IIT-Madras raises all-time high funding of Rs 513 crore from alumni, others in FY24

The number of donors giving over Rs 1 crore to the institute is 48 (16 alumni donors and 32 corporate partners).

The Indian Institute of Technology Madras (IIT Madras) announced that it has raised a record breaking amount of Rs 513 crore in funding from its alumni, industry and individual donors during the financial year 2023-24. The Institute also attracted total new pledges of Rs 717 Crore from alumni and corporate partners.

The funds received would be used for technology research and development as well as for deploying technology already built by IIT Madras, in various parts of the country based on the societal needs. In addition, it is also used to support deserving students with scholarships as well as to support the growing infrastructural needs of the institute, IIT-M said in a statement.

The number of donors giving over Rs 1 crore to the institute is 48 (16 alumni donors and 32 corporate partners). The funds were raised from IIT Madras alumni and individual philanthropists in addition to CSR funds and grants from Indian as well as Multinational Corporate firms.

It is a 135 percent increase from the amount raised in the previous financial year of 2022-23 at Rs 218 crore.

Thanking the alumni, corporate firms and philanthropists for their generous contribution, Prof. V. Kamakoti, Director, IIT Madras, said, “Steep academic growth needs steep rise in funding. Thanks to all CSR partners and Alumni of IIT Madras for trusting and support us in raising this all-time high quantum of funding.”

The total amount raised through alumni alone during 2023-24 was Rs. 367 crore, which is an increase of 282 percent compared to the previous year. Their focus areas included cutting-edge research across various social impact themes, infrastructure, and scholarships for students besides establishing Chair Professorships for research in specific areas.

In recent years, IIT Madras has also emerged as a National Leader in ‘Tech Driven CSR’ through which the Institute is translating the cutting-edge research underway in its labs to actual products that benefit the society and country at large.