IIM Ahmedabad launches Endowment Fund of 100 crores, aims to raise over 1000 crores in next 5 years

On Tuesday, the Indian Institute of Management, Ahmedabad, launched its ‘IIM Ahmedabad Endowment Fund’ with an initial commitment of 100 crores. 10 founding alumni which include prominent names like Makemytrip founder Deep Kalra and Sanjeev Bikchandani founder of InfoEdge have contributed towards the endowment fund. The fund was launched by IIMA Board of Governors Chairperson and industrialist Kumar Mangalam Birla and is aimed that over 1000 crores will be raised in a period of 5 years.

A statement released said that the endowment fund will enable IIMA to make a greater impact in the education field, management practice, entrepreneurial leadership and public policy. The endowment fund will be managed by an independent Endowment Committee which will comprise of the initial alumni contributors and in their ex-officio capacity, the Director and Dean (Alumni and External Relations - AER). The management school is the first of its kind in India to come up with such a fund.

Kumar Mangalam Birla said that endowment funds help to ensure any institute’s financial health which in turn encourages growth and self-sufficiency. Appreciative of the founder alumni for their generous contributions that helped kick-start the IIMA endowment fund, he said that these funds will play a significant role in helping the institute retain its autonomy and realising its long-term goals.

IIMA, since its inception in 1961, has produced over 33,000 alumni working across India Ins. These alumni have made significant contributions to corporates, fields of academia, entrepreneurship, public policy and service. The statement from IIMA also said that the institute holds the record of the highest number of alumni in CXO/CEO level roles in the top 500 companies in India.