IIM Ahmedabad Endowment Fund Appoints Its First CEO
Ahmedabad, 14 December: The founders of the Indian Institute of Management Ahmedabad (IIMA) Endowment Fund in concert with the Director and Dean (Alumni & External Relations) have appointed alumna Ms. Chhavi Moodgal (PGDM, the batch of 2004) as its first CEO.
The Endowment Fund was launched in June 2020 to facilitate IIMA in achieving its strategic objectives and making an even larger impact in the field of education, entrepreneurial leadership, management practice, and public policy. IIMA is the first management school in India to come up with this first-of-its-kind fund, setting a benchmark and inspiring other institutes.
The ultimate goal of the Endowment Fund is to raise Rs. 1000 Cr over a period of five years. Since its inception in 1961, IIMA has produced over 33,000 alumni. With one in seven CEOs with a management degree from IIMA, the Institute has the highest number of alumni in CEO/CXO-level roles in India’s top 500 companies. IIM Ahmedabad alumni have also founded some of the finest business enterprises. As CEO, Ms. Moodgal will look towards leveraging these alumni relationships for fundraising as well as target corporates from a CSR standpoint.
Ms. Moodgal has over 16 years of experience in financial services across asset management, investment banking, and capital markets. She brings corporate relationships as well as execution capability which will help set up the initial framework on which the IIMA Endowment Fund can stand as a long-term enterprise. The Endowment Fund will work towards formalizing and deepening efforts in fund-raising, building engagement amongst alumni and the corporate world, optimally utilizing the funds for the betterment of the Institute as well as enhancing its visibility in the global management community.
Prof. Errol D’Souza, Director, IIMA said, “We take great pride in our alumni’s achievements and have over the years ensured seamless engagement with them. We are delighted to welcome Chhavi to the IIMA family as the CEO of the Endowment Fund. Being an alum herself, we believe Chhavi will help us strengthen alumni engagement and take the Endowment initiative to its fruition.”
Welcoming Chhavi, Mr. Sandeep Singhal, Co-Founder, WestBridge Capital and Founding Team Member of IIMA Endowment Fund stated, “Chhavi brings a versatile skill set and diversified experience in financial services. The Endowment Fund is poised to make a great contribution to IIMA, and we look forward to the exciting journey ahead with Chhavi as CEO.”
Prof. Rakesh Basant, Dean - Alumni & External Relations, IIMA said, “Globally, endowment funds see significant participation from alumni. Setting up the IIMA Endowment Fund will help the Institute deliver greater value through contemporary, high-quality teaching and research. We are thrilled to have Chhavi on board and wish her the very best as she takes on this new role. “
Speaking about her appointment, Ms. Chhavi Moodgal stated, “IIMA is setting a great example to other management institutes by setting up its Endowment Fund, which will benefit the Institute significantly in its long-term financial autonomy and growth. It is also a privilege to come back to my Alma Mater, to which I attribute most of my professional success.”
Based in Mumbai, Ms. Moodgal has done her PGDM from IIM Ahmedabad and B.A. Economics (Hons) from Lady Shri Ram College for Women, University of Delhi.
About IIMA Endowment Fund
Under the guidance of the IIMA Board of Governors, the IIMA Endowment Fund will be managed by an independent Endowment Committee consisting of initial alumni contributors and the Director and Dean (Alumni and External Relations – AER) of IIMA, in their ex-officio capacity.
The initial major contributors who are founders of this Endowment and have committed to contribute more than Rs 10 crores each, have come from across different batches of IIMA starting with Sandeep Singhal & Kavita Iyer, Co-Founder of WestBridge Capital and formerly co-founder of Sequoia Capital India; and trustees Of SIFF respectively (1999); Sanjeev Bikhchandani, Founder & Executive Vice Chairman, InfoEdge (1989); Deep Kalra, Founder & Group CEO, MakeMyTrip (1992); Ramesh Mangaleswaran & Meenakshi Ramesh, Senior Partner, McKinsey & Company; and Co-Founder of Citizen Matters respectively (1993); Kuldeep Jain, Founder, Cleanmax Enviro Energy Solutions (1999); VT Bharadwaj, Co-Founder, A91 Partners (2001); Peeyush Misra, Partner, Growth Source Financial Technologies (1999) and GV Ravishankar, Managing Director, Sequoia Capital India (2004). Other significant contributors who have committed to contribute Rs 3-5 crores each are Arun Duggal, Chairman, ICRA (1974); SK Jain, Co-Founder of WestBridge Capital and formerly Sequoia Capital India (2000); and Vindi and Kamini Banga, Partner at Clayton Dubilier & Rice; and Founder Director – Dimensions Consultancy (1977).