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IIT Madras Shatters Records with Rs 513 Crore Funding Haul in 2023-24 Fiscal Year

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In a groundbreaking achievement, Indian Institute of Technology (IIT) Madras announced a staggering Rs 513 crore raised in funding during the fiscal year 2023-24, marking a significant milestone in philanthropic support. This record-breaking sum was sourced from a combination of contributions from alumni, industry partners, and individual donors, demonstrating a remarkable surge in support for the institute’s endeavors.

Moreover, the institute garnered an additional Rs 717 crore in new pledges from alumni and corporate entities, reflecting a resounding vote of confidence in IIT Madras’ mission and vision. These funds are earmarked for various initiatives, including technology research and development, deployment of existing technologies to address societal needs nationwide, scholarships for deserving students, and bolstering the Sports Excellence Admission program.

This achievement marks the second consecutive year in which IIT Madras has set a new benchmark for fundraising among academic institutions, underscoring its leadership in driving innovation and fostering academic excellence. The substantial increase from the previous fiscal year, where Rs 218 crore was raised, highlights the growing momentum and support behind the institute’s endeavors.

Notably, the fundraising efforts were spearheaded by the Office of Institutional Advancement, under the stewardship of the IIT Madras Alumni Charitable Trust. A total of 48 donors, including 16 alumni and 32 corporate partners, contributed over Rs one crore each, reflecting their commitment to advancing education and research.

Alumni played a pivotal role in this success, contributing Rs 367 crore during the fiscal year, marking a remarkable 282 percent increase from the previous year. Their contributions will support a wide array of initiatives, including cutting-edge research, infrastructure development, scholarships, and the establishment of Chair Professorships focused on specific research areas.