IIT Madras Raises A Record Rs. 231 Crore From Alumni And Sponsors
The prestigious institution announced on Monday that the Indian Institute of Technology, Madras has raised money to the tune of Rs 231 crore from alumni, corporations, and private individuals for 2022–23.
Along with its associated entities, IIT Madras has raised this “historic” amount and this is the highest sum raised in a financial year by the institute for implementing socially-relevant projects, it said.
“The fundraising has recorded a year-on-year growth of 76 percent vis-à-vis Rs 131 crore in FY 22. The number of donors giving over Rs 1 crore to the institute has increased by 64 per cent from the previous year,” an official release here said.
The total funds raised have grown at a CAGR of 45 per cent over the last 10 years and these were in addition to CSR funds and grants from Indian as well as multinational corporate firms, it said.
Alumni and individual supporters from India and around the world contributed almost Rs 96 crore to the institute’s development. Its priority areas included cutting-edge research across numerous social impact themes, infrastructure, and student scholarships, as well as Chair Professorships for research in certain fields.
Last year also saw contributions from batch reunions, some of which could not take place earlier owing to the pandemic.
IIT Madras Dean (Alumni and Corporate Relations) Professor Mahesh Panchagnula appreciated the alumni and business for their kind donations.
Alumni support might take the shape of domain and technical skills, professional networks, or financial resources, according to Kaviraj Nair, Chief Executive Officer, Office of Institutional Advancement, IIT Madras. Alumni help to improve the general infrastructure on campus by building innovation hubs, indoor sports complexes and purchasing electric buses for campus transportation, he said.
According to the statement, CSR financing has been used to support initiatives belonging to 94 faculty members in areas such as education, health, water and sanitation, energy, environment, agriculture, and sustainable housing.
The institute’s primary fundraising goals for the current fiscal year of 2023-24 include strengthening the alumni fundraising teams in India and the United States in order to further penetrate the alumni segment.
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