Indian Institute of Information Technology Ranchi is an autonomous institute setup by the MoE, Government of India, and Government of Jharkhand along with the industry partners TTL, TCS and CCL on a Public Private Partnership.

The IIIT Ranchi is funded by Government of India (50%), Government of Jharkhand (35%) and Industry Partners (15%). The IIIT Ranchi is expected to meet operating expenses from tuition fees, grants, sponsorships and donations. Additionally, the Government of Jharkhand has lent support to the institute by granting land for setting up the Campus at Ranchi, Jharkhand. IIIT Ranchi is autonomous, not-for-profit, self-sustaining, teaching and research-led education Institution.

The institute is managed by professionals from the area of academics and research, under the guidance of a Board of Governors of the Institute that has representatives of participating Industry partners, eminent academicians & researchers and representatives from Government. IIIT Ranchi will focus on applied research and education in IT and in selected domain areas. IIIT Ranchi will contribute significantly to the global competitiveness of key sectors of the Indian economy and industry.