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IIT Bombay earns good response to its fund-raising initiative


NEW DELHI: The Indian Institute of Technology (IIT), Bombay, has seen good response to its fund raising initiatives in the current academic year, with Rs26.16 crore contributed by alumni currently residing in the US.

Sharad Saraf, chairman, Technocraft Group and Sudarshan Saraf, co-chairman of Technocraft Group, have given Rs15 crore to build a ‘Technocraft Centre for Applied Artificial Intelligence’ at IIT Bombay. The donors believe that the future of technology is with the growth of Artificial Intelligence (AI) and it is necessary to expose students to AI through a dedicated AI Center, according to IIT Bombay.

A campaign spearheaded by IIT Bombay Heritage Foundation in the US received good response, the institute said. “This year IIT Bombay alumni in USA have contributed to $3.6 million (Rs26.16 crore) to the institute”.

IIT Bombay had initiated annual fund-raising drive, ‘Cherish IIT Bombay’ for donors all over India and the world. It has been raising funds for various causes for the benefit of its students and faculty.

According to IIT Bombay, the campaign that stands out this year is the IT hardware campaign. “As IIT Bombay moved to online classes in response to the pandemic, many of our students couldn’t access the online classes as they couldn’t afford the investment in IT hardware at their respective homes. We reached out to alumni for funding over 800 laptops and data connections. We got a phenomenal response for this and requirement getting funded in a few weeks.”

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