The Indian Institute of Technology (IIT) Bombay, an autonomous institute and a deemed university, has established the IITB Development and Relations Foundation (IITB-DRF), an independent non-profit organization (Sec8 company).

The IITB-DRF is set up as a focused development organization for the institute, to focus on outreach, cultivation and stewardship of the alumni, corporate and philanthropic donor community. Through this, it aims to help the institute build & sustain world-class infrastructure, and drive cutting-edge and scholarship, in collaboration with faculty and students of IITB. The IITB-DRF aims to enable IIT Bombay to be more financially independent by creating a development/fundraising capability. The key objective is to focus on its core purpose of scaling up alumni and corporate outreach with a view to seeking their active participation through fundraising and donor participation in enriching the IIT Bombay ecosystem.