IIT-Madras gets 513 crore funding from alumni, corporates and philanthropists

The donations in the financial year 2023-24 have been made by 1,072 donors, including 960 alumni and 112 corporate partners.  | Photo Credit: FILE PHOTO

The Indian Institute of Technology, Madras, has raised 135% more funds in 2023-24 than in the previous financial year, Institute director V. Kamakoti, said here on Wednesday.  

Of the ₹513.38 crore received in 2023-24, the alumni had pitched in with ₹368.19 crore while ₹95.53 crore came through corporate funding. Philanthropic grants made up the rest ₹49.64 crore, he said.

In 2022-23, the institute raised ₹231 crore; in 2020-21 it was ₹101.2 crore while it rose to ₹131 crore in 2021-22. The donations in the financial year 2023-24 have been made by 1,072 donors, including 960 alumni and 112 corporate partners. 

“We have signed new contracts for ₹717.8 crore for the financial year 2024-25. The corporate partners have committed ₹262.2 crore and the alumni would provide ₹455.6 crore,” he said.

The top 10 causes that the alumni support, include student scholarships, student wellness, indoor sports centre, research in advanced technology, such as AI and data science, diabetes and wind energy.

Among the donors, two persons who helped establish the student wellness centre and the Sitara indoor sports centre, have opted for anonymity, Mr. Kamakoti said.

The top 10 causes that corporates have supported, include funding for research in the institute’s Brain Centre; anatomy lab for the Department of Medical Sciences and Technology; research to develop sustainable supply chains; working to reduce energy consumption in MSMEs; setting up e-mobility simulation lab; research on integration of hydrogen and solar energy and scholarships for BS degree in Data Science. 

Kaviraj Nair, CEO, office of Institutional Advancement at the institute, said funds from alumni and corporate donors are used to support cutting edge research, provide student scholarships and develop the campus. V. Shankar, chair of IIT-Madras Alumni Charitable Trust, said the institute had over 56,000 alumni.

Mahesh Panchagnula, dean of alumni and corporate relations, said: “The relationships we built along the journey are deep and is the source of our true strength.”