IIT Madras fundraising soars to an All-Time High of Rs. 131 Crore from Alumni and Corporates in 2021-22
Despite the pandemic, fundraising from Alumni, Donors & Corporate Firms has been increasing by over 30% Year-on-Year with number of companies donating, having almost doubled in the last 5 years
CHENNAI : Indian Institute of Technology Madras has raised a historic all-time high sum of Rs. 131 crore from alumni, donors, and corporate firms during the financial year of 2021-22 to further its philanthropic and socially-relevant projects.
The institute aims to accelerate fundraising by strengthening alumni networks and increasing engagement with corporates, philanthropies and high-net-worth individuals. The fundraising activities are spearheaded by the Office of Alumni and Corporate Relations, which comprises of a dedicated team of professionals who work with corporate firms, alumni and donors.
Despite the COVID-19 pandemic, the fundraising from alumni, donors and corporate firms has been increasing by over 30 per cent Year-on-Year. The number of corporate firm donating funds to IIT Madras through CSR has almost doubled in the last five years. Fundraising from Corporate Social Responsibility (CSR) partnerships accounts for nearly half of the total Rs. 131 crore raised in last financial year.
A key factor driving this fundraising has been the highly qualified IIT Madras faculty who are carrying out path-breaking research and undertaking effective execution of socially-relevant projects.
Prof. Mahesh Panchagnula, Dean (Alumni and Corporate Relations), IIT Madras, said, “We are grateful to all the alumni and corporate partners who have helped us through impactful contributions.”
Highlighting the role played by IIT Madras alumni in socially-relevant projects, Prof. Mahesh Panchagnula, said, “IIT Madras is fortunate to have thousands of alumni invest both time and money to grow the Institute. This group is crucial to the Institute’s future development.”
The funds raised have been vital in supporting infrastructure development, scholarships, chair professorships, research, and initiatives to mitigate the COVID-19 pandemic in particular.
During the pandemic, the Institute collected over Rs. 15 crore (approximately USD 2 million) from IIT Madras alumni globally towards COVID-19 relief projects, which were deployed to provide essential medical equipment such as BiPAP and oxygen concentrators, to the Governments of Tamil Nadu, Karnataka, and Telangana.
The sectors that attracted major funding include:
Ø Innovative projects of students
Ø Faculty Research
Ø Chair professorships
Speaking on the key fundraising initiatives of the Institute, Mr. Kaviraj Nair, Chief Executive Officer, Office of Institutional Advancement, IIT Madras, said, “Our team at IIT Madras has been able to put in place a milestone-based tracking system with clear metrics and rigorous deployment. We have a professional donor stewardship team to ensure that all our projects are managed effectively. All donors want to ensure that their money is utilised in a transparent and impactful way, providing scalable solutions. And we meet all their requirements.”
Further, Mr. Kaviraj Nair said “We also have entirely volunteer-driven alumni chapters across the world, with alumni who are passionate about supporting their Alma Mater in its pursuit of world-class research creating global impact.”
Leveraging Alumni Networks to catalyse change
This achievement has been made possible with the concerted efforts of the Office of Alumni and Corporate Relations which works with the diverse network of IIT Madras alumni. Graduates from IIT Madras are excelling across sectors, industries and regions, and are passionate about their alma mater making a mark globally.
Their continued investment in the Institute, in the form of funds, resources and mentorship, serves as a vital support network for the students, faculty and researchers to implement initiatives with high social impact.