Class of ‘98 donates ₹57 crore to IIT Bombay

This is the highest combined contribution by a single batch. Previously, the batch of 1971 had raised ₹41 crore for their golden jubilee celebrations

The 1998 batch of the Indian Institute of Technology (IIT) Bombay has raised ₹57 crore for the institution as part of their silver jubilee reunion celebration. More than 200 alumni contributed to this fund which will be used to upgrade the hostels, set up a new AI lab, and to give need-based scholarships.

Indian Institute of Technology (IIT) Bombay. (File)

“I am deeply grateful to the Class of 1998 for their generosity, which will help accelerate IIT Bombay’s growth and contribute to our shared vision of excellence. Bound by a collective spirit and a shared commitment, the Class of 1998’s contribution has left a significant mark on their legacy at their alma mater. Their dedication to IIT Bombay demonstrates the enduring bonds forged during their formative years and serves as an inspiration for all alumni. Together, we are shaping a future where IIT Bombay will stand amongst the world’s top universities, fuelled by the collective efforts of our diverse and accomplished community,” Professor Subhasis Chaudhuri, the director of IIT Bombay, said.

This fund will be used to create sustainable and eco-friendly hostels for students, makerspace labs which will include a new micro AI factory, and to fund projects at the Centre for Machine Intelligence and Data Minds (C-MInDS). The proceeds will also be used to disburse need-based scholarships and to create “the first-of-its-kind endowment fund”. “We have suggested that these funds be disbursed over the next three to four years,” Apoorv Saxena, Silver Lake Partners’ managing director and one of the contributors, said.

Key donors include Saxena, Peak XV Partners’ managing director Shailendra Singh, DeepMind’s Dileep George, HCL’s chief growth officer Shrikanth Shetty, co-founder and CEO of Indovance Sandesh Joshi, Great Learning’s CEO Mohan Lakhamraju, Vector Capital’s managing director Anupam Banerjee, and Avina’s founder and CEO Vishal Shah. It is not known who contributed the maximum amount. “The person wants to remain anonymous but I can tell you that no single contribution exceeds more than half the total contributions,” Saxena said.

This is the highest combined contribution by a single class. Previously, the batch of 1971 had raised ₹41 crore for their golden jubilee celebrations. Nandan Nilekani had made the largest individual contribution to the institute in June with a contribution of $38.5 million ( ₹315 crore), adding to his previous grants totalling ₹85 crore. In August, an anonymous alumnus had contributed $18.6 million ( ₹153 crore) for climate research through a green energy and sustainability research hub.