courtesy: moneycontrol
IIT Madras has announced its highest round of funding in the history, as the institute has secured Rs. 513.38 crore of funds from alumni corporate enterprises and other donors in FY24. The amount is 135% higher than the institute’s funding last fiscal, which stood at Rs. 23.11 crore.
A release from IIT Madras said that the secured funds will not only be utilised towards advancing the technological research and development, but will also be used to deploy the existing technology built by the institute. Part of the funds, IIT said, would also be used to support student scholarships and infrastructural needs of the institute.
Prof V Kamakoti, Director at IIT Madras, in a conversation to CNBC- TV18 stated, “We set a target of Rs. 300 crore, and we’ve worked very hard along with the IIT Madras Alumni Charitable Trust, to have crossed to Rs. 500- crore mark.” He added that they have been able to manage such whopping amount because of the trust that people has invested in them.
Incidentally, IIT Madras’ Rs. 500 crore fund may well be the highest any institute has secured in funding in a fiscal. However, at the time of the announcement, other IITs were yet to release their funding for FY24.
