IIT Madras raises record Rs 513 cr in funding from alumni, others in FY24

New Delhi, May 8 (SocialNews.XYZ) The Indian Institute of Technology-Madras (IIT Madras) on Wednesday said that it raised an all-time high amount of 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 FY24.

"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 are historic, the relationships we built along the journey are deep and the source of our true strength," Mahesh Panchagnula, Dean (Alumni and Corporate Relations), IIT Madras, said in a statement.

This funding of Rs 513 crore is a 135 per cent increase from the amount raised in the previous financial year 2022-23, when Rs 218 crore was raised, the institute said.

In FY 2021-2022, the institute raised Rs 131 crore, and in FY 2020-2021, it raised Rs 101.2 crore.

IIT Madras raised Rs 367 crore through its alumni alone during 2023-24, which is an increase of 282 per cent compared to the previous year.

"The funds raised through alumni community and corporate donors are used to support cutting-edge research, provide scholarships to students in need, and help develop the campus," said Kaviraj Nair, CEO, Office of Institutional Advancement, IIT Madras.

"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," he added.

Source: IANS