IIT Madras has received a whopping Rs 513 crore in funding during the financial year 2023-24. This record-breaking amount comes from alumni, industry partners, and individual donors. Additionally, the institute attracted new pledges totaling Rs 717 crore from alumni and corporate partners during the same period.
Kaviraj Nair, CEO of the Office of Institutional Advancement at IIT Madras, mentioned that the funds raised are utilized to support research, provide scholarships to students, and enhance campus development. By investing in these areas, the institute aims to enhance the academic experience and foster an environment for innovation and societal impact.
The amount raised in 2023-24 marks a significant increase compared to previous years. In 2020-21, the institute raised Rs 101.2 crore, which increased to Rs 131 crore in 2021-22, and further to Rs 231 crore in 2022-23. The substantial increase to Rs 513 crore in 2023-24 demonstrates a 135% growth from the previous year.
A total of 48 donors, including alumni and corporate partners, contributed over Rs 1 crore each. Some key projects supported by this funding include the Wadhwani School of Data Science and AI, Sports Excellence Admission program, research centers like the Jaisri and Venkat Wind Energy Center and Shankar Centre of Excellence for Diabetes research, and initiatives like the Walmart Centre for Tech Excellence and Fedex Centre for Sustainable Supply Chains.
To manage fundraising initiatives and promote connections among alumni, corporate partners, and philanthropists, IIT Madras has established an Office of Alumni and Corporate Relations, comprising a dedicated team of professionals.
