Inspired after being conferred with an esteemed Dayawati Modi Foundation's award for Art, Culture & Education in 1996, Ravi Paranjape established the 'Ravi Paranjape Foundation' in early 1998.
It was founded with an objective ofduly recognizing talented but overlooked artists who have greatly contributed to the fine & commercial art world. The foundation instituted 'K.R. Paranjape Gunijan Kala Puraskaar' in honor of Raviji'sartist and educator father. Shri. K.R. Paranjape was instrumental in recognizing and nurturing Raviji's artistic talent from very early age and supporting Raviji through every challenge he encountered in professional as well as personal life.
Since then several remarkable yet unnoticed veterans in the art world have been felicitated by the Foundationwith 'K.R. Paranjape Gunijan Kala Puraskar' and cash rewards in impressive presentation ceremonies arranged by the Ravi Paranjape Foundation.
The foundation also offers grants to promising young artists. Many such individuals are given an opportunity to present their work to the patrons of the recently established 'The Ravi Paranjape Studio'.
In 2008 reaching out to the philanthropic cause 'Ravi Paranjape Foundation' aided founding of 'SPACE Institute for Education & Rehabilitation of Spastics'