The Indian Institute of Technology-Madras (IIT Madras) today said that it raised an all-time high amount of ₹513 cr in funding from its alumni, industry and individual donors during the financial year 2023-24.

The institute also attracted total new pledges of ₹717 cr from alumni and corporate partners during FY24.

“This ecosystem of well-wishers has touched hundreds of students' lives and is likely to impact millions more through the technologies that will be developed. While the funds we have raised are historic, the relationships we built along the journey are deep and the source of our true strength,” Mahesh Panchagnula, dean (alumni and corporate relations), IIT Madras, said in a statement.

This funding of ₹513 crore is a 135% increase from the amount raised in the previous financial year 2022-23, when ₹218 cr was raised, the institute said.

In FY 2021-2022, the institute raised ₹131 cr, and in FY 2020-2021, it raised ₹101.2 cr.

IIT Madras raised ₹367 cr through its alumni alone during 2023-24, which is an increase of 282% compared to the previous year.

“The funds raised through alumni community and corporate donors are used to support cutting-edge research, provide scholarships to students in need, and help develop the campus,” said Kaviraj Nair, CEO, office of institutional advancement, IIT Madras.

“By investing in these critical areas, IIT Madras aims to not only elevate the academic experience but also cultivate a nurturing environment for innovation and societal transformation,” he added.

(Written and edited by Gujarat Samachar Digital with inputs from syndicated feed)