The stockbroking platform Zerodha has officially unveiled a dedicated fund of $1 million per year aimed at providing crucial financial backing to Free/Libre and Open Source Software (FOSS/FLOSS) projects around the globe.
Kailash Nadh, the company’s chief technology officer, highlighted that Zerodha has consistently developed its financial technology products and services using a FOSS stack. He emphasized that a considerable portion of the company’s growth has been driven by these technologies, encompassing everything from programming languages and operating systems to databases, web servers, front-end frameworks, productivity tools, and code editors.
“We are thrilled to announce the launch of a dedicated fund focused on providing financial support to Free/Libre and Open Source Software (FOSS/FLOSS) projects worldwide, committing $1 million annually,” he stated.
Zerodha intends to invest between $10,000 and $100,000 in each project, with plans to increase this figure as the company gains insight into the management dynamics of the fund.
FOSS encompasses software that is free for use, modification, and distribution, with its source code readily accessible for anyone to inspect and enhance. This approach fosters collaboration and transparency. Well-known examples of FOSS include Linux, Mozilla Firefox, and LibreOffice.
To ensure the initiative operates smoothly, Zerodha will create a small, dedicated team to oversee the fund in an organized and systematic manner. This team will function similarly to an Open Source Program Office (OSPO) but will specifically focus on funding projects, effectively acting as an Open Source Funding Office (OSFO), Nadh explained.