessed givers remaining engaged with these organisations and
continuing to support them in a sustained way.”

Sunil Bhandari
Chairperson, SVP India Kolkata Chapter;
Executive Director, RP-Sanjiv Goenka Group

Identifying the Right Giving Vehicles 109

Collaboratives Suit Those Who:

Want to leverage their

Are starting out on their Want simplicity in Seek limited contribution into funding
philanthropic journey the giving process administrative burden causes that require
high capital

Are willing to have less

Align with the individual control and are
collaborative’s goals ready to make decisions
collaboratively

B.5 Collective Philanthropy

Instead of supporting multiple organisations through a formal common fund, givers come together to
co-create a specific organisation or institution. Their collective contributions aid in the establishment
and growth of an institution or a cause, and they end up becoming the founders of the initiative.
Thus, what defines collective philanthropy is the active engagement between multiple founders towards
the common objective of the growth of the institution’s mission. Founders can either contribute their
funds as ‘earmarked’ for a particular outcome (such as building a girls’ hostel, building an AI lab or
building and supporting a library) or contribute to the general pool of the institution.

Their giving could also lead to the creation of an endowment / corpus fund, which provides enduring
financial independence for institutions through strategic investments that produce sustainable income
over time. Examples include Ashoka University, Indian School of Business, Plaksha University, Giving Pi
and Accelerate Indian Philanthropy.

Philanthropist

Collective Philanthropy Vehicle

Philanthropist
(Institution / Organisation)

Philanthropist

110 Chapter 8
While there exists a correlation between philanthropic vehicles and archetypes, our research shows
that collectives have a wide appeal for all philanthropists. Both Core Givers and Emerging Givers say
collective giving appeals to them. Since Emerging Givers are just starting out, Collective Philanthropy
offers them the opportunity to be a part of institution-building activities at early stages of their journey.
Core Givers, who have an established track record of supporting programmes of NPOs, see Collective
Philanthropy as a way to route significant financial resources into the singular vision of an institution
while working with other philanthropists.

Of the respondents who engage in Collective Philanthropy, 63 per cent are Emerging Givers
and Core Givers

Collective Philanthropy Suits Those Who:

Are keen to contribute

Want to fund causes that Are prepared and patient Align with the
to and be a part of a
require high capital for long-term outcomes collective’s goals
large initiative

Wish to take collective, rather

Seek flexibility and some
than independent, decisions.
control over their earmarked
This means that they are ready
contributions, such as creating
to support the collective in its
specific facilities or initiatives in
operational decision-making and
the name of their families
the use of pooled funds

“Firstly, collective philanthropy institutionalises organisations, by its very nature.

Second, it has the unique ability to attract and retain top talent. Also, based on my
experience, many philanthropists do not have the time or inclination to be actively
involved in governance but still desire a platform where they can express their views and
have confidence that these views will be taken into account.”

Rahul Mookerjee
Managing Director, YoNao Capital

Another giving vehicle mentioned by our respondents from the diaspora is Donor-Advised Funds (DAFs),
which are individual accounts that enable givers to make grants to NPOs. These funds are especially
popular as a charitable vehicle in the US. They allow donors to advise organisations on how to use
their donations as well as help them get tax deductions on their contribution.37 Once philanthropists
make their contribution – in cash, securities or any other asset – to a DAF Sponsor organisation
such as Fidelity or Vanguard, they can also advise them on how to use the fund to make grants to
other charities.38

Identifying the Right Giving Vehicles 111

 “Channelling our giving efforts through Fidelity is an effective mechanism. We can
donate cash or stocks. They handle all the paperwork. Plus, I have the benefit of easily
tracking my giving history.”

Sanjay Subhedar
Founder and Managing Director, Storm Ventures

The DAFs are like private Grant-Making Foundations, except that fund distribution in the former takes
place through a pre-existing private charity which holds a separate account in the donor’s name from
which grants are administered. Donor-Advised Funds are not commonly used by Indian givers. But a few
of our study respondents, especially from the larger Indian diaspora, say they use DAFs such as Fidelity
and Vanguard for some of their philanthropic activities. (For a more detailed discussion on difference
between DAFs, direct grant-making and grant making foundation, please refer to the endnotes.39)

The most common legal structuring for giving vehicles in India, such as Grant-Making Foundations
and Operating Foundations, is either in the form of a Trust, Society or Section 8 Company.40
Trust Society Section 8 Company
Governing Body The Indian Trust Act 1882 The Societies Registration The Companies Act 2013
Act 1860
Description An agreement between A collection of at least seven An established company
parties whereby one party, individuals come together that is governed by the
or a settlor, holds ownership for a common purpose, and Companies Act 2013,
over a property and appoints follow the objectives dictated constituting a minimum
trustees. The trustees then by the memorandum of of two directors and
apply to the property to carry association. Societies are shareholders. The
out the objectives of the generally managed by an company is set up with a
trust deed elected governing council specific purpose such as
promoting education, the
arts or social welfare
Annual Compliances Under the Trust Act, there Society to file list of names, The company must
under the Governing are no mandatory yearly occupations and address of file annual returns and
Legislation compliances managing committee to the accounts with the ROC
Registrar annually

Legal Right over Held by trustee Held in the name of the Held in the name of the
Property society company

Time Frame for Set 1–1.5 months 1–1.5 months 2 months

Up (Excluding Time
for Tax Exemption
Registration)
Minimum Number of Can be set up by a single At least seven members At least two members /
Members for Set Up settlor and trustee required directors required

Applicable Tax Rate Charged at slab rates with a Charged at slab rates with a If exemption is not
if Exemption is Not maximum effective tax rate maximum ETR of 42.48 per available, ETR of 25.17 per
Available (ETR) of 42.48 per cent cent cent can be opted by
the company

112 Chapter 8
It is important to note that philanthropists often use multiple giving vehicles and methods. As givers
evolve, they can move away from Direct Grant-Making and start using a more blended approach.
This could mean that they either set up their own Grant-Making or Operating Foundation or create a
hybrid foundation that adopts a blended approach and participates in both grant-making and direct
operational activities.

Key factors like increased financial commitment, long-term dedication, active involvement and a
pursuit of greater impact propel this transformation. Leveraging the right vehicles for philanthropy is an
iterative process. It is contingent upon the philanthropist’s aspirations and the efficacy of each vehicle
in realising their objectives.

Recommendations

While a relatively unstructured experimental portfolio in the initial stages of giving could offer
flexibility, it is advisable to introduce a structured approach as early as possible to serve
strategic philanthropic objectives.

To evolve their giving, philanthropists can move from Direct Grant-Making to a more blended
approach — by either setting up their own Grant-Making or Operating Foundation or getting
more involved with collectives and collaboratives.

Leveraging the right vehicles for philanthropy is an iterative process. It is contingent upon the
philanthropist’s aspirations and the efficacy of each vehicle in realising their objectives.

Identifying the Right Giving Vehicles 113

 “I strongly believe that those of us who are
privileged to have wealth should contribute
significantly to try and create a better world
for the millions who are far less privileged.
I will continue to act on this belief.”41

Azim Premji
Founder, Azim Premji Foundation;
Founder Chairman, Wipro

114 Chapter 8
 CHAPTER 9

Mapping the
Future of Indian
Philanthropy

Chapter 9 115
 Indian Philanthropy on the Cusp of Change
The Indian philanthropy landscape is becoming more sophisticated. Not only are people giving back
more, they are also looking to give in a smarter and more strategic fashion.

Startup founders and next-generation givers, in particular, are using philanthropy to drive positive
change in the sectors of their choice. They recognise that purposeful giving doesn’t just help
society; it also suffuses them with personal fulfilment and self-actualisation. This realisation is
helping the philanthropic movement gain visibility and moulding the future of giving. The availability
of larger pools of philanthropic capital and hands-on support furthers this trajectory, enabling key
ecosystem developments.

As a result, the future of philanthropy is shaping up to be more collaborative, diverse and systemic,
with philanthropists starting out early and becoming more engaged.

A. Philanthropy Becoming More Collaborative

“In the last decade, the philanthropic ecosystem has matured so much that it
makes perfect sense to collaborate with existing players. That way you don’t
end up duplicating effort.”

Sumitra Aswani
Founding Director, Ishk Tolaram Foundation;
Head of Purpose and Sustainability, Tolaram

Collaboration is emerging as a cornerstone of contemporary philanthropy. By forging synergistic

partnerships across various sectors and stakeholders — including non-profits, government bodies,
the private sector and local communities — philanthropy is breaking down traditional barriers.
This collaborative ethos ensures a more unified and effective response to societal challenges and
harnesses collective insights and resources.

Philanthropic capital too is increasingly blending with other financial sources, such as CSR funds and
government grants, and enhancing their efficiency and reach. This integration acts as a catalyst, driving
partnerships across different types of social sector capital.

Interestingly, our research suggests that many philanthropists are ready to take on the initial risks,
enabling both private and public funding to sustain and scale development efforts, leading to larger and
more potent financial pools.

116 Chapter 9
B. Givers Are Starting Out Younger
With many more young people spearheading wealth generation, their inclination and capacity to engage
in philanthropy is also manifesting at a much earlier stage.

The results of our research study underscore the trend of early engagement in philanthropy
among the new generation

• Every third respondent in our study is under the age of 50

• Eight out of 10 respondents who emphasise the importance of starting philanthropy

in one’s early 40s belong to the new generation (first-generation founders, self-made
professionals and the wealthy next generation)

• 40 per cent of our respondents who are working at a systemic level, akin to the
Rainmaker archetype, are under the age of 40

This leads us to believe that younger people are predisposed to target problems at the root
and are not satisfied with merely funding existing programmes.

The new generation of wealth creators and inheritors are increasingly integrating philanthropy into their
wealth planning and looking to create social impact during their lifetime. This is in contrast to the older
generations, who mostly began their philanthropy at a later stage in life or held on to their wealth fearing
future uncertainties. Interestingly, many UHNIs say their children are comfortable with more modest
inheritances and want large portions of the family wealth to be devoted to philanthropy.

“The next generation doesn’t feel financially insecure. They’re financially savvy and don’t
prioritise ownership of assets like houses and cars. They look at wealth very differently.”

Dr Om Manchanda
Managing Director, Dr Lal PathLabs

C. Philanthropy Becoming Diverse

FIGURE 9.1 | PERCENTAGE SPlIT OF POPUlAR CAUSES AND EMERGING CAUSES
SUPPORTED By PHIlANTHROPISTS

74% 26%

Popular Causes (Education, Health) Emerging Causes (Arts & Culture, Sports, Gender)

Mapping the Future of Indian Philanthropy 117

With a large number of younger philanthropists entering the picture, more underserved causes,
communities and geographies are now being included in giving portfolios. Though the education and
healthcare sectors are still getting major philanthropic funding, they are no longer the sole focus of
philanthropists. Within these fields too, people are looking into traditionally-neglected aspects, such as
sports education, mental health and palliative care.

In addition, causes such as climate change, diversity and inclusion, financial literacy and arts and
culture are gaining prominence, offering philanthropists a wider array of choices for engagement.

Even philanthropic vehicles are poised to diversify as innovative financial tools come into play. While
Direct Grant-Making and Philanthropic Foundations (both Grant-Making and Operational) will continue
to be the bedrock of UHNI giving in India, diaspora givers and evolved philanthropists are expected
to experiment with blended tools such as Social Impact Bonds or Zero Coupon Zero Principal
Bonds for financing. While these tools are still at a nascent stage in India, and more conducive to
multilateral foundations, eventually the Indian non-profit ecosystem will need to adapt and evolve
to effectively accommodate this type of funding, creating a more dynamic and flexible platform for
philanthropic initiatives.

The trend has already started. In 2023, Bengaluru-based SGBS Unnati Foundation became the first
NGO to be listed on India’s Social Stock Exchange, through which it aims to secure ₹2 crore from retail
givers and UHNIs.

D. Givers Are More Strategically

Involved in the Process
The new givers see themselves as partners of the NPOs they support. They engage with them
more strategically and are ready to support riskier, unconventional and specialised solutions.
How do they do that?

• By Prioritising Sustainable Solutions

Givers are increasingly supporting initiatives / organisations that have a long-term sustainability
lens while designing their solutions and the ability to function beyond the lifecycle of support.

• By Replicating Their Entrepreneurial Ethos

Givers encourage the NPOs to function like startups. They encourage them to think big,
foster innovation, emphasise speed and execution urgency, create and support strong teams,
streamline processes and carefully measure impact.

• By Working With Systems and Policies

Seasoned givers prefer to work with multiple stakeholders, especially governmental agencies,
to bring about systemic change, while simultaneously funding grassroots programmes.
This impacts significantly more lives in the long term.

118 Chapter 9
E. Givers Are Embracing Systems Change
There is a notable shift on the horizon as philanthropists enhance their understanding of India’s
intricate social development challenges, acknowledging their complexity, persistence and far-reaching
implications. They are increasingly realising that amid these challenges lies an opportunity for a shift
towards systems change.

Given this awakening, philanthropy is poised to foster fundamental shifts within India’s social, political,
environmental and economic systems. This mindset will not just be a trend but an imperative,
with momentum building as more philanthropists recognise the need to address root causes rather
than symptoms. This approach will give rise to regulatory, procedural and technological underpinnings
that marshal widespread collective action.

Though many philanthropists may currently view systemic change as daunting, the tide is beginning
to turn. In the coming years, more and more givers will experiment with models that can achieve
population-level scale and increase their collaboration with the government to embed change into the
system. Much like venture capitalists funding promising startups, philanthropists will seek out reforms
with the potential for exponential impact. But, amid this pursuit, they will remain attuned to the needs
of the communities they serve, avoiding the pitfalls of one-size-fits-all solutions.

Mapping the Future of Indian Philanthropy 119

 Conclusion

The giving landscape in India is undergoing a transformative shift. The future of Indian philanthropy is
poised to be a collaborative, strategic and impactful endeavour, driven by a new generation of givers
who will embrace systemic change. With the emergence of new networks and the rise of giving
pledges, philanthropy is moving towards becoming more aspirational, accessible and an integral part of
UHNI conversations.

Our in-depth study of philanthropists has bolstered our belief in this future. We had set out to
understand the qualitative diversity of the philanthropic ecosystem, purposely focusing our efforts
on exploring the rich experiences of philanthropists at different stages of their giving journeys.
What has emerged from this rigorous exercise is a comprehensive understanding of not only the
giving mindset, but also the choices and processes that comprise philanthropic action.

One of the most fundamental findings of our report is that philanthropic personas can vary significantly.
Different archetypes of philanthropists find their joy in giving differently, and contribute distinctively to
the social impact sector through their involvement. We aim for this finding to serve as a starting point
for the sector to understand the scope for strengthening the ecosystem, informing conversations
between stakeholders and fostering collaboration, accelerating the future of philanthropy in India.

To this end, we believe that the momentum for philanthropic action is now, and can be captured
through five key takeaways from our report:

1. Building a Deeper Perspective on Philanthropists to Unlock the Potential

To create a vibrant movement of philanthropy in India, this report provides a detailed qualitative
analysis of the philanthropists. Recognising the different archetypes of philanthropists and
their giving journeys is only the first step in understanding the philanthropic impulses of Indian
UHNIs better. There is an opportunity for the ecosystem to engage more deeply with the new
generation of wealth creators and philanthropists, moving beyond the existing knowledge on
‘traditional’ Indian philanthropy.

2. Learning From Exemplars and Creating an Inspiring Ecosystem

Our report highlights the imperative of fostering an inspiring ecosystem by delving into
transformative stories and mindsets. We’ve identified how shared successes and diverse
approaches can significantly influence and encourage emerging wealth creators and, through
the report, we hope to enable ecosystem shifts where shared knowledge, experiences and
inspiration become the foundation of philanthropic engagement.

3. Collective Action for Addressing Challenges and Developing Solutions

Our key learning here revolves around the significance of collective action in philanthropy.
Not only is it crucial for philanthropists to actively explore and engage on ground solutions and
engage in hands-on experimentation, it is also important that the broader ecosystem collectively

120 Chapter 9
 enables this by fostering shared learning experiences. This collective and immersive approach
allows givers to navigate personal, structural as well as cultural challenges more adeptly,
thus helping unlock more philanthropic capital, and unlocking it sooner.

4. Systemic Change as an Approach to Better Giving

A new wave of ‘better giving’ emphasises systemic change. This means tackling the root causes
of problems, not just the symptoms. Systemic change can be achieved by enabling system
levers such as exploring government collaborations, addressing root causes and creating a
shift in mindset and values. This generates exponential impact, facilitating population-level
transformations and ensuring long-term sustainability.42

5. Philanthropists and their Philanthropy are Not Static but Flexible — Continuously Responding
and Evolving
The report shares key levers to understand the philanthropist’s approach while also delineating
tangible steps for future action. Identifying the types of causes, nature of support and
intended impact create the necessary momentum for transformative action. Simultaneously,
the findings indicate that this process is subject to change as philanthropists’ approach
evolves with more interactions and learnings from their personal experiences and the larger
ecosystem.

As we move forward, we are committed to translating these insights into tangible actions, and to help
others do so too. The next chapter contains a philanthropist workbook. It is designed to encourage
reflection on the key elements explored in this report, guide wealth creators on their giving journey
and pave the way for long-term impactful philanthropy.

Conclusion 121
 “Philanthropy in India is gaining momentum.
I’m surprised by the increasing number of people
who are giving early and generously. It’s not just
the old established families anymore; new first-
generation philanthropists are stepping up in a
big way and making remarkable contributions.
Bold and audacious philanthropy is now a
growing trend.”43

Ashish Dhawan
Founder-CEO, The Convergence Foundation;
AIP Core Founder

122
 CHAPTER 10

Calling India’s
UHNIs to Give More,
Sooner, Better

Based on the findings of our report, AIP-BCG have created a practical toolkit that enables wealth
creators to reflect on their philanthropy and provides a framework to shape their giving journey.
This section is designed as a workbook with questions and self-analytical tools that can help readers
generate insights about their own philanthropy and chart the next steps of their giving journey.

Chapter 10 123
A. From Intention to Impact
Our research shows that even if philanthropy is not yet a mainstream topic of conversation in India’s
social and professional circles, it’s a matter of growing interest for the country’s ultra-high-net-worth
individuals (UHNIs). This is a promising development for India, whose socio-economic transformation
requires immediate acceleration.

The philanthropic landscape is already rich with role models to provide resources and support.
Seasoned givers from diverse backgrounds have paved the way for a new generation of givers. Since
every journey is intensely personal, the new givers have to embark on their own voyage of self-discovery
to ascertain their philanthropic character and identify which causes they want to support, and how they
want to go about it.

“Everyone has their own specific journey in life and consequently their giving path.
Start doing it when you feel it from within. Do, however, talk and listen to others.
You may derive some cues from that.”

Ambarish Raghuvanshi
Co-Promoter and former CFO, Info Edge (India) Ltd; AIP Founder

You may be at an inflection point in your own life journey. You may want to make a start as a philanthropist
or you may already be giving but want to do more. Whatever the case, there is scope for all UHNIs to
reflect on their giving to make their philanthropy more intentional, impactful and transformative. Thus,
AIP-BCG have developed a workbook to help wealth creators reflect more deeply on their philanthropy
and plan the next steps in their giving journey.

B. Guide to Filling the Workbook

The following workbook is divided into two sections, containing questions about your giving mindset,
your philanthropic aspirations and your current philanthropic portfolio and how you wish to see it evolve.
This structure aligns with the concepts discussed throughout the report, allowing you to refer to specific
chapters for additional context.

The workbook is also available in a digital format and can be accessed by scanning the QR code
available at the end of the report. You can fill the workbook digitally or download multiple copies and
have them filled by all relevant stakeholders in your philanthropic circle, such as your family members
and associates.

At the end of this exercise, if you wish to discuss your insights with us, please reach out to us at
[email protected]

124 Chapter 10
Section I: Understand Your Giving Mindset
1. Exploring Your Giving Inspirations

Philanthropy has the power to champion long-term social change by investing in the welfare of people.
Jamsetji Nusserwanji Tata, the father of India’s institutional philanthropy, Azim Premji, a stalwart
philanthropist who has contributed significantly to India’s education, as well as Bill Gates, whose
foundation has positively transformed global health, have proven that with their open-handed giving
and vision for a better world. In the philanthropic world, these individuals serve as role models whose
work encourages others to give more, sooner and better.

1.1 Who is the inspiration behind your philanthropy? Why has their philanthropic journey
inspired you?

2. Exploring Your Philanthropic Motivations

As discussed in Chapter 4, some people turn to philanthropy because they value equity and inclusion
and believe their privilege obliges them to help those not as lucky as them. Others are passionate about
solving socio-economic problems. Whatever each giver’s motivation, it’s triggered by the values most
important to them.

2.1 What are the top three motivations for you to give?
Choose/Tick all relevant options.

Giving Back Fulfilling a Sense Carrying a Legacy Creating a Legacy

to Society of Duty Forward

Contributing to Experiencing the Using Entrepreneurial Connecting with Like-

Nation-Building Joy of Giving Skills to Solve Social Minded Individuals
Problems

Other

Calling India’s UHNIs to Give More, Sooner, Better 125

3. Your Philosophy of Giving

In Chapter 6, we discussed how philanthropists are guided by different philosophies. These philosophies
reflect a philanthropist’s approach towards making a meaningful impact through their giving.

3.1 Which philosophies of giving resonate with you the most?

Choose/Tick the options most relevant to you, wherever applicable. You can refer to Chapter 6
to understand how philanthropists align with different philosophies, which ultimately guide their
approach to giving.

a. Focus of Giving

I prefer to focus my giving I prefer to focus my I prefer to focus my giving

on a single cause giving on multiple causes on a portfolio of causes,
(Diffused approach) in a systematic manner
(Portfolio approach)

b. Approach Towards Giving

I prefer to engage in I prefer to engage in

trust-based philanthropy outcome-based philanthropy

c. Duration of Support

I prefer to give I prefer to give support I prefer to give support /

one-time support for a short / defined period fund organisations for
of time, after which I as long as needed /
expect the NPO to sustain in perpetuity, without
its operations setting a timeline

d. Type of Solution

I prefer solutions which I prefer solutions that are

have proven impact and new, experimental and
pre-existing evidence innovative

e. Time to Impact

I prefer to give to solutions I prefer to give to solutions I prefer to give to solutions

that create immediate that create impact in the that create long-term
impact short to medium term impact

126 Chapter 10
f. Type of Impact

I prefer to give to I prefer to give to solutions

solutions that can create that create long-term
tangible and measurable impact, which may be
impact indirect and not always
measurable

g. Scale of Impact

I prefer to see targeted I prefer to see large and

and deep impact for a population-level scale of
well-defined set of impact
beneficiaries

4. Family Support for Business

Family support is a major factor for Indian philanthropists, as their loved ones give them encouragement
as well as a shared sense of purpose. Engaging the whole family in one’s philanthropic pursuits can
foster a culture of giving and compassion that transcends generations and aids crucial decision-making
around wealth allocation.

4.1 How does your family feel about philanthropy?

Choose/Tick all relevant options.

They are supportive of They are neutral about They are against
Family Members
my decision to give my decision to give my decision to give

Spouse / Partner

Parents

Child

Child

Other Family Member

Calling India’s UHNIs to Give More, Sooner, Better 127

5. Challenges to Your Philanthropic Giving

The desire to do philanthropy does not always translate into action owing to challenges faced by givers
at different stages of their philanthropic journey.

5.1 What, according to you, are the key barriers to your structured and sustained giving?
Choose/Tick all relevant options for each challenge listed below. You can refer to Chapter 5 to
understand how other givers view these challenges and navigate them.

a. Personal reasons that may prevent greater giving

Strongly Agree Neutral Disagree Strongly

Agree Disagree

CSR is my way of engaging

with philanthropy

I am already paying taxes.

The government is
responsible for socio-
economic development

I do not have the time to

engage in philanthropy

I am awaiting liquidity;
hence I cannot engage in
philanthropy

b. Structural reasons that may prevent greater giving

Strongly Agree Neutral Disagree Strongly

Agree Disagree

I have not found the right

organisations to commit to /
partner with

I have not found giving

opportunities of scale

There is no structured
knowledge for informed
decision-making

Non-profits do not think

strategically enough.
Their work doesn’t inspire
confidence

128 Chapter 10
 Strongly Agree Neutral Disagree Strongly
Agree Disagree

Non-profits do not report

credible outcomes well

I cannot support an
organisation forever, and
exiting will cause disruptions
for them

The regulatory regime

surrounding philanthropy
is not conducive to giving

c. Cultural challenges that may prevent greater giving

Strongly Agree Neutral Disagree Strongly

Agree Disagree

The conversation around

philanthropy is limited in
India, unlike in the US where
philanthropy is the expected
norm

In India, there is a culture

to preserve wealth for future
generations

India does not

celebrate givers

Please mention any other challenges (not mentioned above) which, according to you, prevent
your greater personal giving

Calling India’s UHNIs to Give More, Sooner, Better 129

6. Articulation of Your Philanthropic Identity

A key insight from our report is that givers can be categorised into distinct philanthropic archetypes
(as discussed in Chapter 2). While givers may personify different archetypes at different stages of
their giving journey, they often have one dominant persona. Identifying your philanthropic archetype is
essential to shaping the future direction of your giving.

6.1 Which archetype do you identify with today?

Choose/Tick all relevant options. You can choose more than one, if you like.

Inspiration Seekers
These are individuals on the verge of starting their philanthropic journey. They are most likely
engaged in Corporate Social Responsibility (CSR) activities and/or dedicate some resources to
donate for spontaneous philanthropy or to respond to calamities. They are currently not personally
involved in philanthropy in a sustained manner.

Emerging Givers
These are individuals who have already embarked on their philanthropic journey and regularly
allocate at least a small percentage of their financial resources / Treasure to philanthropy but are
yet to evolve their giving philosophy or get personally involved.

Strategic Enablers
These are individuals who give generously of their time, talent and ties to philanthropy, which is their
main mode of engagement. They are passionate givers who get personally involved and work to
stimulate the broader philanthropic ecosystem.

Cause Champions
These are individuals who are deeply committed to one or more select causes or communities.
They get personally involved and give their Time, Talent, Ties as well as financial resources /
Treasure generously, but in a very concentrated manner to their focus area / organisation. They
are evangelisers for their chosen cause, but may or may not choose to evangelise for the cause of
philanthropy in general.

Core Givers
These are individuals who are committed, long-term funders of NPOs and form the backbone of
the funding for the social sector. They give substantial financial resources / Treasure and also try to
help in other ways for the causes and organisations that align with their philanthropic vision. They
are most likely to fund a variety of NPOs.

Rainmakers
These individuals work to change sub-optimal systems holistically rather than fix solitary problems.
They experiment with multiple models, methods and solutions and then try and scale what works.
They give freely of their Treasure / monetary contributions as well as their Time, Talent and Ties.
They evangelise passionately for philanthropy to the extent that their philanthropic identity is often
their most cherished identity.

130 Chapter 10
If you feel that your philanthropic persona does not match with any of the archetypes
mentioned above, please articulate your current persona below:

Section II: Aligning Your Giving Portfolio

With Your Philanthropic Vision
1. Your Philanthropic Vision

No matter where you are in your philanthropic journey, there is scope to broaden the vision and impact
of your giving. Articulating the kind of change that you aspire to see in your philanthropic journey will help
you move from inspiration to impact in your giving. Before mapping your current and future portfolio, it
is important to set a North Star for your philanthropy, as you can be an architect of change only once
you’ve understood exactly what sort of change you’re looking for.

1.1 What is your vision for your philanthropy in the coming future?
Please use the space below to articulate how you wish to see your philanthropic legacy evolve.

Once you know what drives your giving and what your vision is, it is essential to take stock of your
current philanthropic portfolio. Identifying the causes and organisations you give to or support, the
vehicles you leverage and the depth of your involvement is the first step in broadening the scope of
your philanthropy. The following exercise will give you vital insights into the current state of your giving,
while also prompting you to think about how you would like to see this portfolio evolve in the future so
that it aligns with your vision.

2. Your Giving Causes

The causes or sectors that a philanthropist chooses to support form the building blocks of their giving
portfolio.

2.1 Which causes do you currently support? How would you like these choices to evolve in
the near future (next 3-5 years)?
Fill in your current preferred causes and future causes below. You can refer to Chapter 6 for this,
or use this indicative list to choose.

Calling India’s UHNIs to Give More, Sooner, Better 131

 Current Portfolio Future Portfolio of
Indicative List of Causes
of Causes Causes (next 3-5 yrs)

Animal Rights

Arts & Culture

Age-specific Causes
(Children, Youth, Elderly)

Disability & Special Needs

Economy & Infrastructure

Education

Environment, Sustainability &

Climate Change

Food Security & Agriculture

Gender-related Causes

Governance & Public Service Delivery

Healthcare

Legal / Judicial Reform

Poverty Alleviation

Rural Development & Livelihood

Science & Technology

Skilling, Employment &

Entrepreneurship

Social Justice & Human Rights

Sports

Urban Development & Livelihood

Water, Sanitation & Hygiene (WASH)

Others

132 Chapter 10
3. Your Giving Vehicles

As discussed in Chapter 8, various vehicles of giving exist in the Indian philanthropic ecosystem.
Philanthropists can experiment with multiple vehicles to diversify their giving portfolios.

3.1 Which giving vehicles do you currently use? Which giving vehicles would you like to expand
to in the near future (next 3-5 years)?
For details on each vehicle, please refer to Chapter 8.

Future Portfolio
Giving Vehicles Current Portfolio
(next 3-5 yrs)

Direct Grant-Making

Grant-Making Foundation

Operating Foundation

Collaboratives

Collective Philanthropy

Other Vehicles

4. Your Quantum of Giving

Any philanthropic action requires decision-making around the quantum of giving. Some philanthropists
give a percentage of their annual income, a fixed quantum of money annually or a percentage of the
income earned on assets. Others give a percentage of their wealth to charitable causes, either during
their lifetime or in their will.

4.1 What is your current annual quantum of giving for philanthropy? How do you see your
quantum of giving evolving in the near future (next 3-5 years)?
Please fill below.

Current Annual Quantum (in INR/USD) Future Annual Quantum (in INR/USD)
(next 3-5 yrs)

Calling India’s UHNIs to Give More, Sooner, Better 133

4.2 How do you currently benchmark your annual quantum of giving for philanthropy?
How would you like to benchmark this in the near future (next 3-5 years)?
Choose/Tick more than one option, if you like.

Future Quantum
Benchmarks of Giving Current Quantum
(next 3-5 yrs)

As a w of total
wealth and assets

As a percentage of annual income

/ cash flow

As a fixed annual budget

As a portion of investment returns

earmarked for philanthropy

Any other benchmark (Please fill)

5. Current Sector-Wise Resource Allocation

Mapping your sector-wise allocation is important to see whether your current resource allocation aligns
with your vision for creating impact in a certain sector. It is also the first step towards thinking about
whether you wish to re-balance this allocation in the near future.

5.1 What is your current annual sector / cause-wise contribution in terms of Treasure
(financial contribution)? How would you like this sector-wise allocation to evolve in the
near future (next 3-5 years)?
Please use the table below to fill your current and future sector / cause-wise annual philanthropic
financial contribution.

Current Annual Treasure Future (next 3-5 yrs)

Sector / Cause (Financial) Contribution Annual Treasure (Financial)
(in INR/USD) Contribution (in INR/USD)

Animal Rights

Arts & Culture

134 Chapter 10
 Current Annual Treasure Future (next 3-5 yrs)
Sector / Cause (Financial) Contribution Annual Treasure (Financial)
(in INR/USD) Contribution (in INR/USD)

Age-specific Causes

(Children, Youth, Elderly)

Disability & Special Needs

Economy & Infrastructure

Education

Environment, Sustainability &

Climate Change

Food Security & Agriculture

Gender-related Causes

Governance & Public

Service Delivery

Healthcare

Legal / Judicial Reform

Poverty Alleviation

Rural Development & Livelihood

Science & Technology

Skilling, Employment &

Entrepreneurship

Social Justice & Human Rights

Sports

Urban Development & Livelihood

Water, Sanitation & Hygiene

(WASH)

Others

Calling India’s UHNIs to Give More, Sooner, Better 135

If you would like to discuss your responses and explore ways to enhance the impact of your philanthropy
or access a more detailed version of this workbook, please contact us at [email protected].
You can also consider revisiting this workbook periodically to track your progress and refine your goals.
We look forward to collaborating with you to catalyse strategic philanthropy in India.

Please use the space below to capture any additional reflections or thoughts:

136 Chapter 10
 Call to Action
India’s socio-economic transformation requires immediate acceleration. The time is ripe for Indian
wealth creators to use their funds, skills, expertise and networks to create lasting positive outcomes
for all by giving more, sooner and better. To build an equitable, sustainable and forward-looking
India, philanthropists need to not only increase and broaden their current giving, but also to adopt
newer, more systematic and systemic approaches to their giving.
Based on the insights gleaned from our study, we recommend three actionable steps to advance
effective giving at an individual level, while also playing a significant role in transforming the larger
philanthropic ecosystem.

1. Step It Up
For their own personal philanthropy, givers need to increase the overall quantum of their contributions,
be it financial or non-financial. Giving more of their Time, Talent and Ties can be as transformative as
financial contributions, creating a richer and more engaged philanthropic experience.

2. Scale It Up
Philanthropists must be bolder and think bigger about the impact of their giving, broadening
the scope and diversifying their approach as well as portfolio. Givers can choose to explore a
systems-change lens for their own giving, finding and funding ways to address root causes.
They must also leverage the ecosystem players to build scale and impact more communities.
Scaling up philanthropy is not just about giving more money; it’s about acting with greater ambition
and intentionality, aligning actions with a strategic understanding of impact and societal needs.

3. Show Up
For evolved philanthropists, now is the time to go beyond their personal journey, assume
wider responsibility and evangelise for philanthropy. By sharing their narrative with openness
and passion, givers can attract other wealth creators to join India’s philanthropic movement.
It’s no longer about their personal philanthropy; it’s about encouraging philanthropy in others and
fostering a culture of giving that transcends individual efforts.

It’s time for India’s wealth creators to collaborate and contribute to nation-building through
meaningful and compassionate giving. It’s a call to action that goes beyond individual efforts.
Philanthropists need to unite in a shared commitment to elevate the landscape of giving in India.

Come, join the movement.

ChapterIndia’s
Calling 10 UHNIs to Give More, Sooner, Better 137
137
Endnotes
1. The Art Of Giving: Nandan Nilekani & Rohini Nilekani [Edited excerpt from interview of Nandan
Nilekani and Rohini Nilekani]. (2017, November 23). Rohini Nilekani Philanthropies.
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2. Nadar, S. (2011, January 17). Pursuing Lotus Philanthropy. Mint.
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html
3. Press Trust of India. (2023, December 19). India star performer, contributing more than 16 per cent
of global growth: IMF. Business Standard.
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than-16-of-global-growth-imf-123121900070_1.html
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2023/2024 [Breaking the Gridlock: Reimagining Cooperation in a Polarized World].
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cent20a per cent20drop per cent20in per cent20its,titled per cent2C per cent20 per centE2 per
cent80 per cent9CBreaking per cent20the per cent20Gridlock per cent3A
5. Press Information Bureau (PIB), Government of India. (2024, January 15). 24.82 crore Indians
escape Multidimensional Poverty in last 9 years. PIB.
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6. The World Bank. Life expectancy at birth, total (years) - India. World Bank Open Data.
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7. Press Information Bureau (PIB), Government of India. (2022, December 14). Significant Decline in
Maternal Mortality in India. PIB.
https://pib.gov.in/FeaturesDeatils.aspx?NoteId=151238&ModuleId per cent20= per cent202
8. The World Bank. Mortality rate, infant (per 1,000 live births) - India. World Bank Open Data.
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9. Sachs, J. D., Lafortune, s. G., Fuller, G., & Drumm, E. (2023). Sustainable Development Report 2023:
Implementing the SDG Stimulus. Dublin University Press.
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development-report.pdf
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11. Ministry of Finance, Government of India. (2023). Economic Survey 2022-23.
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138 Call Endnotes

to Action
12. Press Information Bureau (PIB), Government of India. (2023, January 31). Social Sector Witnesses
Significant Increase in Government Spending. PIB.
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cent20social per cent20sector per cent20expenditure,crore per cent20in per cent20FY23 per
cent20(BE)
13. Niti Aayog, Government of India. (2020). India Voluntary National Review 2020: Decade of Action -
Taking SDGs from Global to Local.
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14. Press Trust of India. (2020, January 21). India needs $2.64 tn investment to meet SDGs by 2030:
Report. The Economic Times.
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investment-to-meet-sdgs-by-2030-report/articleshow/73492931.cms?from=mdr
15. Nilekani, R. (2022). Samaaj, Sarkaar, Bazaar: A citizen-first approach. Rohini Nilekani.
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16. Knight Frank Research. (2024). The Wealth Report 2024 (18th ed.).
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17. Hurun India & 360 One Wealth. (2023). India Rich List 2023.
https://hurunindia.com/360-one-wealth-hurun-india-rich-list-2023/
18. Net worth ~₹250 crore and above
19. Aggarwal, R. (2024, February 28). India to see highest rise in number of ultra-rich in 5 years: Knight
Frank. Business Standard.
https://www.business-standard.com/amp/india-news/india-to-see-highest-rise-in-number-of-
ultra-rich-in-5-years-knight-frank-124022800543_1.html
20. Income Tax Department, Ministry of Finance, Government of India. (2023, June). Income Tax
Return Statistics Assessment Year 2021-22 [Version 1].
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statistics-i-t-return-AY_2021-22.pdf
21. Kumar, A. (2024, May 17). Less corporate responsibility? India Inc’s CSR spending slowed down in
FY23. Business Standard.
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spending-slowed-down-in-fy23-124051701172_1.html
22. Pattanayak, B. (2023, July 2). Impact of CSR funds ‘not widely felt’ despite jump in spending:
Ministry of Corporate Affairs. The Economic Times.
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despite-jump-in-spending-mca/articleshow/101432747.cms?from=mdr

Endnotes 139
23. Keidan, C. (2016, September 6). Interview with Amit Chandra: How is philanthropy in India
changing? Alliance Magazine.
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changing/#:~:text=’Philanthropy per cent20is per cent20deeply per cent20personal per cent20to
24. Australian Philanthropic Services. The 5 Ts in philanthropy.
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25. Balachandran, M. (2023, March 3). Vita and Jalaj Dani: Creating self-sustaining communities.
Forbes India.
https://www.forbesindia.com/article/leadership/vita-and-jalaj-dani-creating-selfsustaining-
communities/83529/1
26. The establishment of institutions, partnerships and programmes that transcend beyond the
lifetimes of the founders, continuing to positively impact the generations to come.
27. Aga, A. (2014, October 3). I want to be a catalyst in the development story: Anu Aga. Mint.
https://www.livemint.com/Specials/T4EyDWARDgQ2k2eIuZqKQP/I-want-to-be-a-catalyst-in-the-
development-story--Anu-Aga.html
28. Feeney, C. F. (2011, February 3). Pledge Letter [The Giving Pledge].
https://givingpledge.org/pledger?pledgerId=195
29. Venkatachalam, P., & Bhagwati, A. (2023, March 13). How to create enduring social impact. Forbes
India.
https://www.forbesindia.com/article/leadership/how-to-create-enduring-social-impact/83669/1
30. Hurun India & EdelGive Foundation. (2023, November 2). EdelGive Hurun India Philanthropy List 2023.
https://hurunindia.com/blog/edelgive-hurun-india-philanthropy-list-2023/
31. Indian School of Development Management. (2023). Unleashing the Power of Philanthropy for
Inclusive Development.
https://www.isdm.org.in/sites/default/files/2023-11/unleashing-the-power-of-philanthopy.pdf
32. Source: AIP Case study
33. Livemint & The Bridgespan Group. (2016, October 6). Philanthropy has to be sustainable: Kiran
Mazumdar-Shaw. Mint.
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sustainable-Kiran-MazumdarShaw.html
34. If you find this intriguing and would like to know more, get in touch with us at
[email protected]
35. Shekhar, D. J. (2021, December 3). Competing with each other about who has more in the bank is
becoming less cool today: Nikhil Kamath. Forbes India.
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140 Endnotes
 about-who-has-more-in-the-bank-is-becoming-less-cool-today-nikhil-kamath/71961/1
36. Menon, R. (2017, November 16). The art of giving: Not just stocks, D-St guru Rakesh Jhunjhunwala
is bullish about philanthropy as well. The Economic Times.
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d-st-guru-rakesh-jhunjhunwala-is-bullish-about-philanthropy-as-well/articleshow/61659128.
cms?from=mdr
37. Fidelity Charitable. What is a Donor Advised Fund (DAF)?
https://www.fidelitycharitable.org/guidance/philanthropy/what-is-a-donor-advised-fund.html
38. National Philanthropic Trust. What is a Donor-Advised Fund (DAF)?
https://www.nptrust.org/what-is-a-donor-advised-fund/
39. Some of the pros and cons of DAFs as compared to direct grant-making and grant-making
foundation are:

Direct Grant-Making Private Foundation Donor-Advised Funds

PROS • Easiest and fastest • Allows control and • Low setup and
with direct control over flexibility on defining administrative costs
fund distribution, giving philanthropy goals make it easy and
unrestricted flexibility to and strategies, inexpensive to establish
the giving process including fund use
and cause selection • Provide a streamlined
• Has immediate impact giving process — variety
by directly contributing, • Able to build a team of assets contributed
sans intermediary, to of professionals, with flexibility in funding
beneficiaries practitioners and chosen charities
subject matter over time
• Incurs no setup costs experts for competent
and legal requirements management of • Freedom from
with marginal operations such as fund administrative
administrative costs allocation and legal and tasks, investment
compared to an entity ethical compliance management and due
such as a foundation diligence on charities
or DAF • Establishes perpetuity
in philanthropic mission • Allows discretion —
carrying a lasting maintain anonymity,
impact, beyond one’s involve family members
lifetime

Endnotes 141
 Direct Grant-Making Private Foundation Donor-Advised Funds

CONS • Lack of a structured • Setting up and running • Finite control over

approach or long-term a foundation can investments and grant-
strategy to philanthropy be expensive and making decisions
exacting, requiring legal
• Limited capacity to and administrative • Limited ability to build
manage with the expertise in compliance, a philanthropy team,
diligence on operations and infrastructure or legacy
solicitations and management
requests for donations

• Limited control over

effective use of funds
granted to causes
and due diligence
on recipients

40. AIP secondary research

41. Premji, A. (2013, February 19). Pledge Letter [The Giving Pledge].
https://givingpledge.org/pledger?pledgerId=269
42. The Convergence Foundation. (2024, May). Systemic Impact Exemplars: Unique Approaches
Towards Solving India’s Development Challenges.
https://theconvergencefoundation.org/systemicimpact/
43. Indian Silicon Valley by Jivraj Singh Sachar. (2024, April 26). Millionaire Investor turned
Philanthropist ft. Ashish Dhawan - Chrys Capital, Ashoka, CSF [Video]. Youtube.
https://www.youtube.com/watch?v=FgPySt5ouDU

142 Endnotes
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