In recent times we have seen startups to raise hefty money for their businesses but there are also exceptions like Sridhar Vembu of Zoho and Nithin Kamath of Zerodha who have successfully built large and enduring companies without raising any external capital.
In the last financial year – March 2019, Zoho had a profit of Rs 516 crore whereas Zerodha crossed Rs 350 crore. Kamath, whose personal wealth was estimated at Rs 6,600 crore by Hurun’s Rich List 2019, has registered a new non-profit company to help mitigate the increasing risk of climate change.
As per the regulatory filings, Nithin Kamath, his wife Seema Patil and brother Nikhil Kamath have been appointed as Directors of a new entity named Rainmatter Land development. The paid-up capital for the new firm is Rs 10 lakh.
The new entity will buy land and convert them farmlands, agroforests, and resorts, etc. They will do it either singly or jointly within or outside the limits of the municipal corporation or other local bodies, as per the incorporation documents.
The company will work along with third parties who are interested to build and conserve sustainable forests using modern techniques by partnering scientists and experts in this field. According to Kamath, Rainmatter Land Development has a long term aim to experiment with different techniques, create a playbook of what is the best way and see how it can enable others to do the same.
As per news source, Nithin Kamath said that he wants to build sustainable forests among other things via the new entity. “Climate change is probably the biggest risk to human existence. Most of us don’t care about it as much because the deterioration of our planet is happening slowly. Ideally, we should all be reacting the same way as we are to COVID-19,” said Nithin Kamath.
“To grow a forest the new entity needs to buy land, and this company has been set up for that purpose. There is no commercial agenda behind this venture,” he said.
