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INDIAN INSTITUTE OF MANAGEMENT AND COMMERCE (IIMC) was founded in the year 1973 by Vasavi Foundation (settled by Vasavi Seva Kendram and Vysya Hostel Trust Board) with B.Com (Hons) Degree. Several eminent persons belonging to Vysya Community such as Sri K. Seethaiah Gupta, Sri G. Narayana Chetty, Sri C. E. Gupta, Sri Dundoo Balnarsiah, Sri V. Lingiah Gupta, Sri C. Som Raj Ram and Sri V. Durvasulu Gupta were instrumental in the establishment of the Institution.

After taking into consideration, his academic credentials (he being a gold medalist in M.Com and LLB having secured First Class First and having been in the field of education), elders have decided that Sri C. Som Raj Ram garu would be the best choice for the post of Hon. Secretary. Accordingly, he was unanimously elected as the Hon. Secretary of the college and the Secretary would function as the correspondent of the college.

The first Board of Governors included some eminent civil servants such as Sri M. V. Rajagopal, Sri Rammurthy and Sri Rameshan who were also the Secretaries of Education at one time or the other.

The Hon. Secretary and Correspondent and Rector Sri C. Som Raj Ram and elders such as Sri C. E. Gupta have taken great care in finding the right man for the post of Director of the Institute. The former Registrar of Andhra University Dr. K. V. Gopalaswamy, who was well known for his administrative abilities was appointed as the Director of the Institute.

The Correspondent and Rector, who himself was associated with the department of commerce, Osmania University for over 10 years as a faculty member and who was the Principal, Kamala Nehru Politechnic at that time, selected the teaching staff with great care in consultation with other elders.

Sri B. R. Rao, an eminent teacher in Accountancy and Audting, who retired from Nizam College, Hyderabad, was given the position of Head, Department of Commerce. As an Osmanian, Sri C. Som Raj Ram, selected eminent scholars such as Acharya Divakarla Venkatavadhani, Prof. Afzul Mohammad, Prof. Nagaraj and Dr. Soundar Rajan to teach in the college as visiting faculty. Thus, the Hon. Secretary and Rector took great care in selecting the faculty in consultation with the Director and other elders and laid solid academic foundation.

The college was admitted into grant-in-aid in the year 1980 and it was admitted into Sec.2 (f), 12-B of University Grants Commission in the year 1994. Gradually, several new courses such as M.Com, B.C.A., B.Com (Computers) and B.Sc (Computers) were introduced. Hundreds of alumni of the college have become Chartered Accountants, Cost Accountants and Company Secretaries. Several students have become successful businessmen. Some of the alumni of the college such as Karan Bilimoria (Asian of the Year 2002 and founder of Cobra Beer) have become famous across the world.

Some of the Outstanding Alumni of IIMC
Mr. K. Durga Prasad (IPS, IG Intelligence), Mr. Sree Kumar (BCom(Hons.) ACA, ACS, ACWA, LLB), Mr. Abhiram (8th ranker in CA exam.), Mr. C. Prasanna Kumar (Director, GMR Group), Mr. B. Yateender (Satyam Computers), Ms. Sandhya (IIMA), Mr. K. V. S. Chowdary (IIMA), Mr. Emmaneul Murray (IRMA), Mr. Sainag (IIM), Mr. Venket Krishnan (IIM).

The college was ranked 32nd in the country by India Today in its survey in the year 2015 and it has established itself as a premier institution in field of commerce education in the country.

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