IIT Madras Sets New Record With Rs 513 Cr Fundraising In FY24

The Indian Institute of Technology Madras (IIT Madras) has achieved a historic milestone by raising a record Rs 513 crore in donations during the fiscal year 2023-24, which is a 135 per cent increase from the previous year’s Rs 218 crore. 

The growth in funding is directed towards a range of groundbreaking initiatives, including the establishment of new centres of excellence and enhancing the institute’s research capabilities in cutting-edge technologies. Notable among these is the launch of the Wadhwani School of Data Science and AI, which alone garnered Rs 110 crore contribution from alumnus Sunil Wadhwani. Other significant projects supported by this year’s funds include the Sports Excellence Admission program and the establishment of specialised research centres focusing on wind energy, diabetes research, tech excellence for MSMEs, sustainable supply chains and advanced medical sciences.

The total amount raised through alumni alone during 2023-24 was Rs 367 crore, an increase of 282 per cent compared to the previous year.

In a statement, IIT Madras Director, Prof V. Kamakoti said, “Steep academic growth needs steep rise in funding. Thanks to all CSR partners and Alumni of IIT Madras for trusting and supporting us in raising this all-time high quantum of funding.” 

The funds will be used for technological research and deployment but also for scholarships and infrastructure improvements.

The record fundraising effort was coordinated by the IIT Madras Office of Institutional Advancement and the IIT Madras Alumni Charitable Trust. The CSR contributions this year saw a 11.2 per cent growth, indicative of the increasing corporate interest in the institute’s capability to translate academic research into societal benefits.