IIT Madras raises Rs 513 cr in funding for FY24, says it's a record

Institute's alumni give Rs 367 crore, a 282% rise compared to FY23

Indian Institute of Technology Madras (IIT-M) raised Rs 513 crore in funding from alumni, other individual donors and industry in the financial year 2023-24 (FY24). It is a record and a 122 per cent increase compared to Rs 231 crore in FY23.

The institute got new pledges of Rs 717 crore from alumni and corporate partners in FY24. It will use the funds received for research and using technology to address societal needs in various parts of the country. The money will also be used for student scholarships and support the infrastructural needs of the institute.

The institute this year launched a Sports Excellence Admission programme, which is supported by philanthropic funds. For the second consecutive year, IIT-M has set a new record for the highest amount of funding raised in a single financial year by an academic institute to undertake technology research, student projects and develop campus infrastructure.

 

As many as 48 donors (16 alumni and 32 corporate partners) gave more than Rs 1 crore each to the institute. Overall, funds came from philanthropists, corporate social responsibility (CSR) funds and grants from Indian and multinational companies.

“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,” said V Kamakoti, director of IIT-M.

The fundraising is led by the institute’s Office of Institutional Advancement and overseen by the IIT Madras Alumni Charitable Trust.

“IIT Madras has been fortunate to develop a unique blend of alumni and industry extending their support to various research and development projects through their philanthropy. This ecosystem of well-wishers has touched hundreds of students’ lives and is likely to impact millions more through the technologies that will be developed. While the funds we have raised are historic, the relationships we built along the journey are deep and the source of our true strength,” said Mahesh Panchagnula, dean (alumni and corporate relations), IIT Madras.

The total amount raised through alumni in FY24 was Rs 367 crore, a 282 per cent rise compared to the previous year. Alumni’s focus in giving donations was research that has social impact, infrastructure, student scholarships and establishing chair professorships for specific areas.

“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,” said Kaviraj Nair, chief executive officer of Office of Institutional Advancement, IIT Madras.

IIT-M raised Rs 95.53 crore through CSR in FY24, growing 11.2 per cent growth from the previous year. CSR and corporate philanthropic grants together contributed Rs 116.8 crore with a 10.5 per cent increase in partnerships that contributed more than Rs. 1 crore. Donors’ top interests were artificial intelligence, technology initiatives in energy, environment, health and education, and collaboration for research under CSR.