In a primary, Ahmedabad primarily based Indian Institute of Management on Tuesday introduced the launch of the ‘IIM Ahmedabad Endowment Fund’, with an preliminary dedication of ₹100 crore from 10 founding alumni.
The endowment goals to boost ₹1,000 Crore over a interval of 5 years. IIM-A is the primary administration college in India to come back up with this first-of-its-kind fund setting a benchmark and provoking different institutes.
Kumar Mangalam Birla, Chairperson, IIM-A Board of Governors stated, “Endowment funds help ensure financial health of any institute, thereby encouraging growth and self-sufficiency. We truly appreciate the Founder alumni for their generous contributions to kick-start the IIM Ahmedabad Endowment Fund. These funds will play a significant role in realizing the long-term goals of the Institute and retain its autonomy.”
In a media assertion, the institute stated that since its inception in 1961, IIMA has produced over 33,000 alumni working throughout India Inc., contributing considerably throughout corporates, fields of entrepreneurship, academia, public coverage and repair in India in addition to overseas.
With one in seven CEOs with a administration diploma from IIMA, the Institute has the best variety of alumni in CEO/CXO-level roles in India’s high 500 corporations.
The IIM Ahmedabad alumni have additionally based a number of the most interesting enterprise enterprises within the nation.
Prof Errol D’Souza, Director, IIM-A stated, “Alumni are a source of pride and strength for the Institute. While they have contributed in many ways to support the Institute’s priorities; the endowment corpus will be very impactful as we expect it to emerge as an important source to support key strategic initiatives and innovative projects. Such a critical funding support has been missing for most Indian educational institutions and we are happy to create a benchmark.”
Under the steering of the IIM-A Board of Governors, the endowment fund can be managed by an unbiased Endowment Committee consisting of preliminary alumni contributors and the Director and Dean, Alumni and External Relations (AER) of IIM-A, of their ex-officio capability.
The preliminary main contributors who’re founders of this Endowment and have dedicated to contribute greater than ₹10 crores every have come from throughout the batches of IIM beginning from Sandeep Singhal and Kavita Iyer, Co-Founder of WestBridge Capital and previously co-founder of Sequoia Capital India; and trustees Of SIFF respectively, Sanjeev Bikhchandani, Founder & Executive Vice Chairman, InfoEdge, Deep Kalra, Founder & Group CEO, Makemytrip, Ramesh Mangaleswaran ans Meenakshi Ramesh, Senior Partner, McKinsey & Company; and Co-Founder of Citizen Matters respectively, Kuldeep Jain, Founder, Cleanmax Enviro Energy Solutions, VT Bharadwaj, Cofounder, A91 Partners, Peeyush Misra, Partner, Growth Source Financial Technologies and GV Ravishankar, Managing Director, Sequoia Capital India.
Besides, different important contributors who’ve dedicated to greater than Rs 5 crores are Arun Duggal, Chairman, ICRA and SK Jain, Co-Founder of WestBridge Capital and previously Sequoia Capital India.
“The transparent structure of the fund will help IIMA engage more actively with its alumni and they will be able to meaningfully participate in shaping the future of their alma mater. This will also help the Institute deliver greater value through contemporary, high quality teaching and research,” stated Rakesh Basant, Dean – Alumni & External Relations.
“Endowments form the backbone of all great Universities around the world. Endowment is the glue that binds the University with its alumni. Greater the University, larger is the Endowment. With this initiative, the management and the alumni have sowed a seed for what will one day be a large endowment proportionate to the stature of IIM Ahmedabad” stated Sandeep Singhal and Sanjeev Bikhchandani, founding donors of the newly created endowment fund.