Vagisha Kaushik|Jul 6, 2022
IIT Madras raises Rs 131 crore from alumni, corporates to fund projects
IITM: This is the first time IIT Madras is raising such a huge amount from its alumni, donors, and corporate firms with a 30% increase in funding.
NEW DELHI: The Indian Institute of Technology (IIT) Madras has raised Rs 131 crore from alumni, donors, and corporate firms during the financial year 2021-22 with the objective to support the institute's projects. This is the first time IIT Madras is raising such a high sum of funding from these sources, claimed the institute.
According to estimates, the contributions from the IIT Madras alumni network, donors and corporate firms have increased by 30 percent. "The institute aims to accelerate fundraising by strengthening alumni networks and increasing engagement with corporates, philanthropies and high-net-worth individuals," said a statement from IIT Madras. The fundraising for IIT Madras is carried out by the "Office of Alumni and Corporate Relations" at IIT Madras.
Sectors such as infrastructure, innovative projects by students, faculty research, scholarships, and chair professorships received the majority of the funding. Even amidst the COVID-19 pandemic situation, the institute has been able to raise such a huge amount. In the last five years, there has been a significant increase in the number of corporate firms that donate funds to IIT Madras through CSR.
IIT Madras collected over Rs 15 crore for COVID-19 relief projects from the institute's alumni network. These funds were used to set up medical equipment such as BiPAP and oxygen concentrators.
“We are grateful to all the alumni and corporate partners who have helped us through impactful contributions,” said Mahesh Panchagnula, dean of alumni and corporate relations at IIT Madras. He further said, “IIT Madras is fortunate to have thousands of alumni invest both time and money to grow the Institute. This group is crucial to the Institute’s future development.”
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