5 Entrepreneurs with exemplary corporate social responsibility initiatives

As India raises newer generations of entrepreneurs, expectations and commitment to corporate social responsibility are also multiplying. Stories of philanthropy are no longer limited to Warren Buffet or the Bill and Melinda Gates Foundation. Indian entrepreneurs are leading by example in their own right.

Before discussing them, let us find out what corporate social responsibility is.

Corporate social responsibility meaning
 

The concept of corporate social responsibility includes philanthropic efforts for social well-being, along with sustainable and socially responsible business practices. It also includes good governance, employee welfare, environmental, ethical, and community-related initiatives.

When philanthropic entrepreneurs address corporate social responsibility, they lead by example through personal pledges and active participation. This makes them recognisable not only for their entrepreneurial success but also for their philanthropic generosity.

Top self-made entrepreneurs recognised for their philanthropy
 

The concept of corporate social responsibility has become an integral part of the modern organisational outlook in recent times. However, these self-made entrepreneurs have reshaped the meaning of corporate social responsibility by involving their personal wealth in philanthropy. And they are doing it in an impactful manner.

IDFC FIRST Private Banking and Hurun India have recognised five such self-made entrepreneurs in this year’s ‘India’s Top 200 Self-made Entrepreneurs of the Millennia 2024’ report. They include –

1. Nithin Kamath and Nikhil Kamath (Zerodha)

The Kamath brothers founded the online discount brokerage platform Zerodha. Nikhil is the fourth and the youngest Indian individual to commit to The Giving Pledge, a Warren Buffet and Bill Gates initiative. He has also founded the Young Indian Philanthropic Pledge (YIPP). This foundation partners with startup founders to encourage corporate social responsibility. YIPP members pledge at least 25% of their net worth to philanthropy. Nithin Kamath founded the Rainmatter Foundation, which supports initiatives taken towards climate action. Last year, the Kamath brothers donated ₹110 crores to charitable causes.

Their company, Zerodha, revolutionised participation in the Indian stock market since its start in 2010. They provided a cost-effective platform for stock trading and simplified it with technology, becoming the most popular option in India.

Through The Giving Pledge, the Kamath brothers will contribute to corporate social responsibility initiatives engaged in climate action, energy, education, and health. YIPP, on the other hand, aims to foster the spirit of impactful giving among affluent young Indians.

2. Sanjeev Jain and Sandeep Jain (Akums Drugs)

In the last two decades, the Jains have taken up multiple corporate social responsibility initiatives. These include the Clean Ganga initiative through community participation, plantation drives and the creation of green spaces, awareness about HIV/AIDS and other critical health issues, donations to schools, women's safety, and blood donation drives. Among their key achievements are maintaining green spaces at SIDCUL, Haridwar, and establishing a COVID centre with an expandable capacity of 250 beds.

Akums Drugs is a pharmaceutical company based in Uttarakhand. It also has an overseas presence in the rest of Asia and Africa. Over the years, the Jains have acquired multiple companies to expand Akum’s product portfolio.

The Akums Foundation was honoured at the India Philanthropy Summit for its exemplary leadership in corporate social responsibility. 

3. Radhakishan Damani and family (Avenue Supermarts)

A veteran in the business community, Damani and his family’s foundation is active with many corporate social responsibility initiatives. The foundation started the construction of a multi-super-speciality hospital in Mumbai’s Borivali. The foundation plans to spend over ₹6000 crores on this project. The Shivkishan Mindaram Damani Charitable Trust also donated ₹100 crores to the PM CARES fund and another ₹55 crores towards state relief funds during the pandemic.

Damani is among the most respected and successful investors in the Indian stock market. Later, he established DMart, a chain of supermarkets and hypermarkets across India.

He is secretive yet active in corporate social responsibility. The Damani Foundation and group companies support multiple initiatives in healthcare and education.

4. Ronnie Screwvala (UpGrad)

Much of Ronnie Screwvala’s corporate social responsibility is driven through the Swades Foundation, which he and his wife, Zarina, established in 2013. The foundation has implemented community and individual development programmes in over 2700 locations in Maharashtra, benefitting over 7600 households. It is run by over 10,000 community volunteers and 260 employees.

Screwvala has donned many avatars in his entrepreneurial journey. From his toothbrush manufacturing company in 1981, UTV made him a familiar name on TV screens. He also started a private equity and venture capital firm called Unilazer, a production house called RSVP Movies, owns a sports franchise and launched the ed-tech platform UpGrad.

His corporate social responsibility efforts include impacting health and nutrition through cataract and cardiac surgeries and testing for childhood anaemia. Education initiatives include scholarships, teacher and principal training, and the education of over 1.3 lakh children. The foundation has supported households with potable tap water, toilets, and irrigation. Other examples of its corporate social responsibility include supporting the training and employment of youths, animal husbandry businesses, and plantation drives.

5. Ashok Soota (Happiest Minds Technologies)

Corporate social responsibility initiatives by Ashok Soota include a specific interest in medical research. His non-profit SKAN was formed in 2021 as India’s first private non-profit engaged in the research of ageing and neurological disorders. A decade before it, Soota had also established Ashirvadam to support environmental projects and assistance to the needy. SKAN partners with reputed domestic and international institutes, including Cambridge University, in its research on stem cells, bioinformatics, molecular biology, gut microbiome, etc. Soota pledged about ₹600 crore to SKAN, which will be disbursed over 10 years.

He was part of the team that established Wipro’s dominant presence in the IT sector. He was also the founding chairman of MindTree and now holds the same position in Happiest Minds Technologies.

The impact of Ashok Soota’s corporate social responsibility initiatives is globally recognised. In 2022, Forbes included him among the top 15 Asian philanthropists. He was also awarded the ICSI Lifetime Achievement Award for corporate governance.

Recognising and supporting philanthropy
 

The report released by Hurun India in association with IDFC FIRST Private Banking is an effort to recognise philanthropic initiatives by top Indian entrepreneurs. Besides, the bank also offers personalised services to entrepreneurs that can further support their philanthropic aspirations.

IDFC FIRST Private Banking is a bouquet of bespoke investment solutions designed to deliver long-term value for the customer. Offering an unparalleled banking experience where one enjoys personalised rewards and services to elevate you to the next level, it offers Wealth Management Solutions, Family Office Solutions, Business & Lending Solutions & Curated Lifestyle Experiences.

IDFC FIRST Private Banking understands that your needs are unique, and hence, it offers uniquely designed solutions for you. Its quant-based, proprietary asset allocation and product selection models identify potential winners through forward-looking analysis, rigorous due diligence, and backtesting across asset classes. Ongoing portfolio reviews and market insights ensure that your investments are always on track.

Trust IDFC FIRST Private Banking for an unmatched banking experience that supports your entrepreneurial journey.

Celebrating generosity
 

IDFC FIRST Private Banking and Hurun India celebrate the philanthropic initiatives of the millennia's top entrepreneurs. As these entrepreneurs leave a legacy through their noble efforts, they also create a positive impact on the corporate social responsibility of upcoming entrepreneurs.