Founded in 2014 by Sunil Kant Munjal under the umbrella of the Serendipity Arts Munjal Initiative for Creativity, the Serendipity Arts Foundation conducts arts and writing initiatives in addition to organising the Serendipity Arts Festival in Goa with the aim of improving access to art and research materials. It also holds programmes to support arts practitioners and researchers working in emerging media, performing arts, lens-based media and visual arts. The Foundation subsists mainly through monetary grants.

The Foundation conducts several short- and long-term projects on intangible and material arts culture. These include cultural events, film programmes and symposia on contemporary art. It also holds the annual Serendipity Arts Festival in Goa, which features exhibitions, workshops, performances and curated projects across numerous venues, highlighting craft, music, dance, theatre, culinary arts, visual arts and photography.

Other initiatives of the Foundation include the Music Mapping Project — a data collection project that aims to document musicians’ practices throughout India, beginning with Delhi. In December 2020, the Foundation launched a COVID-friendly platform, SA Virtual. In April 2021, the Foundation facilitated the construction of an educational space in Defence Colony, New Delhi, for the Delhi Art Week, which functioned as a coworking space, arts library (Text/Matters) and platform for artistic programming.

As of writing, Smriti Rajgharia is the Director of the Foundation.