The Indian Institute of Technology Madras (IIT Madras) has raised a record-breaking amount of INR 513 crore as funding from its alumni, industry and individual donors during the financial year 2023-24.

The Institute also attracted total new pledges of INR 717 crore from the alumni and corporate partners during the FY 2023-24.

Kaviraj Nair, CEO, of the Office of Institutional Advancement, IIT Madras, said, “The funds raised through alumni community and corporate donors are used to support cutting-edge research, provide scholarships to students in need, and to help develop the campus.”

Nair added, “By investing in these critical areas, IIT Madras aims to not only elevate the academic experience but also cultivate a nurturing environment for innovation and societal transformation. The ripple effect of this philanthropic support extends far beyond our campus borders, reaching into communities and touching countless lives. Together with our donors, alumni, and stakeholders, we will continue to push the boundaries of knowledge and make a tangible difference in the world.”

In 2020-21, IIT-Madras managed to raise INR 101.2 crore, in 2021-22, it rose to INR 131 crore and in 2022-23, the institute received INR 231 crore. This historic high of INR 513 crore is a 135% increase from the amount raised in the previous financial year of 2022-23.

According to information, around 48 (16 alumni and 32 corporate partners) donors have donated over INR 1 crore each.

IIT Madras raised INR 95.53 crore through CSR in FY24, a growth of 11.2% from the previous year. CSR and corporate philanthropic grants together contributed INR 116.8 crore with a 10.5% increase in partnerships that contributed more than INR 1 crore. Donors’ top interests were artificial intelligence, technology initiatives in energy, environment, health and education, and collaboration for research under CSR.

The IIT Madras has set up an Office of Alumni and Corporate Relations, a dedicated team of professionals, to look after the fundraising initiatives and to promote and facilitate connections amongst the diverse network of IIT Madras alumni, corporate firms and philanthropists.

Some key projects supported by the alumni and corporates include Wadhwani School of Data Science and AI, Sports Excellence Admission Programme, Jaisri and Venkat Wind Energy Centre, Shankar Centre of Excellence for Diabetes Research, Walmart Centre for Tech Excellence, Fedex Centre for Sustainable Supply Chains, UG Anatomy Lab in Department of Medical Sciences and Technology.

Article Source – IIT Madras, PIB