The Housefull 2 star gave the money to the participants on the show after listening to their personal stories of struggle and learning about their dreams.
A source told Mid-Day: "Akshay was on the show to promote his latest film with Sonakshi Sinha and he just got chatting with the finalists. They are all very young - between the ages of 22 and 25 years. And though not all come from economically poor backgrounds, Akshay thought he needed to step up and do something for them."
The actor is said to be keen on promoting dance forms, and a source remarked: "When he saw the participants, he thought that their talent shouldn't go to waste. Some of them were obviously having trouble funding their passion and so he thought he would help them in whatever way he can."
Kumar is known for his philanthropic efforts, having donated Rs two crore to the Ice Hockey Association of India and Rs ten lakh for an educational initiative called Support my School.
Two years ago he donated Rs 50 lakh to Salman Khan's Being Human Foundation.
The actor is also ambassador of a Mumbai-based heart hospital.
Watch the trailer for Housefull 2 below: