They left IIT to build billion-dollar companies: Why are alumni giving crores back?
IIT alumni are increasingly giving back to their alma maters through donations running into hundreds of crores, supporting medical schools, hostels, research, infrastructure and new academic institutions. Notable contributions include Rakesh Gangwal’s Rs 400 crore commitment to IIT Kanpur, Nandan Nilekani’s Rs 400 crore cumulative contribution to IIT Bombay and Dr Krishna Chivukula’s Rs 228 crore…
For decades, the Indian Institutes of Technology (IITs) witnessed their most talented graduates leave to establish technology firms, global businesses, and careers globally. Recently, a noticeable trend has emerged: successful IIT alumni are returning to their alma maters, donating vast sums of money that could fund various initiatives such as medical schools, hostels, research centers, infrastructure and new academic institutions.
The latest example can be seen at IIT Kanpur, where IndiGo co-founder and alumnus Rakesh Gangwal recently pledged an additional Rs 300 crore towards the Gangwal School of Medical Sciences and Technology. Coupled with his initial Rs 100 crore donation, his commitment has reached Rs 400 crore, while a matching grant initiative could potentially bring in even more support.
Key IIT alumni donations so far:
- IIT Kanpur: Rakesh Gangwal has committed Rs 400 crore for the Gangwal School of Medical Sciences and Technology, with a potential match from other donors.
- IIT Delhi: Binny Bansal, co-founder of Flipkart, made the largest unrestricted individual donation to the institute, which the institute named after him.
- IIT Delhi: The Class of 2000 pledged over Rs 70 crore for the institution.
- IIT Bombay: BrowserStack founders Ritesh Arora and Nakul Aggarwal committed Rs 100 crore for improving student living facilities, including the rebuilding of Hostel 6 where the founders once resided.
- IIT Bombay: The Class of 2000 contributed an additional Rs 50 crore during their Silver Jubilee celebrations.
- IIT Madras: Dr. Krishna Chivukula, a Class of 1970 alumnus, gave around Rs 228 crore, the institute's largest single donation in history.
- IIT Kanpur: The Class of 2000 pledged Rs 100 crore for the proposed Millennium School of Technology and Society.
This trend signifies a shift in the IIT story, where the focus is moving from alumni leaving to build worldwide success to their return to support the very institutions that launched them.
Written by urgent.news from Times of India's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
