IIT Madras Shatters Fundraising Records with Rs 513 Crore Influx

Preeti Bali / 7:54 am / May 9, 2024

The Indian Institute of Technology Madras (IIT-M) has scaled new heights in fundraising, securing a record-breaking Rs 513 crore during the financial year 2023-24 (FY24). This remarkable achievement represents a staggering 122% increase compared to the Rs 231 crore raised in FY23.

Renewed Pledges and Strategic Use of Funds

Beyond the immediate influx of funds, IIT-M also garnered fresh pledges totaling Rs 717 crore from alumni and corporate partners in FY24. These combined resources will empower the institute to prioritize cutting-edge research endeavors. Furthermore, IIT-M will leverage the funding to address societal needs across India by strategically deploying its technological expertise. A portion of the funds will also be allocated towards scholarships for deserving students and bolstering the institute’s infrastructure.

Sports Excellence Takes Center Stage

This year marks the launch of the institute’s Sports Excellence Admission program, a testament to its commitment to holistic development. This initiative is fueled by generous philanthropic contributions.

IIT-M Maintains Fundraising Supremacy

For the second consecutive year, IIT-M has established itself as the frontrunner in academic fundraising within India. This historic accomplishment signifies the institute’s ability to attract the highest amount of funding in a single financial year amongst all academic institutions in the country. These resources will propel advancements in technological research, student projects, and the ongoing development of the IIT-M campus.

Generous Support from a Diverse Donor Pool

A significant number of donors, totaling 48, actively participated in this fundraising effort. This group comprised 16 alumni and 32 corporate partners, each contributing over Rs 1 crore. Overall, the institute received financial support from a diverse range of sources, including individual philanthropists, corporate social responsibility (CSR) funds, and grants provided by both Indian and multinational companies.

Gratitude from Institute Leadership

Professor V Kamakoti, Director of IIT-M, expressed his deep appreciation to all corporate social responsibility partners and alumni for their unwavering trust and support. He acknowledged the significance of this record-breaking funding in propelling the institute’s continued growth.

Collaborative Efforts Drive Success

The successful fundraising campaign was spearheaded by the institute’s Office of Institutional Advancement and overseen by the IIT Madras Alumni Charitable Trust. Mahesh Panchagnula, Dean (Alumni and Corporate Relations) at IIT-M, highlighted the institute’s longstanding tradition of fostering a unique partnership between alumni and industry leaders. This collaborative ecosystem of well-wishers has demonstrably impacted the lives of countless students and is poised to influence millions more through the development of groundbreaking technologies. While the financial contributions are indeed historic, Dean Panchagnula emphasized the enduring strength derived from the deep relationships cultivated throughout this journey.

Alumni Giving Focuses on Social Impact

IIT-M alumni displayed a remarkable generosity in FY24, contributing a total of Rs 367 crore, reflecting a phenomenal 282% increase compared to the previous year. Their philanthropic focus centered on research initiatives with a demonstrable social impact, infrastructure development, scholarships for students in need, and the establishment of endowed professorships in specific academic areas.

Strategic Deployment of Funds for Holistic Growth

Kaviraj Nair, Chief Executive Officer of the Office of Institutional Advancement at IIT-M, elaborated on the strategic utilization of funds raised through alumni and corporate donors. These resources will directly support cutting-edge research projects, provide scholarships to deserving students, and contribute to the ongoing development of the IIT-M campus. By investing in these critical areas, the institute aims to not only elevate the academic experience for its students but also cultivate a nurturing environment that fosters innovation and societal transformation.

Strong CSR Partnerships Drive Growth

IIT-M secured Rs 95.53 crore through CSR initiatives in FY24, representing an 11.2% increase from the previous year. Combined, CSR contributions and corporate philanthropic grants totaled Rs 116.8 crore, reflecting a 10.5% rise in partnerships exceeding Rs 1 crore in contributions. Donors within the CSR space exhibited a particular interest in artificial intelligence research, technological advancements in energy, environment, health, and education sectors, and collaborative research initiatives.


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