IIT Madras raises Rs 231 Crore from Alumni, Corporates & Donors

IndiGlobal Bureau

Indian Institute of Technology Madras (IIT Madras) along with its associated entities has raised a historic amount of Rs. 231 crore in funding from alumni, industry and individual donors during the financial year 2022-23. This is the highest amount of funding raised in one financial year by the Institute for implementing socially-relevant projects.

The fundraising has recorded a year-on-year growth of 76 per cent vis a vis Rs. 131 Cr in FY22). The number of donors giving over Rs. 1 Crore to the Institute has increased by 64 per cent from the previous year.

The total funds raised has grown at a CAGR of 45% over the last 10 years.. The funds were raised from alumni and individual philanthropists in addition to CSR funds and grants from Indian as well as Multinational Corporate firms.

Alumni and individual donors across India and globally alone contributed nearly Rs. 96 crore for the development of the Institute. Their focus areas included cutting-edge research across various social impact themes, infrastructure, scholarships for students, besides establishing Chair Professorships for research in specific areas. The last year also witnessed contributions coming in through batch reunions, some of which could not happen earlier due to the pandemic.

Thanking the Alumni and Industry for their generous contributions, Prof. Mahesh Panchagnula, Dean (Alumni and Corporate Relations), IIT Madras, said, “We are humbled by the outpouring of love and affection from the alumni of IIT Madras towards their alma mater. Year over year, the support of alumni and corporate philanthropy has been a crucial ingredient of our success on the global stage. We shall strive to take IIT Madras to even greater heights with their continuing support in the coming years.”

The CSR segment witnessed a 56 per cent growth from the previous year with addition of 40 new partnerships in just the last year alone. The sectors that attracted top attention from donors include technology-driven initiatives in energy, environment, health and education besides collaborations for research under CSR.

IIT Madras has a professionally-managed, dedicated team at the Office of Institutional Advancement, that spearheads its fundraising activities. The team works with corporate firms, alumni, and donors to raise funds for the Institute. In the coming years, the Institute is looking to enhance its fundraising initiatives to undertake more projects to address societal issues.

Elaborating how the social projects of the Institute benefit the country, Mr. Kaviraj Nair, Chief Executive Officer, Office of Institutional Advancement, IIT Madras, said, “The Office of Institutional Advancement helps create enduring assets for the institute through collaborations with alumni, foundations, and corporate organizations. Our benefactors enable us to build interdisciplinary Centers of Excellence focused on developing and deploying new technologies in socially-relevant realms like healthcare, climate change, energy, skill development, and agriculture. They also provide financial assistance to needy students through scholarships and fellowships.”

Mr. Kaviraj Nair further added, “Alumni support may take the form of domain and technical expertise, professional networks, or financial resources. Alumni contribute to improving the overall infrastructure on the campus, such as the construction of innovation hubs, indoor sports complexes, or the purchase of electric buses for campus transportation. We also work extensively with our alumni to create a world-class startup ecosystem associated with IIT Madras. I take this opportunity to express our heartfelt gratitude to all our supporters, and I hope that the institute will forge stronger partnerships in the years to come.”

Till date, projects belonging to 94 faculty members have been supported through CSR funding, pertaining to various social impact sectors including education, health, water and sanitation, energy, environment, agriculture and sustainable housing, among others.

The key fundraising goals of the Institute for the current financial year of 2023-24 include strengthening the alumni fundraising team in India and in the U.S. to further penetrate the alumni segment.