CHENNAI: Indian Institute of Technology Madras has raised an all-time high sum of Rs 131 crore from alumni, donors, and corporate firms during the financial year 2021-22 to further its philanthropic and socially-relevant projects.
The institute aims to accelerate fundraising by strengthening alumni networks and increasing engagement with corporates, philanthropies, and high-net-worth individuals. The fundraising activities are spearheaded by the Office of Alumni and Corporate Relations, which comprises a dedicated team of professionals who work with corporate firms, alumni, and donors.
Despite the pandemic, the fundraising from alumni, donors, and corporate firms has been increasing by over 30 percent Year-on-Year.
The number of corporate firms donating funds to IIT-Madras through CSR has almost doubled in the last five years. Fundraising from Corporate Social Responsibility (CSR) partnerships accounts for nearly half of the total Rs 131 crore raised in the last financial year.
A key factor driving this fundraising has been the highly qualified IIT Madras faculty who are carrying out path-breaking research and undertaking effective execution of socially-relevant projects. The funds raised have been vital in supporting initiatives to mitigate the COVID-19 pandemic in particular.
During the pandemic, the Institute collected over Rs. 15 crore (approximately $2 million) from IIT Madras alumni globally towards Covid relief projects, which were deployed to provide essential medical equipment such as BiPAP and oxygen concentrators, to the Governments of Tamil Nadu, Karnataka, and Telangana.
The sectors that attracted major funding include infrastructure, innovative projects of students, faculty research, scholarships and chair professorships.