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IIT-Bombay's Class of 1998 Gifts Rs 57 Crore to Alma Mater

The contribution will help accelerate IIT Bombay's growth and contribute to our shared vision of excellence

IIT-Bombay's Class of 1998 Gifts Rs 57 Crore to Alma Mater
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POSTED ON December 26, 2023 11:46 AM

IIT-Bombay's class of 1998 has gifted Rs 57 crore to its alma mater as part of the silver jubilee reunion celebrations -- the highest combined contribution by a single class. 

The donation, by the likes of private equity firm Silver Lake managing director Apoorv Saxena and Peak XV managing director Shailendra Singh, breaks the previous record of Rs 41 crore by the Class of 1971 for their golden jubilee celebrations. 

In a statement, the students said the contribution was made by over 200-plus alumni including major donations from top global executives Vector Capital MD Anupam Banerjee, Dileep George of AI Research, Google Deepmind, Great Learning CEO Mohan Lakahmraju, Colopast SVP Manu Varma, Silicon Valley entrepreneur Sundar Iyer, Indovance co-founder and CEO Sandeep Joshi, and Srikant Shetty, Chief Growth Officer, Americas, HCL. 

Subhasis Chaudhuri, director of IIT Bombay, said, the contribution by the Class of 1998 "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," he said. 

The funds raised by the Class of 1998 will help the Institute support key academic projects and the research landscape at IIT Bombay. They include Project Evergreen, which aims to create sustainable and eco-friendly hostels for students; Makerspace labs to foster scientific and technological innovation and creativity including a new AI micro factory; and Student Aid initiatives (including Scholarships) to fuel the aspirations of the next generation of students at the Institute. 

There are also plans to create the first-of-its-kind endowment fund from the proceeds, and to fund projects at the Centre for Machine Intelligence and Data Minds (C-MinDS). 

The funds raised will also help drive IIT Bombay's ambitious 2030 vision of ranking among the world's top 50 universities, and foster a legacy of excellence on the global stage, the statement said. 

Amit Khandelwal, Apoorv Saxena, Ashutosh Gore, and Sharad Goenka - the leads of the reunion and fundraising efforts on behalf of their class - said: "We are a very diverse batch, with people spread across 100+ cities across the world and are involved in startups to corporates, social causes and non-profits. But we all share some great memories and timeless bonds that were forged during the formative years of our lives and sustained through many family visits and connections over the years. 

"This year when we got together there was another big focus for us: the spirit of giving back inspired by alumni such as Nandan Nilekani and previous silver jubilee batches. We are glad all this came together in this record raise supported by all the donors and the volunteers. We hope this helps to make IIT Bombay one of the premier global universities in the coming years and inspires other alumni to give back as well." 

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