IIT Madras Raises INR 513 Cr To Invest In R&D, Tech Deployment

IIT Madras To Set Up INR 100 Cr ‘Innovation and Entrepreneurship Fund’ For Startups

SUMMARY

The funds were raised from IIT Madras alumni, individual philanthropists, CSR funds, and grants from both Indian and multinational corporate firms

The funds will support technology research, deploy existing technology for societal needs, provide scholarships to deserving students, and meet infrastructure demands

The Institute has set a new record for the highest amount of funding raised in one financial year by an academic institute

The Indian Institute of Technology Madras (IIT Madras) has raised INR 513 Cr from alumni, industry players, and individual donors during the financial year 2023-24 (FY24).

The funds received will be used for technology research and development, deployment of existing technology across various parts of the country to address societal needs, supporting deserving students with scholarships, and meeting the growing infrastructural needs of the institute.

This marks a 135% increase from the amount raised in the previous financial year of 2022-23 when INR 218 Cr was raised for technology research.

IIT Madras received contributions from 48 donors, each giving over INR 1 Cr, comprising 16 alumni donors and 32 corporate partners. The funds were raised from IIT Madras alumni, individual philanthropists, CSR funds, and grants from both Indian and multinational corporate firms.

Additionally, the institute attracted a total new pledges of INR 717 Cr from alumni and corporate partners.

During 2023-2024, alumni alone raised a total of INR 367 Cr, signifying a 282% increase from the previous year. These funds were allocated towards various initiatives, including cutting-edge research, infrastructure development, scholarships, and the establishment of Chair Professorships for specific research areas.

In recent years, IIT Madras has become a national leader in ‘Tech-Driven CSR’, utilising its advanced research to develop products benefiting society and the country.

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

Meanwhile, in March, IIT Madras partnered with French aerospace firm Starburst Accelerator SARL to establish an innovation hub for startups, aiming to mentor emerging Indian startups in aviation, space, and defense (ASD) with 100 Mn euros funding.

Earlier this year, the Institute announced it was targeting to incubate at least 100 startups across various sectors including sustainability, green energy, quantum, and mobility.

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