IIT Madras Achieves Historic Fundraising Milestone, Securing Rs. 513 Crore in FY 2023-24

• ByStartupStory     |    May 9, 2024

The Indian Institute of Technology Madras (IIT Madras) has set a new benchmark in academic fundraising by collecting a record Rs. 513 Crore during the fiscal year 2023-24. This substantial sum was contributed by alumni, corporate entities, and individual donors, marking a significant 135% increase from the previous year’s total of Rs. 218 Crore.

The funds will be channeled into various forward-thinking projects including technology research and development, deployment of existing technologies to meet societal needs, scholarships for deserving students, and infrastructural enhancements at the institute.

A notable initiative supported by this year’s funding is the newly launched Sports Excellence Admission program, aimed at diversifying the student body by enrolling top athletes.

Prof. V. Kamakoti, Director of IIT Madras, expressed gratitude towards the contributors, stating, “Steep academic growth needs steep rise in funding. Thanks to all CSR partners and Alumni of IIT Madras for trusting and supporting us in raising this all-time high quantum of funding.”

The Office of Institutional Advancement at IIT Madras, guided by the IIT Madras Alumni Charitable Trust, spearheads these fundraising efforts. This year’s achievements underscore the growing strength and impact of the institute’s partnerships with its alumni and corporate donors.

Prof. Mahesh Panchagnula, Dean (Alumni and Corporate Relations), shed light on the impact of this engagement: “IIT Madras has been fortunate to develop a unique blend of alumni and industry extending their support to various research and development projects through their philanthropy. 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.”

The fundraising milestones include significant contributions to cutting-edge research facilities and innovative programs. These include the Wadhwani School of Data Science and AI, Jaisri and Venkat Wind Energy Center, and the Walmart Centre for Tech Excellence, among others.

Mr. Kaviraj Nair, CEO of the Office of Institutional Advancement, shared his vision for the continuing efforts: “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 campus. 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 record-breaking year has not only advanced IIT Madras’s financial capabilities but has also strengthened the bonds of its vast alumni network, fostering a fertile ground for future innovation and societal impact. As Mr. V. Shankar, Chair of IITMACT and an alumnus, emphasizes, the ongoing collaboration between academia, alumni, and industry is pivotal for national development and social change.

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