IIT Madras raises record-breaking funding during FY 2023-24

Indian Institute of Technology Madras (IIT Madras) has raised highest-ever funding amount of Rs. 513 Crore 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.

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. In the fiscal year, 2022-23, the institute received Rs. 231 Cr.

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.

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, said a press release on Wednesday.

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,” he added.

According to the release, 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.

Discussing the impact of this financial year's fundraising activities, Prof. Mahesh Panchagnula, Dean (Alumni and Corporate Relations), IIT Madras said that the fundings raised symbolises a strong relationship that the institute has built over the years.

"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,” said Prof. Panchagnula.