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IIMA has launched an endowment fund with an initial amount of Rs. 100 crore donated by 10 of its distinguished alumni. The institute plans to use the fund to support research, programme support and development.
The Indian Institute of Management, Ahmedabad (IIMA) has launched an endowment fund worth Rs. 100 crores. The fund was launched by the institute on Tuesday i.e. 23 June 2020. IIMA, which is a top-ranking management school in India, has become the first Indian B-School to launch an endowment fund.
Information about the fund was shared by the institute in a webinar conducted on June 23, 2020. The fund is planned to be spent in activities related to research, programme support, scholarship as well as the different development projects of IIMA.
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IIMA Alumni are the Contributors
The fund has been raised from the contributions of 10 distinguished IIMA alumni who are working at distinguished positions in different sectors of the market. Some of the contributors for the IIMA endowment fund include Kavita Iyer and Sandeep Singhal, co-founders of WestBridge Capital, Arun Duggal, Chairman of ICRA, Deep Kalra, founded of Makemytrip.com among others.
Harsha Bhogle, a well-known cricket commentator and an alumnus of IIMA, was part of the occasion. He shared his love for the fund by saying that it makes the institute independent and the innovation comes at a time of uncertainty.
Kumar Mangalam Birla, a member of the Board of Governors of IIMA, appreciated the contributing alumni whose generous contributions have helped kickstart the IIMA endowment fund.
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IIMA Plans to Raise Rs. 1,000 crore in 5 years
IIMA has set a target to raise Rs. 1,000 crore for the endowment fund over the next 5 years. In future, the institute will accept contributions not only from the alumni but also from outside of the institute.
The fund will be governed by the members of the alumni and the director in order to ensure transparency. A 10 - 20 member team will be formed to oversee the utilisation and functioning of the endowment fund. It will help IIMA maintain its financial health, encourage growth while aiding the institute's efforts to transform the lives of its students.
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