Mumbai: A number of global billionaires are turning to philanthropy in India and are investing in the upliftment of the country's bottom of the pyramid. However, the motive is not pure charity, but more to empower the weaker section, reports Economic Times.

In his khadi jacket, sitting in a south Mumbai fivestar hotel, Jayant Sinha does not look any bit of the hedge fund manager that he was until a few months ago. Today, as the India head of Omidyar Network , Sinha is looking at various initiatives to improve the lot of those at the bottom of the pyramid in India. Omidyar Network, an investment firm of Pierre Omidyar (founder of Ebay) has already invested around $45 million in India and is looking to invest around $150-200 million in the next couple of years. Omidyar is among the handful of global billionaires who are turning to philanthropy in India and are investing in the upliftment of the country's bottom of the pyramid.

The others include New Zealand billionaire Christopher Chandler's Legatum Ventures, which has invested around $40 million in the past few years in the country. Even investor George Soros is into philanthropic investments in India. These investors are investing in micro-finance institutions (MFIs), rural energy, education and other areas of empowerment such as property rights.

"Philanthropic investors, essentially look for providing financial assistance and empowering those innovative organizations that impact the life at the bottom of the pyramid," according to Jayant Sinha, MD and Country Head of Omidyar Network India Advisors. He added that the network can bring in venture capital funds or debt for profit organizations and may provide grants to non-profit organizations. Incidentally, around half the money from the network is invested in not-for-profit organizations.

According to Economic Times, most investments have come into India only in the past few years. Omidyar Network has invested around $325 million globally in the U.S., Europe and Africa. Pierre Omidyar, along with his wife, is known to have made philanthropic investments of around $900 million globally. Legatum is one of the most active equity investors in the micro-finance sector since 2007. It has already invested over $40 million in the sector in India out of the $60 million it has invested globally. In India, it has invested $25 million in Share Microfin and in Intellecap - an advisory company that provides services facilitating the flow of commercial capital to companies operating at the bottom of the pyramid. It has also invested in technology companies that are working towards lowering costs and increasing efficiencies for MFIs.

Explaining the rationale behind seeking profits in social development-oriented investments, Sinha explained: "One can have huge economic returns and high social impact at the same time. Some times, one is also open to sub-par returns. But ultimately, investments are driven by right opportunity and right innovations. It's a unique approach aimed at improving the base of the pyramid." The firm is now setting an office in Mumbai.