Indian Institute of Technology Madras (IIT Madras) has marked a significant milestone by securing a staggering Rs. 513 Crore in funding from its alumni, corporate partners, and individual donors during the financial year 2023-24.
This remarkable achievement underscores the unwavering support and commitment towards advancing education, research, and innovation at one of India’s premier technical institutions.
In addition to the substantial funding, IIT Madras has attracted new pledges totalling Rs. 717 Crore from alumni and corporate partners during the same period, showcasing a growing momentum of philanthropy and collaboration.
The infusion of funds is poised to fuel technological innovation and research initiatives, as well as to address societal needs through the deployment of previously developed technologies across various regions of the nation. Moreover, scholarships for deserving students and infrastructure expansion are key areas earmarked for investment.
Reflecting on the impact of the fundraising endeavours, Prof. Mahesh Panchagnula, Dean (Alumni and Corporate Relations) at IIT Madras, emphasized the institute’s unique support ecosystem from alumni and industry. He stated, “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.”
The surge in alumni contributions, with a 282% increase from the previous year, highlights their dedication to fostering excellence in education and research. Alumni initiatives include establishing Chair Professorships, enhancing infrastructure, supporting scholarships, and spearheading cutting-edge research across multiple social impact domains.
Looking ahead to the current financial year of 2024-25, Mr. Kaviraj Nair, CEO of the Office of Institutional Advancement at IIT Madras, outlined the institution’s vision. “The funds raised through the alumni community and corporate donors are instrumental in supporting cutting-edge research, providing scholarships to students in need, and developing the campus infrastructure,” he said. “By investing in these critical areas, IIT Madras aims to elevate the academic experience and foster a nurturing environment for innovation and societal transformation.”
The impact of this philanthropic support extends far beyond the campus borders, reaching into communities and touching countless lives. With continued collaboration among donors, alumni, and stakeholders, IIT Madras is poised to push the boundaries of knowledge and make a tangible difference in the world.
