Home CATEGORIES Business Ethics & Philanthropy IIT Madras raises Rs 231 crore in FY 2022-23 from CSR funding,...

IIT Madras raises Rs 231 crore in FY 2022-23 from CSR funding, alumni and others

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Indian Institute of Technology Madras (IIT Madras) along with its associated entities has raised a whopping Rs. 231 crore in funding from alumni, industry and individual donors during the FY 2022-23. This is the highest amount of funding raised in one financial year by the Institute.
The fundraising has recorded a growth of 76 per cent from Rs. 131 Cr in FY22 and the number of donors who have contributed over Rs. 1 Crore to the Institute has increased by 64 per cent from the previous year. The total fund raised has grown at a compound annual growth rate of 45% over the last 10 years. These funds will be used for implementing socially-relevant projects.

CSR funds

As per an announcement from the institute, the CSR segment has experienced a 56 per cent growth from the previous year. Not only this, 40 new partnerships have happened in the past one year. Donors have mainly focused on collaborations for research under CSR along with technology-driven initiatives in energy, environment, health and education.

How CSR support helps

CSR funding has supported projects belonging to 94 faculty members till date. These projects are related to various social impact sectors including education, health, water and sanitation, energy, environment, agriculture and sustainable housing, among others.

Who else donated

Apart from CSR funds, money was also raised from alumni and individual philanthropists. The premier institute has also received grants from Indian as well as Multinational Corporate firms.
Alumni and individual donors from India and across the world have contributed almost Rs 96 crore for the development of the Institute. These donors have shown interest in cutting-edge research across social impact themes, infrastructure, providing scholarships for students, besides establishing Chair Professorships for research in specific areas.

Message from the Dean

Thanking the Alumni and Industry leaders for their generous contributions, Prof. Mahesh Panchagnula, Dean (Alumni and Corporate Relations), IIT Madras, said, “We are humbled by the outpouring of love and affection from the alumni of IIT Madras towards their alma mater. Year over year, the support of alumni and corporate philanthropy has been a crucial ingredient of our success on the global stage. We shall strive to take IIT Madras to even greater heights with their continuing support in the coming years.”

The CEO says

Kaviraj Nair, Chief Executive Officer, Office of Institutional Advancement, IIT Madras, said, “The Office of Institutional Advancement helps create enduring assets for the institute through collaborations with alumni, foundations, and corporate organizations. Our benefactors enable us to build interdisciplinary Centers of Excellence focused on developing and deploying new technologies in socially-relevant realms like healthcare, climate change, energy, skill development, and agriculture. They also provide financial assistance to needy students through scholarships and fellowships.”

Goal for current FY

IIT Madras has a dedicated team that manages its fundraising activities working in coordination with corporate firms, alumni, and donors to raise funds for the Institute. The key fundraising goals of the Institute for the current FY 2023-24 include strengthening the alumni fundraising team in India and in the U.S. to further penetrate the alumni segment.