During the Annual Alumni Reunion held on December 21, 2024, at the Sardar Patel Institute of Technology (SPIT) in Mumbai, Sameer Nigam and Rahul Chari, the co-founders of PhonePe, announced a $1 million grant for their alma mater.

The 1999 graduating class celebrated their 25th anniversary at the event, which was hosted at the SP Jain Auditorium on Bhavan's campus. 300 alumni attended the reunion, including notable personalities from the business and technology fields.

The grant is intended to improve SPIT's infrastructure, spur innovation, and cultivate a spirit of entrepreneurship in students, enabling them to create solutions that have a significant impact. The Distinguished Alumni Award was given to PhonePe CEO Nigam and CTO Chari in recognition of their contributions to the fintech industry and society in India.

PhonePe, which is valued at $12 billion, has grown to be one of the top fintech companies under their direction. In the most recent fiscal year, the company's revenue exceeded 5,000 crore (FY24).

In addition, the institute honored alumni with the SP-Changemakers Awards for their accomplishments.

BN Chaudhari, the SPIT principal, stated that only one in a million people becomes a donor, compared to one in ten who succeeds and one in a hundred who reaches greatness. Rahul Chari and Sameer Nigam have our sincere gratitude for their $1 million grant, which will revolutionize our college and help our students flourish. He stated that new labs and academic spaces will be built with the help of the grant.

Read More News :

Jasudben ML School Marks Founder's Week by Championing NEP-2020's Vision for Future-Ready Learning

Startup Founder's Controversial Advice: 'Leave India! It's High Time'