News Update
IIT-Bombay’s ’98 graduates donate Rs 57 crore to alma mater
-
ByStartupStory | December 26, 2023
During their 25th-year reunion, the 1998 alumni of IIT Bombay made a historic donation of Rs 57 crore, setting a record as the largest collective gift from a single class. This surpasses the prior record set by the 1971 batch, signifying a significant milestone for the institution.
“This beats the earlier record,” noted the report, highlighting the class’s unity in contributing to their alma mater. Over 200 former students participated, with substantial donations from accomplished individuals like Apoorv Saxena, Shailendra Singh, Anupam Banerjee, Dileep George, Mohan Lakahmraju, Manu Varma, Sundar Iyer, Sandeep Joshi, and Srikant Shetty.
The Alumni Day celebrations coincided with this extraordinary reunion, emphasizing the historical importance of the occasion for IIT Bombay.
“The generous funds will bolster critical projects,” the report highlighted. The donation will facilitate initiatives like Project Evergreen for sustainable hostels, Makerspace labs for innovation, and comprehensive Student Aid programs.
“This substantial contribution surpasses the noteworthy donation made earlier,” underlined the report, emphasizing the significance of the 1998 batch’s generosity and its impact on shaping academic excellence and fostering future innovations at IIT Bombay.
The aim is to elevate IIT Bombay amongst the world’s top universities by 2030. “The donation marks a significant milestone,” the report concluded, outlining the collective vision for excellence and growth within the institution.
Also Read
-
-
Clean-label food brand Anveshan has raised Rs 150 crore (nearly $16 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from International Finance Corporation (IFC), Swiggy co-founder Sri Harsha Majety, and existing investors including Wipro Consumer Care Ventures, Titan Capital Winners Fund, Force Ventures, and boAt co-founders Aman Gupta and Sameer Mehta. Entrackr had exclusively reported the development last week. According to Entrackr’s estimates, the funding valued the company at over $90 million. The fresh capital will be used to strengthen manufacturing capabilities, accelerate product development, expand offline distribution, and deepen its digital presence. The company also plans to invest in sourcing infrastructure, procurement systems, quality assurance, and testing capabilities while expanding partnerships with micro entrepreneurs and traditional producers. Founded in 2020 by Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, Anveshan sells minimally processed food products including A2 bilona ghee, cold-pressed oils, raw honey, atta, and other traditional nutrition-focused products. The startup operates through a network of rural producers and micro entrepreneurs across the country. Anveshan claims to be operating at an annual revenue run rate of Rs 280-300 crore and is targeting Rs 1,000 crore in revenue over the next 24-30 months. The company plans to expand its atta portfolio, strengthen its owned digital channels, scale offline distribution, and continue investing in product innovation. For the fiscal year ended March 2025, Anveshan reported a 64.6% increase in operating revenue to Rs 77.08 crore from Rs 46.84 crore in FY24. Its losses widened to Rs 11.88 crore in FY25 from Rs 5.74 crore in the previous fiscal year....
Follow Startup Story
