Alumni of IIT Madras Contribute Rs. 55 Crore for Research and Infrastructure

Indian Institute of Technology (IIT) Madras has created a new record by raising funds of Rs. 55 crore from its alumni for bolstering research and improving infrastructure in the financial year 2016-17. Earlier, the premier technical institute recorded 70% of donors from the United States. This year, the majority of the alumni who contributed funds are from India. IIT Madras is aiming to raise Rs. 500 crore endowment funds by 2020.

The ‘Annual Giving Report 2016’ of IIT Madras reveals that the total contribution made by its alumni exceeded Rs. 55 crore for the first time. Among the funds donated by them, 70% of the funds are from India-based donors and corporates. IIT Madras has also been successful in raising crowd funding of Rs. 75 lakh through social media platform. There has also been a gradual increase in the number of donors from 37 in 2009 to 1,827 in 2016.

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All these funds donated by the alumni will be utilised for healthcare innovation, research projects, workshops, CSR projects, infrastructure and institute chairs. Dean of International and Alumni Relations at IIT Madras revealed that the idea of connecting with the alumni evolved in the year 2009. From 2009 to 2016, the funds donated by the alumni have increased from 10 million to Rs. 550 million, he added.

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The alumni network of IIT Madras has been developing significantly over the years. Compared to the other IITs, IIT Madras has performed well in terms of raising the endowment fund. The premier technical institute will keep the principal amount intact and the income generated through interest will be used for development activities.