IIT Madras raised Rs. 513 Crore in funding from its alumni, industry, and individual donors

Indian Institute of Technology Madras (IIT Madras) has raised Rs. 513 Crore in funding from its alumni, industry, and individual donors during the financial year 2023-24. The Institute also attracted total new pledges of Rs. 717 Crore from alumni and corporate partners during the FY 2023-24.

The finances received will be allocated towards technological advancements and the implementation of existing technology developed by IIT Madras, specifically in areas that address societal needs.

Additionally, a portion of the funds will also be used to provide scholarships to deserving students and to support the institute’s growing infrastructure requirements. This year, a groundbreaking initiative called the Sports Excellence Admission program has been launched, which is also being aided by philanthropic funds raised.

For the second consecutive year, the institute has achieved a new record for the highest amount of funds raised by an academic institute in a single fiscal year, with a focus on pioneering research in technology, student projects, and cutting-edge campus infrastructure development.

This exceptional amount of Rs. 513 Crore marks a 135% increase from the previous fiscal year of 2022-23, where Rs. 218 Crore was raised. 48 donors, including 16 alumni and 32 corporate partners, have contributed over Rs. 1 Crore to the institute.

The funds were gathered from IIT Madras alumni, individual philanthropists, and corporate social responsibility funds and grants from Indian and multinational companies.

Thanking the Alumni, Corporate Firms, and philanthropists for their generous contribution, Prof. V. Kamakoti, Director, of IIT Madras, said, “Steep academic growth needs a 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 IIT Madras Office of Institutional Advancement is spearheading the fundraising efforts, under the supervision of the IIT Madras Alumni Charitable Trust. This organization comprises supportive alumni who have played a vital role in the success of this year’s campaign.

Highlighting the impact of the fundraising activities for this financial year, Prof. Mahesh Panchagnula, the Dean of Alumni and Corporate Relations at IIT Madras, stated that the institute has been fortunate to have a unique mix of alumni and industry support for various research and development projects through their philanthropic contributions.

This network of well-wishers has positively impacted hundreds of students and is expected to have a ripple effect on millions more through the development of new technologies. While the amount raised is record-breaking, the relationships formed during this journey run deep and serve as the true source of strength.

A total of Rs. 367 Crore was raised through alumni alone in the year 2023-24, marking a significant increase of 282% from the previous year. The focus areas for these funds included cutting-edge research in various social impact themes, infrastructure improvements, student scholarships, and the establishment of Chair Professorships for research in specific fields.

In recent years, IIT Madras has also emerged as a leader in “Tech Driven CSR,” leveraging its advanced research to create products that benefit society and the country as a whole.

Outlining his vision for the current financial year of 2024-25, Mr. Kaviraj Nair, CEO, 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 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 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.”

The fundraising efforts of IIT Madras in their CSR segment saw a growth of 11.2% compared to the previous year, raising a total of 95.53 Cr. The combination of CSR and corporate philanthropic grants contributed a total of 116.8 Cr, with a 10.5% increase in partnerships that donated more than Rs. 1 Crore.

The focus of donors was mainly on sectors such as Artificial Intelligence, technology-driven initiatives in energy, environment, health, and education, as well as collaborations for research under CSR. To streamline fundraising efforts and encourage connections between the vast network of IIT Madras alumni, corporate firms, and philanthropists, the university has established the Office of Alumni and Corporate Relations, a team of experts dedicated to this cause.

The Office of Institutional Advancement, which is responsible for outreach, is a project of the IIT Madras Alumni Charitable Trust (IITMACT). The impact of alumni and corporate firms on driving social change in the country is highlighted by the community of IIT Madras.

Mr. V. Shankar, an alumnus of the Class of ’81, Founder of CAMS, and Chair of IITMACT, said “It is my deepest belief that the relationship between an alumnus and the alma mater is one that only becomes stronger as the years go by. This ecosystem of academia, alumni, and industry coming together through philanthropic initiatives to support the institute’s research and development directly contributes to social change and nation-building. As a proud alumnus of IIT Madras, I take pride in my long association with my alma mater as well as being actively involved through the Alumni Charitable Trust.”

  1. SOME KEY PROJECTS SUPPORTED BY ALUMNI AND CORPORATE PARTNERS:The financial year 2023-24 is a landmark year in the history of IIT Madras where several centers of excellence and schools were established through benevolent support from alumni and corporate support.

    Many key projects have been supported by the Alumni and Corporate Partners of the Institute. Some of them include:

    1. Wadhwani School of Data Science and AI: A landmark contribution of a‚¹110 crore from Distinguished Alumnus Awardee Mr. Sunil Wadhwani has propelled IIT Madras towards realizing its vision of a dedicated School of Data Science and AI.

    2. Sports Excellence Admission program: This program is intended to diversify our student population by allowing the meritorious and top sports performers to be admitted into the undergraduate programs at IIT Madras. This is an initiative supported by Distinguished Alumnus Awardee, Dr. Krishna Chivukula, Chairman, Indo-MIM Pvt. Ltd.

    3. Jaisri and Venkat Wind Energy Center: Funded by distinguished alumnus awardee Mr. Venkat Rangan, this center will bring together a multidisciplinary team of researchers, engineers, and industry experts to spearhead groundbreaking innovations in wind energy technology.

    4. Shankar Centre of Excellence for Diabetes research: Through cutting-edge research, this centre aims to develop innovative diabetes treatments tailored to the specific needs of the Indian population, with the potential to benefit patients worldwide.

    5. Walmart Centre for Tech Excellence: Funded by Walmart Global Tech as part of their CSR initiative, this centre is dedicated to developing cutting-edge solutions that will help MSMEs adopt Artificial Intelligence (AI) along with digitization to drive operational efficiency and profitability.

    6. Fedex Centre for Sustainable Supply Chains: This Centre of Excellence (COE) established through CSR grants of Fedex, will spearhead research and development while concurrently supporting fellowship programs for master’s and doctorate students, and actively catalyzing the growth of the startup ecosystem in India.

    7. UG Anatomy lab in the Department of Medical Sciences and Technology: Established through Power Finance Corporations’s CSR initiative, this laboratory aims to utilize and develop a state-of-art Anatomy Lab for undergraduates that will aid in effective technology-integrated teaching and learning practices for the first-of-its-kind BS Degree Program in Medical Sciences & Engineering.

Source: IITM Press Release

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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