Indian Institute of Technology, Madras (IIT-Madras), said on Wednesday it has raised an all-time high funding of ₹513 crore from its alumni, the corporate sector and other donors during financial year 2023-24.

The contribution from around 1,000 donors across categories represents a 135 per cent increase from the previous year.

An IIT-Madras official said that while the other IITs have not yet reported their fund raising tally in FY24, IIT-Madras had topped during the last two years and was likely to repeat it this year.

The institute said it has also received new pledges/commitments of ₹717 crore from alumni and corporate partners during 2023-24, which will translate into funds in the coming years. The funding is used for technology research and development, to support deserving students with scholarships, and for the infrastructural needs of the institute. 

Almost 50 per cent of the donors this year were first-timers , and 48 donors (16 alumni and 32 corporate) contributed more than ₹1 crore each.

IIT-M has a 56,000-strong alumni network and the contribution from alumni during 2023-24 was ₹367 crore, which is a 282 per cent bump-up from the previous year.

R&D support

V Kamakoti, director, IIT Madras, said this year’s fundraising greatly exceeded expectations and the corporate social responsibility (CSR) partners and alumni are supporting cutting-edge research at the institute through their contributions.

“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. While the funds we have raised is 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. 

Some of the key supported projects are the Wadhwani School of Data Science and AI, which was set up with a ₹110 crore contribution from alumnus Sunil Wadhwani; a programme to admit top sports performers into IIT-M, which is supported by alumnus Dr Krishna Chivukula; and a centre of excellence established through CSR grants from logistics giant Fedex.

The fundraising is led by IIT-Madras’ Office of Institutional Advancement and overseen by the IIT-Madras Alumni Charitable Trust.