IIT Madras raised a record Rs 513 crore from alumni and corporates in 2023-24

New Delhi, May 8 (PTI) Indian Institute of Technology (IIT), Madras raised a record funding of Rs 513 crore from its alumni, industry and individual donors during 2023-24, officials said on Wednesday.

The institute also attracted total new pledges of Rs 717 crore from alumni and corporate partners during 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 the Sports Excellence Admission programme which is also being supported from this year’s philanthropic funds raised.

"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," V Kamakoti, Director, IIT Madras said.

For the second consecutive year, the institute set a new record for the highest funding raised in one financial year by an academic institute to undertake 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 one 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 the CSR (corporate social responsibility) funds and grants from Indian as well as multinational corporate firms," Kamakoti said.

The fund-raising was led by IIT Madras’ Office of Institutional Advancement, overseen by the IIT Madras Alumni Charitable Trust.

The total amount raised through alumni alone during 2023-24 was Rs 367 crore, which is an increase of 282 per cent as compared to the previous year. Their focus areas included cutting-edge research across various social impact themes, infrastructure, and scholarships for students, besides establishing Chair Professorships for research in specific areas. PTI