IIT Madras raises Rs 231 in one year, highest ever

NEW DELHI : The Indian Institute of Technolgy Madras has raised Rs 231 crore in funding during the 2022-23 financial year. This “historic” figure is the highest amount IIT Madras has ever raised in donations in a year. The funds were contributed by the Institute's alumni, corporate entities, and individual donors. The amount will help in funding socially-relevant projects.

The Institute made a year-on-year growth of 76 percent, compared to the previous year's funding of Rs 131 crore. Moreover, the number of donors contributing over Rs 1 crore to the institute increased by 64 percent. IIT Madras has experienced a 45 percent Compound Annual Growth Rate (CAGR) in the funds raised.

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“The alumni have always supported in propelling IIT Madras to greater heights. We are committed to continued growth with the support of alumni and corporate philanthropy,” said Mahesh Panchagnula,dean (Alumni and Corporate Relations) at IIT Madras.

IIT Madras was judged to be the best engineering college in the country again, ranking first in the education ministry’s National Institutional Ranking Framework (NIRF Ranking 2023) this year.

IIT Madras fundraising, projects

Alumni and individual donors, both within India and globally, alone contributed close to Rs 96 crore. IIT Madras’ Office of Institutional Advancement works closely with corporate firms, alumni, and donors to raise funds for the Institute.

The funded amount will be used to invest in cutting-edge research in the following:

• Development of infrastructure.

• Scholarships and fellowships.

• establishing Chair Professorships for research in specific areas.

IIT Madras CSR funding

Corporate Social Responsibility (CSR) funding also witnessed substantial growth, with an increase of 56 percent. The Institute made 40 new partnerships in the CSR segment that will help in implementing technology-driven initiatives in energy, environment, health, and education.

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Kaviraj Nair, chief executive officer of the Office of Institutional Advancement at IIT Madras, said: “These projects made possible through collaborations with alumni, foundations, and corporate organisations, contribute to developing and boosting key areas like- healthcare, climate change, energy, skill development, and agriculture.”

IIT Madras stated that the alumni have helped in constructing innovation hubs, indoor sports complexes, and purchasing electric buses for campus transportation. It aims at creating a world-class startup ecosystem in collaboration with its alumni. The CSR funding has to date supported projects led by 94 faculty members from various sectors such as education, health, water and sanitation, energy, environment, agriculture, and sustainable housing.