“Class of ’98 Alumni Donate Record ₹57 Crore to IIT Bombay in Milestone Contribution”

IIT Bombay's Class of '98 Sets New Record with ₹57 Crore Donation

The alumni of the 1998 batch at the Indian Institute of Technology (IIT) Bombay have achieved a historic milestone by raising a whopping ₹57 crore for their alma mater during their silver jubilee reunion celebration. This outstanding collective contribution marks the highest donation by a single class, surpassing the previous record set by the batch of 1971, which raised ₹41 crore for their golden jubilee celebrations.

More than 200 alumni came together to contribute to this substantial fund, showcasing their unwavering support for their alma mater. The raised funds are earmarked for various developmental initiatives, including hostel upgrades, the establishment of a new AI lab, and the provision of need-based scholarships.

Expressing heartfelt gratitude, Professor Subhasis Chaudhuri, the director of IIT Bombay, lauded the generosity of the Class of ’98, acknowledging the significant impact their donation will have on accelerating the institution’s growth. He emphasized the vital role played by this donation in realizing the collective vision of excellence shared by the alumni and the institute.

The donated funds will be utilized for several transformative projects, notably the creation of sustainable and eco-friendly hostels, the development of makerspace labs housing a new micro AI factory, and support for initiatives at the Centre for Machine Intelligence and Data Minds (C-MInDS). Additionally, the contributions will facilitate the establishment of a pioneering endowment fund and the disbursal of need-based scholarships.

Apoorv Saxena, Managing Director at Silver Lake Partners and one of the contributors, highlighted the intended disbursement plan, suggesting that the funds be allocated over the next three to four years to maximize their impact on the designated projects.

Key contributors to this commendable initiative include Apoorv Saxena, Shailendra Singh (Managing Director, Peak XV Partners), Dileep George (DeepMind), Shrikanth Shetty (Chief Growth Officer, HCL), Sandesh Joshi (Co-founder & CEO, Indovance), Mohan Lakhamraju (CEO, Great Learning), Anupam Banerjee (Managing Director, Vector Capital), and Vishal Shah (Founder & CEO, Avina).

Notably, the donation is characterized by a collective effort, with no single contribution exceeding half of the total contributions, as indicated by Apoorv Saxena.

This monumental donation underscores the unwavering commitment and shared vision of IIT Bombay’s alumni in shaping the institution’s future, cementing their legacy and fostering a stronger bond within the IIT Bombay community.

Sources By Agencies

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