Indian Institute of Technology Madras (IIT Madras) 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 FY 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 the 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 path breaking new initiative launched this year is the Sports Excellence Admission program which is also being supported from this year’s philanthropic funds raised.
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.
This historic high of Rs. 513 Crore is a 135 per cent increase from the amount raised in the previous financial year 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 Madras alumni and individual philanthropists in addition to CSR funds and grants from Indian as well as Multinational Corporate firms.
“Steep academic growth needs steep rise in funding. Thanks to all CSR partners and Alumni of IIT Madras for trusting and support us in raising this all-time high quantum of funding.”
Prof. V. Kamakoti, Director, IIT Madras
Thanking the Alumni, Corporate Firms and philanthropists for their generous contribution, Prof. V. Kamakoti, Director, IIT Madras, said, “Steep academic growth needs steep rise in funding. Thanks to all CSR partners and Alumni of IIT Madras for trusting and support us in raising this all-time high quantum of funding.”
The fundraising is led by IIT Madras’ Office of Institutional Advancement, overseen by the IIT Madras Alumni Charitable Trust, an organization consisting of well-wisher alumni who have played a crucial role in this year’s success.
In recent years, IIT Madras has also emerged as a National Leader in ‘Tech Driven CSR’ through which the Institute is translating the cutting-edge research underway in its labs to actual products that benefit the society and country at large.
The CSR segment of IIT Madras fundraising recorded a 11.2 per cent growth from the previous year by raising 95.53 Cr. CSR and corporate philanthropic grants together contributed 116.8 Cr with a 10.5 per cent increase in partnerships that contributed more than Rs. 1 Crore. The sectors that attracted top attention from donors include Artificial Intelligence, technology-driven initiatives in energy, environment, health and education besides collaborations for research under CSR.