The money is being given to Plan, an international children's development organization, to improve the lives of children in Mumbai's slum communities.
"Slumdog" producer Christian Colson said he hopes the funds will give thousands of youngsters an education and access to good healthcare.
"We are grateful to everyone who has supported this initiative and we look forward to working with Plan to ensure that the money is put to the best possible use,"
Colson said in a statement.
"Having benefited so much from the hospitality of the people of Mumbai it is only right that some of the success of the movie be (shared with) the city in areas where it is needed most and where it can make a real difference to some lives," director Danny Boyle said "Despite intimidating odds, extraordinary work is going on to help people break the cycle of poverty through education. We're delighted that this initiative will add to that ongoing work."
Celebrity Families of 2014 [PHOTOS]