IITs tap foundations, alumni to drive fundraising efforts

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₹578 crore in the past four years. In FY23, it had collected ₹231 crore, one of the highest amounts in recent years. The institute is encouraging alumni to visit campuses as well as project locations and hosting events as it aims to launch more projects at the national level.

“Fundraising by alumni and corporates is a nascent category in India compared to what US universities have witnessed over the years. Hence, we need to sensitize and create awareness among potential donors via campaigns," Panchagnula said. According to a Mint analysis, six IITs—Delhi, Bombay, Madras, Kharagpur, Roorkee and Kanpur—have received over ₹1,400 crore in donations from corporates and alumni.

The amount will be higher if one includes the 23 IITs in India, but most have not declared funding details in their annual reports. Globally, endowments are very popular. A 2021 report in The Daily Princetonian said Harvard University got the highest endowment of $53.2 billion among the eight Ivy League institutions, followed by Yale ($42.3 billion) and Princeton ($37.7 billion) for the year ended 30 June 2021.

“The lack of trained professionals well-versed in higher education fundraising is a significant challenge. Unlike Western nations, the culture of giving back to alma mater is at a nascent stage in India. It will take us some time to inculcate this culture," said Kantesh Balani, dean of resources and alumni office at IIT Kanpur.

In the past four years, it has raised over ₹400 crore, the second-highest after IIT-M. The donations are primarily used to develop the institutes’ research facilities as well as hostel infrastructure. In 2010, IIT-Bombay used the funds to establish the Young Faculty Award, with an aim to attract young talent to replace the