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IIT Madras raises an All-Time High of Rs. 513 Crore from Alumni, Corporates & Donors in the FY 2023-24

By   /  May 9, 2024  /  Comments Off on IIT Madras raises an All-Time High of Rs. 513 Crore from Alumni, Corporates & Donors in the FY 2023-24

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CHENNAI : Indian Institute of Technology Madras (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 2023-24. The Institute also attracted total new pledges of Rs. 717 Crore from alumni and corporate partners during the 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 to support the growing infrastructural needs of the institute.

A pathbreaking new initiative launched this year is the Sports Excellence Admission program 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 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.”

The fundraising is led by IIT Madras’ Office of Institutional Advancement, overseen by the IIT Madras Alumni Charitable Trust, an organization consisting of well-wisher alumni who have played a crucial role in this year’s success.

IIT MADRAS FUNDRAISING DATA

2020-21 2021-22 2022-23 2023-24

 

Rs. 101.2 Cr Rs. 131 Cr Rs. 231 Cr Rs. 513 Cr

Throwing light on the impact of this financial year’s fundraising activities, Prof. Mahesh Panchagnula, Dean (Alumni and Corporate Relations), IIT Madras, said, “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 is historic, the relationships we built along the journey are deep and the source of our true strength.”

The total amount raised through alumni alone during 2023-24 was Rs. 367 Crore, which is an increase of 282% 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.

In recent years, IIT Madras has also emerged as a National Leader in ‘Tech Driven CSR’ through which the Institute is translating the cutting-edge research underway in its labs to actual products that benefit the society and country at large.

Outlining his vision for the current financial year of 2024-25, Mr. Kaviraj Nair, CEO, Office of Institutional Advancement, IIT Madras, said, “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. The ripple effect of this philanthropic support extends far beyond our campus borders, reaching into communities and touching countless lives. Together with our donors, alumni, and stakeholders, we will continue to push the boundaries of knowledge and make a tangible difference in the world.”

The CSR segment of IIT Madras fundraising recorded a 11.2% growth from the previous year by raising 95.53 Cr. CSR and corporate philanthropic grants together contributed 116.8 Cr with a 10.5% increase in partnerships that contributed more than Rs. 1 Crore. The sectors that attracted top attention from donors include Artificial Intelligence, technology-driven initiatives in energy, environment, health and education besides collaborations for research under CSR.

IIT Madras has set up the Office of Alumni and Corporate Relations, a dedicated team of professionals to synergize fundraising initiatives, and to promote and facilitate connections amongst the diverse network of IIT Madras alumni, corporate firms, and philanthropists.

The Office of Institutional Advancement which is responsible for this outreach is an initiative of the IIT Madras Alumni Charitable Trust (IITMACT). Elaborating how alumni community of an institute like IIT Madras and corporate firms can contribute to social change in the country, Mr. V. Shankar, an alumnus of the Class of ’81, Founder of CAMS and Chair of IITMACT, said, “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. As a proud alumnus of IIT Madras I take pride in my long association with my alma mater as well as being actively involved through the Alumni Charitable Trust.”

SOME KEY PROJECTS SUPPORTED BY ALUMNI AND CORPORATE PARTNERS:

The financial year 2023-24 is a landmark year in the history of IIT Madras where several centers of excellence and schools were established through benevolent support from alumni and corporate support.

Many key projects have been supported by the Alumni and Corporate Partners of the Institute. Some of them include:

  1. Wadhwani School of Data Science and AI: A landmark contribution of ₹110 crore from Distinguished Alumnus Awardee Mr. Sunil Wadhwani has propelled IIT Madras towards realizing its vision of a dedicated School of Data Science and AI.
  2.  Sports Excellence Admission program: This program is intended to diversify our student population by allowing the meritorious and top sports performers to be admitted into the undergraduate programs at IIT Madras. This is an initiative supported by Distinguished Alumnus Awardee, Dr. Krishna Chivukula, Chairman, Indo-MIM Pvt. Ltd.
  3. Jaisri and Venkat Wind Energy Center: Funded by distinguished alumnus awardee Mr. Venkat Rangan, this center will bring together a multidisciplinary team of researchers, engineers, and industry experts to spearhead groundbreaking innovations in wind energy technology.
  4. Shankar Centre of Excellence for Diabetes research: Through cutting-edge research, this centre aims to develop innovative diabetes treatments tailored to the specific needs of the Indian population, with the potential to benefit patients worldwide.
  5. Walmart Centre for Tech Excellence: Funded by Walmart Global Tech as part of their CSR initiative, this centre is dedicated to developing cutting-edge solutions that will help MSMEs adopt Artificial Intelligence (AI) along with digitization to drive operational efficiency and profitability.
  6. Fedex Centre for Sustainable Supply Chains: This Centre of Excellence (COE) established through CSR grants of Fedex, will spearhead research and development while concurrently supporting fellowship programs for master’s and doctorate students, and actively catalyzing the growth of the startup ecosystem in India.
  7. UG Anatomy lab in Department of Medical Sciences and Technology: Established through Power Finance Corporations’s CSR initiative, this laboratory aims to utilize and develop a state-of-art Anatomy Lab for undergraduates that will aid in effective technology-integrated teaching and learning practices for the first-of-its-kind BS Degree Program in Medical Sciences & Engineering.
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