Indian Institute of Technology (IIT), Delhi, is looking to raise Rs 200 crore during the inauguration of its endowment fund, reported The Economic Times. The inauguration of the fund, the report said, will be done by the President this month, will have alumni such as Flipkart co-founders Sachin and Binny Bansal among contributors.
Director V Ramgopal Rao told the ET that pledges of more than Rs 125 crore are already in place from alumni such as the Bansals. The development, added the report, as the institute has set itself a target of one billion dollars by 2025.
“The fund is getting strong support from alumni across batches and geographies…this is the first time ever in the history of India that you would see anything like this,” IvyCap Ventures’ Vikram Gupta was quoted saying in the report.
As per the report, an IIT Delhi Endowment Fund music video debuted last month featuring many former students like Binny Bansal, Zomato co-founder Pankaj Chaddah, Sun Microsystems co-founder Vinod Khosla, PolicyBazaar co-founder Yashish Dahiya, Quikr CEO Pranay Chulet and founder, managing partner of IvyCap Ventures Vikram Gupta and others. It is expected that all these alumni will make serious contributions.
Earlier, the report said, IIT Madras raised Rs 39.07 crore in the first half of FY20. Similarly, the report added, IIT Kanpur has got Rs 7 crore so far and is targeting Rs 15 crore for the entire year.