The Indian Institute of Technology Madras (IIT-M) has announced that it raised a record Rs 513 crore during the financial year 2023-24, marking more than double the amount raised in the previous year. As per an ET report, this increase came from alumni, corporations, and individual donors, showcasing the strong support for the institution’s mission and projects.
IIT-M Alumnileading the charge
Most of the funds came from alumni, who contributed Rs 368.19 crore. The Corporate Social Responsibility (CSR) segment gave Rs 95.53 crore, and the remaining amount came from various other sources.
Additionally, IIT-M has received new funding pledges totaling Rs 717.8 crore from alumni and corporate partners for the 2023-24 fiscal year. Of this, alumni have pledged Rs 455.6 crore, and the CSR segment has pledged Rs 262.2 crore.
Impact on research, infrastructure, and scholarships
The funds raised will be used to develop new technologies and support research at IIT Madras. The money will also help bring existing technology to different parts of the country based on community needs.
The funds will also help IIT-M expand its facilities and provide scholarships for students.
Mahesh Panchagnula, dean of alumni and corporate relations at IIT-M was quoted as saying, “This ecosystem of well-wishers has touched hundreds of students’ lives and is likely to impact millions more through the technologies that will be developed.”
Record growth in fundraising
In 2023-24, more than 1,000 donors contributed to IIT Madras, leading to a total of Rs 513 crore. This is a 135% increase from the Rs 218 crore raised in the previous year. Of these donors, 48 gave at least Rs 1 crore each—16 were alumni, and 32 were corporate partners.
“Steep academic growth needs a steep rise in funding,” said V Kamakoti, director of IIT-M.
Key projects supported
The CSR segment of IIT Madras’ fundraising grew by 11.2% compared to the previous year, raising Rs 95.53 crore. In total, CSR and other corporate grants contributed Rs 116.8 crore, with a 10.5% increase in partnerships where each partner gave more than Rs 1 crore.
These funds support important projects like the Wadhwani School of Data Science and AI, the Sports Excellence Admission Programme, the Jaisri and Venkat Wind Energy Centre, the Shankar Centre of Excellence for Diabetes Research, the Walmart Centre for Tech Excellence, and the FedEx Centre for Sustainable Supply Chains.
Leadership in fundraising
IIT Madras’ fundraising is managed by its Office of Institutional Advancement, which is guided by the IIT Madras Alumni Charitable Trust, an organization made up of alumni.
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/iit-madras-raises-record-rs-513-crore-from-alumni-corporates-donors-48-donors-give-rs-1-crore-or-more/articleshow/110057654.cms