An art collector known for his extensive collection of pre-modern and modern Indian art, Rajiv Savara is also the co-founder of the Savara Foundation of Arts, along with his wife Roohi Savara.

Over the years, the Savaras have acquired several historically significant works, dating from the 1890s to the mid-1980s. This includes a large private collection of artworks by Raja Ravi Varma and VS Gaitonde, in addition to artworks from the Bengal School and the Tagore family. Some of the other notable artists in their collection include Nandalal Bose, Meera Mukherjee, SH Raza, Somnath Hore, FN Souza, Ram Kumar, Ganesh Pyne and Ramkinkar Baij. In addition, the Savara Foundation has also acquired a selection of decorative art, comprising Anglo-Indian and Portuguese-Indian furniture from the eighteenth to the twentieth century, as well as Japanese decorative art from the Meiji Period (1868–1912).

The Savaras have been a part of the advisory committee for Indian and Himalayan Art at the Philadelphia Museum of Art and have served as trustees of the Barnes Foundation, Philadelphia, USA. Their organisation has also provided financial assistance for exhibitions of Indian art overseas, including The Rhythms of India: The Art of Nandalal Bose, held at the San Diego Museum of Art in 2008, and Rabindranath Tagore: The Last Harvest, held at the Asia Society Museum, New York, in 2011.

In 2004, the Savara Foundation established a museum, Raj Ashraya, in New Delhi, which displays selected works from the family’s collection.