Indian Institute of Technology (IIT) Madras raised ₹513 crore in funding from its alumni, companies and individual donors in the financial year 2023-24, more than doubling it from ₹218 crore it had netted in the year before.
In a statement on Tuesday, the institute said it has also received total new pledges of ₹717 crore from alumni and corporate partners in the financial year ended 31 March, 2024. “The funds received would be used for technology research and development as well as for deploying technology already built by IIT Madras, in various parts of the country based on the societal needs. In addition, it is also used to support deserving students with scholarships as well as to support the growing infrastructural needs of the institute,” said the college.
The number of donors giving over ₹1 crore to the institute was 48 (16 alumni donors and 32 corporate partners). According to data released by the college, funds raised in FY21 and FY22 were ₹101.2 crore and ₹131 crore, respectively. “The total amount raised through alumni alone during 2023-24 was ₹367 crore, which is an increase of 282% compared to the previous year,” IIT Madras said.
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What are these funds used for?
“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,” said Kaviraj Nair, CEO, Office of Institutional Advancement, IIT Madras.
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Among the prominent projects supported by alumni and corporate partners, IIT Madras listed the Wadhwani School of Data Science and AI for which alumnus Sunil Wadhwani, co-founder of IGATE has contributed ₹110 crore. Then there is the Sports Excellence Admission program, which has been supported by Krishna Chivukula, chairman, Indo-MIM Pvt. Ltd. The program aims to help students excelling in sports to get admission in the the undergraduate programs at IIT Madras.
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Published: 08 May 2024, 08:50 PM IST