CHENNAI: The Indian Institute of Technology Madras has raised Rs 513 crore in funding from its alumni and industry/individual donors during FY 2023-24, breaking its own record of Rs 231 crore last year, marking a 122% increase.
The funds received are to be used for research and development as well as for deploying existing technology built by IIT-M in various parts of the country, said professor V Kamakoti, director of the institute, to mediapersons. The amount raised will also be used to issue scholarships to deserving students and also to address the growing infrastructural needs of the institute, he added.
Though other IITs have not yet disclosed details of their funding, IIT Madras officials expressed that similar to last year they would like to be the frontrunners this year too. “For the past two years, IIT Madras has been raising the highest amount of funding per financial year,” said an official.
In all, 1,072 donors, of which 960 are alumni, contributed to the funds raised this year. Notably, the total amount raised exclusively through alumni is Rs 367 crore, a 282% increase compared to FY 2022-23.
Apart from their alumni, the institute is also funded by individual philanthropists, in addition to corporate and social responsibility (CSR) funds and grants from Indian and multinational corporations. The number of donors providing more than Rs 1 crore is 48 (16 alumni and 32 corporate partners); Rs 95 crore was collected from CSR partners and Rs 50 crore from other donors.
“Steep academic growth needs a steep rise in funding. Thanks to all CSR partners and alumni for trusting and supporting us by raising this all-time high quantum of funding,” said Kamakoti.
