IIT Madras, along with its associated entities, has raised a record-breaking Rs 231 crore in funding in FY2022-23 from its network of alumni, and industry supporters amongst other donors.
This is the highest funding amount the institute has received in one financial year to date, a whopping 76 per cent higher than the previous fiscal at Rs 131 crore.
Notably, the number of donors contributing over Rs 1 crore to the institute increased by 64 per cent during this period.
IIT Madras has experienced a compound annual growth rate (CAGR) of 45 per cent in funding over the past ten years.
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The donations are raised from individual philanthropists, the Corporate Social Responsibility (CSR) fund of corporates and the institute’s alumni network.
The majority of the funds, amounting to Rs 96 crore, were received from alumni and individual donors across India and globally. These funds support cutting-edge research across various social impact themes, infrastructure development, scholarships for students, and the establishment of Chair Professorships for research in specific areas.
Grants from Corporate Social Responsibility (CSR) funds of corporations grew by over 56 per cent from the previous year, thanks to partnerships with 40 new organizations.
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Kaviraj Nair, Chief Executive Officer, Office of Institutional Advancement, IIT Madras, said “Alumni support may take the form of domain and technical expertise, professional networks, or financial resources. Alumni contribute to improving the overall infrastructure on the campus, such as the construction of innovation hubs, indoor sports complexes, or the purchase of electric buses for campus transportation.”
To date, IIT Madras has about 94 projects of faculty members, backed by the CSR, working towards social impacts such as education, health and water sanitation.