In a recent development, President Ram Nath Kovind launched the global alumni endowment fund of Indian Institute of Technology Delhi (IIT Delhi) with an initial commitment of Rs 250 crore by 10 founder alumni.
Alongside this, IIT Delhi also announced the launch of ‘Every One Teach One’ scheme, welcoming IIT alumni, corporate and well of people to be a part of this fund. As part of the scheme, alumni are being invited to support education of one student per year costing up to $10,000, which will get added to the endowment fund.
For the newly launched fund, IIT Delhi is aiming to achieve a target of $1 billion over a period of 7 years that will be focused in encouraging innovation, entrepreneurial spirit and overall development of the Institute.
Talking about the newly launched fund, V. Ramgopal Rao, Director, IIT Delhi said, “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.”
The newly launched fund 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 returns of the endowment will be tapped under the supervision of the alumni and the IIT Delhi administration.
“With 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.
The founders of the endowment whi will supposedly contribute more than Rs 10 crore each are from 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).