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PhonePe Founders Donate $1 Million to Alma Mater SPIT to Foster Innovation

Sameer Nigam and Rahul Chari’s Generous Grant Aims to Enhance SPIT’s Infrastructure and Entrepreneurial Spirit

In a heartwarming gesture of giving back, PhonePe co-founders Sameer Nigam and Rahul Chari announced a generous $1 million donation to their alma mater, the Sardar Patel Institute of Technology (SPIT), during the Annual Alumni Reunion held on December 21, 2024. The event, which took place at the SP Jain Auditorium in Bhavan’s Campus, celebrated the 25th anniversary of the 1999 graduating batch, drawing over 300 alumni from diverse sectors, including tech and business.

The substantial donation is intended to enhance the infrastructure of SPIT, drive innovation, and foster an entrepreneurial culture among current students. Nigam and Chari’s commitment aims to help the institute cultivate a new generation of innovators and problem-solvers capable of creating impactful solutions for the future.

PhonePe founders

A Commitment to Excellence: Empowering Future Generations

The $1 million grant reflects PhonePe’s founders’ deep-rooted belief in the power of education and innovation. As two of India’s leading tech figures, Nigam and Chari have seen firsthand how crucial access to quality education and resources can be in shaping the future of young entrepreneurs. With this grant, SPIT will be able to invest in state-of-the-art infrastructure and programs that will help students develop the skills and knowledge necessary to thrive in today’s fast-paced digital world.

Speaking about the donation, Sameer Nigam, CEO of PhonePe, expressed, “We owe a lot of our success to the solid foundation SPIT provided us. This donation is our way of contributing to the institution that played a crucial role in shaping our careers.”

Rahul Chari, CTO of PhonePe, added, “We believe in the power of nurturing young talent, and we hope this grant will inspire students at SPIT to think bigger and bolder, just as we did when we were in their shoes.”

Recognizing Excellence: Distinguished Alumni Award

As part of the reunion celebrations, Nigam and Chari were honored with the prestigious Distinguished Alumni Award. This recognition is a testament to their outstanding contributions to the fintech industry and society at large. Under their leadership, PhonePe has transformed into one of the country’s most successful fintech companies, achieving a remarkable $12 billion valuation and surpassing Rs 5,000 crore in revenue for the fiscal year 2024.

The Alumni Reunion event also witnessed the presentation of the SP-Changemakers Awards, an initiative to acknowledge the accomplishments of SPIT alumni who have made significant contributions to their respective fields. The recognition of Nigam and Chari serves as an inspiration to current students, encouraging them to follow in the footsteps of successful alumni.

SPIT: A Hub for Innovation and Entrepreneurial Growth

SPIT has long been known for its commitment to academic excellence and fostering innovation. With the new donation, the institute is poised to expand its capabilities and provide students with more opportunities to engage with cutting-edge technologies and entrepreneurial ventures. The grant will also support SPIT’s initiatives to provide a platform for students to collaborate with industry leaders and work on real-world projects.

For Nigam and Chari, this is just the beginning of a long-term partnership with SPIT. Their involvement in the alumni reunion is a testament to their commitment to supporting the growth and development of future generations of entrepreneurs and technologists.

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