IIT-Madras raises ₹513 crore from alumni, other donors in FY24

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₹513 crore in funding from its alumni, companies and individual donors in the financial year 2023-24, more than doubling it from ₹218 crore it had netted in the year before. In a statement on Tuesday, the institute said it has also received total new pledges of ₹717 crore from alumni and corporate partners in the financial year ended 31 March, 2024.

"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," said the college.

The number of donors giving over ₹1 crore to the institute was 48 (16 alumni donors and 32 corporate partners). According to data released by the college, funds raised in FY21 and FY22 were ₹101.2 crore and ₹131 crore, respectively.

"The total amount raised through alumni alone during 2023-24 was ₹367 crore, which is an increase of 282% compared to the previous year," IIT Madras said. Also Read: What the IIT placements tell us about the campus hiring market "The funds raised through alumni community and corporate donors are used to support cutting-edge research, provide scholarships to students in need, and to help develop campus.

By investing in these critical areas, IIT Madras aims to not only elevate the academic experience but also cultivate a nurturing environment for innovation and societal transformation," said Kaviraj Nair, CEO, Office of Institutional Advancement, IIT Madras. Also Read: An IIT degree guarantees a great pay, right? Wrong Among the prominent projects supported by alumni and corporate