IIT Madras raises 513 crore from alumni, corporates and donors in FY 23-24
IIT-M) on Wednesday said it has raised Rs 513 crore in funding—more than double what was raised last year—from its alumni, industry and individual donors during 2023-24.
The alumni did most of the heavy lifting, contributing Rs 368.19 crore, followed by the CSR segment contributing Rs 95.53 crore, with the rest coming from other sources.
Additionally, the institute has attracted total new pledges worth Rs. 717.8 crore from alumni and corporate partners during FY24. The alumni have pledged Rs 455.6 crore whereas the CSR segment has pledged Rs 262.2 crore.
The funds raised would be used for technology development and research and for deploying technology already developed by IIT Madras in parts of the country based on societal needs, the institute said.
The funds will also aid in addressing the institute’s growing infrastructural needs and support students with scholarships.
“This ecosystem of well-wishers has touched hundreds of students’ lives and is likely to impact millions more through the technologies that will be developed,” said Mahesh Panchagnula, dean of alumni and corporate relations at IIT-M.
With more than 1,000 donors contributing, the amount raised in 2023-24 is a 135% increase from the amount raised in FY23, when IIT-M raised Rs 218 crore.
As many as 48 donors — 16 alumni and 32 corporate partners — gave Rs 1 crore or more each to the institute.
“Steep academic growth needs a steep rise in funding,” said V Kamakoti, director of IIT-M.
The CSR segment of IIT-M fundraising recorded an 11.2%
