Indian Institute of Technology (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 (FY) 2023-24.
The institute also attracted total new pledges of Rs 717 Crore from alumni and corporate partners during the FY 2023-24, stated a press release from the statement.
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 pathbreaking new initiative launched this year is the Sports Excellence Admission programme 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% 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 (MNCs) firms.
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.”
