The Indian Institute of Technology Madras (IIT Madras) today said it has raised a record Rs 513 cr in funds from alumni, corporate and private donors in the financial year 2023-24.

The institute also received a total of Rs 71.7 billion in new jobs from alumni and partners during FY24

“The network of kind individuals has affected the lives of many students and will continue to impact countless more through upcoming technologies. Mahesh Panchagnula, Dean (Alumni and Corporate Relations) at IIT Madras, stated that although the funds raised were remarkable, the strong relationships formed during the journey were even more significant and contributed greatly to their strength.

The fund represents an increase of 135 percent over the amount raised in the 2022-23 fiscal (Rs 218 million (Rs 513 million)), the institute said.

In FY 2021-2022, the institute raised Rs 131 cr, while in FY 2020-2021, it raised Rs 101.2 cr.

IIT Madras raised Rs 367 cr through alumni alone in 2023-24, a 282% increase over the previous year.

"Kaviraj Nair, Director General of the IIT Madras Institutional Advancement Office, stated that money raised from alumni and donors is utilized for advancing research, giving scholarships to undergraduates, and enhancing the campus.

"He stated that IIT Madras aims to enhance the educational experience and foster innovation and social change by investing in these key areas.

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