Stockbroking platform Zerodha has unveiled a $1 million annual fund aimed at backing Free/Libre and Open Source Software (FOSS/FLOSS) projects worldwide. Announced by Zerodha’s CTO Kailash Nadh, the initiative highlights the company’s commitment to fostering the open-source community, which has been integral in building its financial technology products and services.

Zerodha plans to allocate between $10,000 and $100,000 to individual projects each year. Nadh noted that while the initial fund size is $1 million, it could potentially grow once the company gains more experience in managing the initiative. “This is a structured initiative, and depending on how we operate it, the fund could scale beyond $1 million,” he said.

Zerodha’s support for FOSS projects is rooted in its reliance on open-source technologies to build its financial ecosystem, demonstrating the company’s belief in collaboration, transparency, and community-driven innovation.

To ensure smooth management of the fund, Zerodha will create a dedicated Open Source Program Office (OSPO), named the Open Source Funding Office (OSFO). This team will be responsible for overseeing the distribution of funds and ensuring a non-ad hoc approach to supporting open-source initiatives.

By establishing the OSFO, Zerodha aims to provide structured financial assistance to FOSS projects, promoting sustainability and innovation in the open-source community.

FOSS, which includes prominent software like Linux, Mozilla Firefox, and LibreOffice, refers to software that is free to use, modify, and distribute. The model encourages a collaborative, transparent, and community-led approach to software development, making it an essential part of technological advancement.

Zerodha’s decision to support FOSS initiatives globally is expected to significantly contribute to the growth of open-source software, empowering developers to continue creating tools that benefit communities worldwide.

Key Highlights:

• Zerodha has launched a $1 million annual fund to support FOSS/FLOSS projects worldwide.
• The company plans to invest $10,000-$100,000 per project and may increase the fund based on insights gained.
• A dedicated team, the Open Source Funding Office (OSFO), will manage the fund distribution.
• Zerodha’s initiative reflects its longstanding reliance on open-source technologies.