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IIT-B launches novel fundraising campaign, collects ₹55L in 6 weeks
Mumbai In a novel initiative, the Indian Institute of Technology-Bombay (IIT-B) raised ₹55
Mumbai In a novel initiative, the Indian Institute of Technology-Bombay (IIT-B) raised ₹55.41 lakh through a fundraising campaign.
While donations from the alumni are a regular affair for the Institute of Eminence, this is the first time that it has made a dedicated effort to raise capital to fund various aspects of academics and research from its alumni network. Launched in February, Cherish IIT Bombay is the first-ever annual fundraising campaign of the institute.
In its first chapter, the campaign, launched only in India, ran for six weeks, during which time IIT-B was able to connect with 164 alumni members, who donated a total of ₹55.41 lakh.
“The main objective this time has been to connect them and also to inculcate a thought of donating every year,” said Suhas Joshi, dean, alumni and corporate relations, IIT-B.
The funds raised will be used for the creation of under-graduate education laboratories, modernisation of lecture halls, establishing maker space of IIT-B and providing Young Faculty Awards, Joshi added.
“The alumni network helps IIT-B in numerous ways, by supporting its initiatives to expand and maintain world-class infrastructure for a rapidly-increasing student base. The Cherish IIT Bombay campaign helped spread awareness about how the alumni can support the institute and contribute to their alma-mater for the causes close to their heart,” said Joshi.
The next chapter of the Cherish IIT Bombay campaign will be launched on the Alumni Day – December 26 – and extend till March 31, 2022.
The institute, in its 63rd year now, faces a deficit of around ₹100 crore annually, according to annual reports. It has been looking for ways to raise capital.
In December 2019, HT had reported that the institute’s director, Subhasis Chaudhuri, had called an emergency meeting with the faculty to brainstorm on ways to generate funds. Faculty members had been asked to bring in sponsors and even offer infrastructures to be renamed after alumni in exchange for donations.
