IIT Delhi launches Global Alumni Endowment Fund, targets $1 billion over 7 years
The institute aims to achieve a target of $1 billion over a period of 7 years for the newly launched fund that will work towards the development of the institute, encourage innovation and entrepreneurial spirit. The earnings will be utilized under...
The institute aims to achieve a target corpus of $1 billion over a period of 7 years for the newly launched fund that will work towards the development of the institute, encourage innovation and entrepreneurial spirit.
Today, all IIT-ians put together are the fourth-largest producers of unicorn start-ups in the world, after Stanford, Harvard and University of California, with IIT Delhi alumni leading the pack creating 14 out of 24 Indian unicorns, stated a release by the institute.
“Such endowments also allow institutions like ours to confidently engage in long-term planning without sustainability risk to critical projects. This will also put IIT Delhi on the global map for education along with the prominent foreign universities,” V. Ramgopal Rao, Director, IIT Delhi said.
The endowment will be managed by a committee that include members like Rao, Sanjeev Sanghi, Dean, Alumni Affairs and International Programmes; Arun Duggal founder, Centre of Excellence for Research on Clean Air; Sandeep Singhal, co- founder of WestBridge Capital and Sequoia Capital India; Vikram Gupta, founder, IvyCap Ventures; Sachin Bansal, CEO, Navi and ex co-founder, Flipkart and Gautam Kumra, Head, McKinsey India.
The earnings from the fund will be utilized under the guidance of a Governing Board of Advisors consisting primarily of alumni and the IIT Delhi administration.
"With a strength of more than 52,000 alumni backing, we are confident this will create a model endowment fund, which can be emulated by all Indian universities," Sanghi said. As part of ‘Each One Teach One’ scheme, alumni are being invited to support education of one student per year costing up to $10,000, which will get added to the IIT Delhi Endowment Fund.
The initial major contributors who are founders of this Endowment and have committed to contribute more than Rs 10 crore each have come from across the batches of IIT starting from Binny and Sachin Bansal of Flipkart (Batch of 2007); Singhal and Kavita Iyer, co-founder of WestBridge Capital and Sequoia Capital India (1992 & 1994); Duggal (1969) and Gupta (1993).