The Indian Institute of Technology-Madras (IIT-M) has achieved a historic fundraising milestone, receiving Rs. 231 crore ($30.9 million) in 2022-23 from alumni, industry, and individual donors. This is the highest amount of funding that the Institute has ever raised in one financial year for implementing socially-relevant projects. Compared to last year’s Rs. 131 crore ($17.5 million), this represents a year-on-year increase of 76 per cent.
IIT-M has seen a 45 per cent compound annual growth rate for the total funds raised over the past ten years. The fundraising was led by alumni and individual philanthropists and was accompanied by corporate social responsibility funds and grants from Indian and multinational companies.
There has been a 64 per cent increase in the number of donors who contributed more than Rs. one crore ($133,000) to the Institute compared to the previous year. IIT-M will utilize these funds to improve its infrastructure and support research, social outreach, and student aid programmes.
The Institute has a long-standing history of receiving generous donations from its alumni, with the first alumnus contribution of Rs. 2,656 ($35) recorded in 1961. Since then, IIT-M has raised billions of rupees from various fundraising endeavours.
The Institute also promotes corporate partnerships and research collaborations with organisations such as Intel, Nvidia, and Samsung.
This fundraising accomplishment underlines the importance of philanthropic partnerships in supporting India’s premier academic institutions to succeed in providing the facilities necessary for world-class research, as well as promoting social causes through innovative projects.
IIT-M will continue to build on this momentum to expand its impact and increase investment in critical infrastructure and research programmes.
