The Indian Institute for Management, Ahmedabad (IIM-A) announced on Tuesday the launch of the “IIM Ahmedabad Endowment Fund” with an initial commitment of 100 crore from 10 founding alumni. The foundation aims to collect 1,000 crore over a period of five years.
This makes IIM-A India’s first management school that has launched a unique fund.
On this occasion, Kumar Mangalam Birla, Chairman of the IIM-A Board of Governors, said: “Foundation funds help to ensure the financial health of an institution and thus promote growth and self-sufficiency. We greatly appreciate the founder alumni for their generous contributions to the start of the IIM Ahmedabad Endowment Fund. These funds will play an important role in realizing the long-term goals of the institute and in maintaining its autonomy. “
Since its founding in 1961, IIM-A has produced over 33,000 alumni who operate across India and make a significant contribution to companies, business sectors, science, public order and services.
With one of seven CEOs with a management degree from IIM-A, the institute has the highest number of alumni at CEO / CXO level in India’s top 500 companies, the institute said in an official statement.
Critical funding support
Errol D’Souza, director of IIM-A, said: “The body of the foundation will be very effective as we believe it will be an important source of support for key strategic initiatives and innovative projects. Such critical financial support has been lacking for most Indian educational institutions and we are happy to create a benchmark. “
Under the leadership of the IIM-A Board of Governors, the Foundation Fund is managed by an independent Foundation Committee, which is made up of first alumni employees and the Director and Dean (Alumni and External Relations – AER) of IIM-A in their ex-group. Official capacity.
The first major contributors who are founders of this foundation and who are committed to contributing more than £ 10m each come from all areas of IIM.
The names include Sandeep Singhal & Kavita Iyer, co-founder of WestBridge Capital and former co-founder of Sequoia Capital India; and trustee of SIFF (1999), Sanjeev Bikhchandani, founder and deputy chairman of the board of InfoEdge (1989); Deep Kalra, founder and CEO of the group, Makemytrip (1992); Ramesh Mangaleswaran and Meenakshi Ramesh, Senior Partner, McKinsey & Company; or co-founder of Citizen Matters (1993); Kuldeep Jain, founder of Cleanmax Enviro Energy Solutions (1999); VT Bharadwaj, co-founder of A91 Partners (2001); Peeyush Misra, Partner, Growth Source Financial Technologies (1999) and GV Ravishankar, Managing Director, Sequoia Capital India (2004).
Other significant contributors committed to over £ 5 million include Arun Duggal, chairman of ICRA (1974), and SK Jain, co-founder of WestBridge Capital and formerly Sequoia Capital India (2000).
Prof. Rakesh Basant, Dean Alumni and External Relations, IIM-A, said: “The transparent structure of the fund will help IIMA to deal more actively with its alumni and they will be able to make sense of the design of the To participate in the future of their alma mater. This will also help the institute to achieve a higher value through contemporary, high quality teaching and research. “