Delhi:  Hon'ble President of India, Shri Ram Nath Kovind, launched the 'IIT Delhi Endowment Fund' at Rashtrapati Bhavan. Initial commitment of Rs 250 Cr was made by over 10 founder alumni (find the detailed list below) at the time of launch.

The endowment model aims to achieve a target corpus of USD 1 billion over a period of seven years. This first-of-its-kind fund in India will work towards the development of the University, nurturing innovation, and keeping alive the entrepreneurial spirit among the youth of India, also in the form of scholarships.

Speaking on the occasion, the President said that endowments globally have become integral to the financial health of educational institutions over time. While we are still far from the size and importance of endowment funds of Institutions such as Harvard, Yale or Columbia, it is the right first step in this direction. By giving through endowments, alumni are not just giving to their institution but they are also supporting and nurturing future generations of learners.

Over the past fifteen years, IIT Delhi alumni have founded highest number of successful startup ventures in India and have cumulatively raised a capital of USD 14 billion, almost double the amount of capital raised by the next best.