IIT-Madras launches new fundraising platform for raising endowment funds through Alumni

Endowment funds raised in the fields of higher education and research technologies

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The Indian Institute of Technology Madras launched a new fundraising platform on Saturday, 22nd July 2017, for raising endowment funds through alumni.

Launched on the occasion of ‘Alumnite,’ held to welcome the 2017 batch into the Alumni fold, the ‘Joy of Giving to IITM’ is intended to aid IIT Madras' journey towards global distinction in the fields of engineering education and research. It will work towards raising endowment funds for the institute through alumni and corporations from around the globe.

Crowd funding is a new initiative of IIT-Madras, which has brought in Rs. 1 crore in retail funds.Around 250 new donors have joined the initiative with the average donation size being Rs.35,000. More than 30 companies are engaged with IIT-Madras at the moment. Fund raising by IIT-Madras from grew by 22 per cent in 2016-17.

Prof. R. Nagarajan, Dean, International and Alumni Relations, IIT Madras, welcomed the 2017 batch info the Alumni fold. He also recalled that IIT-Madras had successfully regained the No.1 ranking in NIRF for the second consecutive year. This was made possibly due to the contributions of the faculty, students, staff and the alumni.

An Institute Chair, endowed in the name of late Prof. S Sampath by alumni of the 1964-66 batches, was also launched on the occasion. A new initiative to honor the "Founding Professors" with a Chair was announced during the function. ‘AceMicromatic Chair Professorship’ in Machine Tools and Manufacturing Technologies was also launched during the function. M. Subramanian, Chief Executive Officer (Development Office), IIT- Madras Charitable Trust, said, “Thanks to the active involvement of the IIT-Madras Alumni community, the Rs. 55 crore was raised in 2016-17, up from Rs. 45 crore in the preceding fiscal.”

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