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IIT Madras raises Rs 5.13 billion for technology R&D in FY 2023-24
Articles- May 10,24
IIT Madras raised a record-breaking Rs 5.13 billion in funding during FY 2023-24 from alumni, industry, and individual donors, with an additional Rs 7.17 billion in pledges. The funds will be utilized for technology research, student scholarships, and infrastructural development.
Indian Institute of Technology Madras (IIT Madras) has raised a record breaking amount of Rs 5.13 billion in funding from its alumni, industry and individual donors during the financial year 2023-24. The Institute also attracted total new pledges of Rs 7.17 billion from alumni and corporate partners during the FY 2023-24.
The funds received would be used for technology research and development as well as for deploying technology already built by IIT Madras, in various parts of the country based on the societal needs. In addition, it is also used to support deserving students with scholarships as well as to support the growing infrastructural needs of the institute.
For the second consecutive year, the Institute has set a new record for the highest amount of funding raised in one financial year by an academic institute to undertake path breaking tech research, student projects as well as to develop cutting-edge infrastructure in the campus.
This historic high of Rs 5.13 billion is a 135% increase from the amount raised in the previous financial year of 2022-23, when Rs 2.18 billion was raised. 48 donors gave over Rs 10 million to the Institute. The funds were raised from IIT Madras alumni and individual philanthropists in addition to CSR funds and grants from Indian as well as Multinational Corporate firms.
Prof. V. Kamakoti, Director, IIT Madras, said, "Steep academic growth needs steep rise in funding. Thanks to all CSR partners and Alumni of IIT Madras for trusting and support us in raising this all-time high quantum of funding."
The fundraising is led by IIT Madras' Office of Institutional Advancement, overseen by the IIT Madras Alumni Charitable Trust, an organisation consisting of well-wisher alumni who have played a crucial role in this year's success.
(Source: IITM)
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