(Our Bureau, July 22; 6pm)
IIT Bombay has received a grant of $168,000 (₹1.25 crore) from Singapore-based quantitative trading expert Nivesh Kumar, an alumnus from the Class of 2006. The gift is directed towards a fund focused on Industrial Engineering and Operations Research (IEOR) — one of the institute’s first inter-disciplinary initiatives — and seeks to promote fundamental research among students and faculty members.
Kumar, who completed his MTech from the elite institute, presently works as a Systematic Portfolio Manager at Exodus Point Capital Management. He has worked in Japan, Hong Kong, the UK and Singapore for different investment banks and hedge funds,
“It is increasingly important to provide exposure and opportunities to deserving students so that they can realize their potential. The objective of the endowment is to nurture a culture of in-depth research for students and faculty in the IEOR,” Kumar said.
Global Indians Giving Back
India’s IITs are seeing an increase in donations from overseas alumni. Before Kumar, US-based Exodus Point’s chief risk officer Dev Joneja had donated $175,000 (₹1.27 crore) towards his alma mater IIT Kanpur. Recently, US-based corporate trainer Rekha and entrepreneur Rizwan Koita donated ₹25 crore ($3.4 million) to help their alma mater set up a digital healthcare center under the aegis of Koita Foundation. Annual donations collected by IIT-B from corporate and alumni networks grew to ₹80 crore in 2020-21, from ₹20 crore in 2017-18.