IIT-M raises a historic high of Rs 231 cr from alumni, corporates

CHENNAI: The Indian Institute of Technology, Madras (IIT-M) on Monday announced that it has raised a historic amount of Rs 231 crore in funding from alumni, industry and individual donors during the financial year 2022-2023.

"This is the highest amount of funding raised in one financial year by the Institute for implementing socially-relevant projects. The fundraising has recorded a year-on-year growth of 76 per cent (Rs 131 crore in FY 2021-22). The number of donors giving over Rs 1 crore to the Institute has increased by 64 per cent from the previous year. The total funds raised has grown at a CAGR of 45% over the last 10 years. The funds were raised from alumni and individual philanthropists in addition to CSR funds and grants from Indians as well as multinational corporate firms," said a release from IIT-Madras.

"Alumni and individual donors across India and globally alone contributed nearly Rs 96 crore for the development of the Institute. Their focus areas included cutting-edge research across various social impact themes, infrastructure, scholarships for students, besides establishing Chair Professorships for research in specific areas. The last year also witnessed contributions coming in through batch reunions, some of which could not happen earlier due to the pandemic," it added.

Thanking the Alumni and Industry for their generous contributions, Professor Mahesh Panchagnula, Dean of Alumni and Corporate Relations, IIT Madras, said, “We are humbled by the outpouring of love and affection from the alumni of IIT Madras towards their alma mater. Year over year, the support of alumni and corporate philanthropy has been a crucial ingredient of our success on the global stage. We shall strive to take IIT Madras to even greater heights with their continuing support in the coming years.”

"The CSR segment witnessed a 56 per cent growth from the previous year with addition of 40 new partnerships in just the last year alone. The sectors that attracted top attention from donors include technology-driven initiatives in energy, environment, health and education besides collaborations for research under CSR. Till date, projects belonging to 94 faculty members have been supported through CSR funding, pertaining to various social impact sectors including education, health, water and sanitation, energy, environment, agriculture and sustainable housing, among others," he added.