IIT-M raises an all-time high of Rs 513 Cr from alumni and others in the last fiscal
The Institute also attracted total new pledges of Rs 717 crore from alumni and corporate partners during the fiscal 2023-24
IIT Madras Director V Kamakoti thanks alumni for their support
CHENNAI: The Indian Institute of Technology Madras (IIT-M) on Wednesday informed that it has raised a record breaking amount of 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 fiscal 2023-24.
"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 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. A groundbreaking new initiative launched this year is the Sports Excellence Admission program which is also being supported from this year's philanthropic funds raised, " a release from IIT-M read.
"For the second consecutive year, the Institute has set a new record for the highest amount of funding raised in one financial year by an academic institute to undertake path breaking tech research, student projects as well as to develop cutting-edge infrastructure in the campus, " it added.
This historic high of Rs 513 crore is a 135 per cent increase from the amount raised in the previous fiscal of 2022-23, when Rs 218 crore was raised.
The number of donors giving over Rs 1 crore to the Institute is 48 (16 alumni donors and 32 Corporate Partners).
The funds were raised from IIT-M alumni and individual philanthropists in addition to CSR funds and grants from Indian as well as Multinational Corporate firms.
Thanking the alumni and others for their generous contribution V Kamakoti, Director of IIT-M said, "Steep academic growth needs steep rise in funding. Thanks to all CSR partners and Alumni of IIT-M for trusting and supporting us in raising this all-time high quantum of funding."
IIT MADRAS FUNDRAISING DATA
2020-21 - Rs. 101.2 Cr
2021-22 - Rs. 131 Cr
2022-23 - Rs. 231 Cr
2023-24 - Rs. 513 Cr