IIT Madras raises Rs 513 crore from alumni, corporates, and donors in the FY 2023-24

Indian Institute of Technology Madras (IIT Madras) has raised Rs 513 crore in funding from its alumni, corporate partners, and individual donors during the financial year 2023-24.

The fundraising represents a 135% increase from the previous financial year's Rs 218 crore and includes new pledges worth Rs 717 crore. 

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

Support from alumni and corporations

The fundraising was primarily driven by IIT Madras alumni, who contributed Rs 367 crore—a 282% increase compared to the previous year.

Additionally, CSR contributions totalled Rs 95.53 crore, reflecting an 11.2% growth from the previous year. Corporate philanthropic grants and CSR funds together contributed Rs 116.8 crore, with a 10.5% increase in partnerships donating over Rs 1 crore.

"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 Prof. Mahesh Panchagnula, Dean (Alumni and Corporate Relations), IIT Madras.

Utilizing the funding

The institute will use these funds for research and technology development, as well as deploying existing technologies to address societal needs across India.

Additionally, the funding will be used to provide scholarships to deserving students and to support the institute's growing infrastructural needs. 

Sports Excellence Admission program

A new initiative called the 'Sports Excellence Admission program' was launched this year. It is also being supported by this year's philanthropic funds raised, the release notes.

The program aims to help students excelling in sports to get admission to the the undergraduate programs at IIT Madras.

"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, CEO, Office of Institutional Advancement, IIT Madras.

Tech-driven CSR leader

IIT Madras has also emerged as a national leader in "Tech-Driven CSR," translating cutting-edge research into products that benefit society.

The institute's fundraising is managed by the Office of Institutional Advancement, which is overseen by the IIT Madras Alumni Charitable Trust (IITMACT).

"It is my deepest belief that the relationship between an alumnus and the alma mater is one that only becomes stronger as the years go by. This ecosystem of academia, alumni, and industry coming together through philanthropic initiatives to support the institute’s research and development directly contributes to social change and nation-building," said V. Shankar, Distinguished Alumnus Awardee and Chair of IITMACT.