India News | IIT Madras Raises Record Rs 231 Crore Funds from Alumni, Donors

Chennai, Jun 19 (PTI) Indian Institute of Technology, Madras has raised funds to the tune of Rs 231 crore from alumni, corporates and individual philanthropists during 2022-23, the premier institution said on Monday.

Along with its associated entities, IIT Madras has raised this "historic" amount and this is the highest sum raised in a financial year by the institute for implementing socially-relevant projects, it said.

Also Read | Madhya Pradesh Shocker: Youth Chained, Forced To Act Like Dog in Bhopal; Three Held After Video Goes Viral.

"The fundraising has recorded a year-on-year growth of 76 percent vis-à-vis Rs 131 crore in FY 22. The number of donors giving over Rs 1 crore to the institute has increased by 64 per cent from the previous year," an official release here said.

The total funds raised has grown at a CAGR of 45 per cent over the last 10 years and these were in addition to CSR funds and grants from Indian as well as multinational corporate firms, it said.

Also Read | Jharkhand Monsoon Update: Southwest Monsoon Sets Foot in the State, Covers Four Districts, Says Met Department.

Alumni and individual donors across India and globally alone contributed nearly Rs 96 crore for the development of the institute. Their focus areas included cutting-edge research across various social impact themes, infrastructure, and scholarship for students, besides establishing Chair Professorships for research in specific areas.

Last year also witnessed contributions coming in through batch reunions, some of which could not happen earlier due to the pandemic.

Professor Mahesh Panchagnula, Dean (Alumni and Corporate Relations), IIT Madras, thanked the alumni and industry for their generous contributions.

Kaviraj Nair, Chief Executive Officer, Office of Institutional Advancement, IIT Madras, said alumni support may take the form of domain and technical expertise, professional networks, or financial resources. Alumni contribute to improving the overall infrastructure on the campus, such as the construction of innovation hubs, indoor sports complexes, or the purchase of electric buses for campus transportation, he said.

So far, projects belonging to 94 faculty members have been supported through CSR funding, pertaining to various social impact sectors including education, health, water and sanitation, energy, environment, agriculture and sustainable housing, among others, the release said.

The key fundraising goals of the institute for the current financial year of 2023-24 include strengthening the alumni fundraising team in India and in the United States to further penetrate the alumni segment.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)