[Funding News] IIT Madras Raises Rs. 513 Crore from Alumni, Corporates & Donors

Indian Institute of Technology Madras (IIT Madras) has raised 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.

Read also - Ishan Preet Singh Rejoins Lightspeed India As Investor

The funds will be utilized for both technological creation and research, as well as for the implementation of technology that IIT Madras has previously produced in different regions of the nation in response to social requirements. It is also utilized to fund scholarships for meritorious students and to help the institute meet its expanding infrastructure demands.

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."

In comparison to the previous year, the total funds raised by alumni alone in 2023–24 was Rs. 367 Crore, a 282% increase. They established Chair Professorships for research in particular fields, but their main focus areas were infrastructure, scholarships for students, and cutting edge research across multiple social impact themes.

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."

Read also - [Funding News] AI Startup Atlan Secures $105 Mn Series C Round Funding

Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:

Startup Success Stories: Discover inspiring tales of startups overcoming challenges and achieving success.

Funding Startup News: Stay updated with the latest news and trends in startup funding and investment.

Startup Insights: Dive into in-depth analyses of various industries and market trends to make informed business decisions.