IndiGo co-founder and IIT Kanpur alumnus Rakesh Gangwal has once again put his money behind his alma mater, committing an additional Rs. 300 crore towards the Gangwal School of Medical Sciences and Technology at IIT Kanpur. The fresh contribution takes his cumulative support for the school to Rs. 400 crore, making it one of the largest personal philanthropic commitments to an Indian educational institution.
The Rs. 300 Crore Donation To IIT Kanpur
IIT Kanpur announced that its Distinguished Alumnus and IndiGo co-founder Rakesh Gangwal has committed an additional Rs. 300 crore towards the continued development of the Gangwal School of Medical Sciences and Technology at the institute. This builds on his earlier contribution of Rs. 100 crore in 2022, which had supported the institute’s plans to establish a medical school on campus, taking his cumulative contribution to the Gangwal School to Rs. 400 crore.
What makes this gift even more significant is its multiplier effect. As part of the commitment, Gangwal will also provide matching grants of up to Rs. 300 crore against contributions from other supporters towards the development of the school, effectively inviting alumni, philanthropists, and well-wishers to double down on the vision.
The Gangwal School’s development plans include a 500-bed super-speciality hospital on the IIT Kanpur campus, along with a proposed 200-bed cancer care research centre. These facilities are envisioned to support medical education, clinical research, and healthcare delivery, while creating opportunities for doctors, researchers, engineers, and technology experts to work together on emerging healthcare challenges.
Prof. Manindra Agrawal, Director of IIT Kanpur, welcomed the gesture, noting that the additional contribution would help the institute bring its vision into reality sooner, and reinforced Gangwal’s continued commitment and trust in the institute. Prof. Anil K Lalwani, recently appointed Dean of the Gangwal School of Medical Sciences and Technology, called it a historic gift and described it as a reminder of the power of individuals to catalyse a revolution, adding that the school’s vision to unite medicine, technology, and innovation would have an impact far beyond IIT Kanpur.
Gangwal himself kept his remarks brief but pointed, saying it was “an honour and a privilege to be part of this innovative and first-of-its-kind medical institution.”
Who Is Rakesh Gangwal?
Rakesh Gangwal is an Indian-American billionaire best known as the co-founder of IndiGo, India’s largest and most profitable airline by market share. Born in Kolkata, Gangwal studied at Don Bosco School in Park Circus before graduating from IIT Kanpur in 1975 with a degree in mechanical engineering, and later earned an MBA from the Wharton School at the University of Pennsylvania.
His career began in India before he moved to the United States. Gangwal moved to the United States in 1977, working as a production and planning engineer with Philips India Ltd. and later as a financial analyst at Ford Motor Co. before joining Booz Allen & Hamilton as an associate in 1980. He went on to hold senior roles at United Airlines, including strategic planning, before serving as executive vice president at Air France starting November 1994. He subsequently led US Airways Group as its president and CEO, and later served as chairman, president and CEO of Worldspan Technologies from June 2003 to August 2007.
Building IndiGo Into India’s Largest Airline
Gangwal’s best-known achievement, however, is co-founding IndiGo (InterGlobe Aviation) in 2006 alongside Rahul Bhatia. Drawing on his deep aviation expertise, Gangwal helped shape IndiGo’s laser-focused strategy on cost efficiency, punctuality, and customer reliability, propelling it to become India’s largest and most profitable airline within just a decade of operations. Between 2011 and 2015 alone, the airline delivered close to $1.5 billion in profits — a rare achievement in the notoriously thin-margin, capital-intensive airline business.
Gangwal left IndiGo’s board in 2022 following a public and reportedly bitter disagreement with co-founder Rahul Bhatia, and has since been gradually paring down his shareholding in the company, though he is still believed to hold around 5% of IndiGo.
A New Chapter At Southwest Airlines
Gangwal has since taken his operational expertise to the United States. He invested around $108 million in Southwest Airlines and was elevated to the position of chairman of its board in November 2024, before stepping down from the role in August the same year citing lack of time, while continuing to hold key board responsibilities. He currently chairs Southwest’s Fleet Oversight Committee and owns 3.61 million shares of the airline, making him its largest individual insider shareholder, accounting for 64% of all insider-owned stock.
Rakesh Gangwal Net Worth And Recognition
Gangwal’s fortune, built largely through his IndiGo stake and its subsequent sale, has placed him among the world’s wealthiest aviation entrepreneurs. According to Forbes, his net worth stood at $6.7 billion as of July 14, 2025, and he has featured on Forbes’ list of America’s Richest Immigrants. Gangwal has also been conferred with the Distinguished Alumnus Award by IIT Kanpur, a recognition that underscores the institute’s pride in one of its most successful graduates — and now, one of its biggest benefactors.
With his latest Rs. 300 crore commitment and matching-grant pledge, Gangwal is positioning the Gangwal School of Medical Sciences and Technology as a flagship attempt to bring together medicine, engineering, and technology on an IIT campus, potentially reshaping how India approaches interdisciplinary healthcare research and delivery in the years ahead.