The Indian Institute of Technology Madras (IIT Madras) reports a great achievement in fundraising for the fiscal year 2022-23 (FY23), demonstrating institutional excellence. IIT Madras has acquired a record-breaking corpus of Rs. 231 Crore, a remarkable 76% increase over the previous year’s finances of Rs. 131 Crore, thanks to contributions from alumni, corporate entities, and philanthropists. The number of contributors who gave more than Rs 1 crore increased by 64% year on year. IIT Madras raised Rs 101.2 Crore in FY21.
Highlighting the invaluable support of alumni and corporate philanthropy, Mahesh Panchagnula, the dean of alumni and corporate relations at IIT Madras, expressed gratitude for their essential role in the institution’s global success. In addition to alumni and individual philanthropists, IIT Madras received funds from corporate social responsibility initiatives and grants from both Indian and multinational corporations.
Kaviraj Nair, CEO of IIT Madras’ Office of Institutional Advancement, emphasised the significance of these grants. They facilitate the formation of interdisciplinary Centres of Excellence (CoE) and provide financial aid to students from low-income families. Nair claimed that alumni contributions improve campus infrastructure, such as the creation of innovation hubs, indoor sports complexes, and the purchase of electric buses. The alumni collaboration also intends to develop a world-class start-up ecosystem affiliated with IIT Madras.
The significant contributions, amounting to approximately Rs. 96 Crore, were made by alumni and individual donors from across India and globally. Narayanan Ramaswamy, a partner at KPMG India, lauded the efforts of top-rated institutions like IIT Madras, highlighting their ability to leverage alumni networks successfully. Ramaswamy expects this trend to continue and grow in the future.
The corporate social responsibility segment witnessed a remarkable 56% growth from the previous year, with the addition of 40 new partnerships. Donors showed particular interest in technology-driven initiatives related to energy, environment, health, and education, as well as collaborations for research under corporate social responsibility.
In the coming fiscal year (2023-24), IIT Madras intends to increase its alumni fundraising teams in India and the United States. Over the last decade, the institute’s overall funding has grown at a compound annual growth rate of 45%.
Recognising the importance of alumni networks, prominent IITs have prioritised fostering and engaging with their alumni. Ajit Balakrishnan, CEO of Rediff.com, expects funding raised by IIT Madras and similar institutions to continue growing, attributing it to their robust alumni networks. Balakrishnan argues that these institutions not only educate but also inspire hope for the future and promote ethical decision-making.
While IIT-Delhi and IIT-Bombay are yet to release their FY23 annual reports, IIT-Delhi raised Rs. 96 Crore from its alumni network in FY22, in addition to grants from various funding agencies and industries. IIT-Bombay initiated the Go-IITB Campaign in FY22, raising over Rs. 15 Crore thus far, with support from more than 560 donors and the addition of over 50 scholarships.
Ramaswamy suggests that (apart from IIT Madras) newer IITs may have an advantage in fundraising compared to other institutions established around the same time. He explains that an institution’s ability to raise funds from alumni depends on its duration of existence. The prestigious IIT brand tends to attract funding at a faster pace compared to other institutions established during the same period.