Indian Institute of Technology, Delhi alumni, has contributed $1 million in business stock to the school. Both IIT Bombay and IIT Madras have received stock transfers from their alumni as a kind of charitable support as well. IITs are now using alumni networks as a way to raise money, which is a new trend. The Union government has mandated endowment funds for all centrally-funded technical institutions (CFTI). According to IIT Madras, the fund is in its fifth year. During the previous nine months alone, it has raised about 11 crores by selling stock.
Key Highlight:
- Indian Institute of Technology, Delhi alumni, has contributed $1 million in business stock to the school.
- Both IIT Bombay and IIT Madras have received stock transfers from their alumni as a kind of charitable support as well.
- IIT Delhi revealed its goal of raising $1 billion by 2025 when it launched its endowment fund in 2019.
- The Union government has mandated endowment funds for all centrally-funded technical institutions (CFTI).
- During the previous nine months alone, it has raised about 11 crores by selling stock.
Indian Institute of Technology, Delhi alumnus, has contributed $1 million in firm shares to his alma mater as a new trend in India’s best engineering universities. Two other Indian institutes of technology have received stock transfers from their alumni as a kind of contribution.
In recent years, fundraising for research, growth, and expansion has become a key focus for the Indian Institutes of Technology (IITs).
Mohit Aron, an alumnus of IIT Delhi, donated $1 million in November. Aron is an entrepreneur and businessman who graduated from the Computer Science and Engineering department in 1995. A data protection company called Cohesity and a cloud computing company called Nutanix are both unicorns.
IIT Delhi revealed its goal of raising $1 billion by 2025 when it launched its endowment fund in 2019. Until 2020, it held an endowment of around Rs 186 crore (in Indian currency).
Its affiliated alumni organization got a grant in the form of stock. It transferred the proceeds of the sale to IIT Madras as a contribution, according to Prof Mahesh Panchagnula, Dean, Alumni, and Corporate Relations, IIT Madras.
According to him, “Our endowment plus the corpus is roughly Rs 550 crore.” IIT Madras says its endowment fund is around five years old, despite the government’s directive that all CFTIs maintain endowment funds. Foreseeing that an increasing endowment would be beneficial to the Institute before the Union Government’s CFTI endowment fund plan, Panchagnula put up this endowment fund.
There would be 77 crores in donations to IIT Bombay year 2020-21, according to Prof. Suhas Joshi, Dean, Alumni, and Corporate Relations. To receive stock donations, we’ve implemented a new system.” He said that there had been a total of over 11 crores in the last nine months raised using this method.
According to Prof Panchagnula of IIT Madras, the Institute uses the funds received as endowments for several causes, including the establishment of Chair professorships to recognize exemplary faculty members, the establishment of scholarships to support needy students, the creation of opportunities for faculty and students to pursue research in emerging areas, and the support of infrastructure maintenance and other related causes. Professors.
IIT Delhi’s alumni were encouraged to leave a legacy to the school in 2018. Many donations have been made through this method, according to Professor Garg.
#IITDelhi's 52nd #Convocation on November 13, 2021
— IIT Delhi (@iitdelhi) November 4, 2021
The Institute welcomes Chief Guest Ms @Padmasree Warrior, a Distinguished IIT Delhi Alumna and Founder & CEO, @GetFable. pic.twitter.com/wgMbvwQjN2
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