The Indian Institute of Management and Commerce(IIMC) established five decades ago(year 1973) has to its credit some outstanding achievements in the field of Commerce Education in general and Honours course in particular at the Degree level. Eminent social workers and philanthropists and Educationalists like Sri Kothuru Seethaiah Gupta, Sri Challa Som Raj Ram, Sri C.E. Gupta, Sri Dundoo Balanarasaiah, Sri Narayana Chetty IAS(Retd.), Late Sri Veloor Lingaiah Gupta gathered together and laid solid foundation in starting this premier Institution. Members of Vysya Community in particular and admirers of Higher Education in general are greatly beholden to the Founders.

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. The Institution was initially started with Honours Degree Course but subsequenlty B.Com.(Computers), B.Com.(General) and Post-Graduation course M.Com. were added. In addition B.Sc.(Computer Science), B.B.A., B.Com.(Computer Applications) courses were also made available. There is unprecedented demand for admission not only in professional and traditional courses like B.Com.(Honours) but also in Computer Applications, apart from B.Sc., B.B.A. courses. Hundreds of alumni of the college have become Chartered Accountants, Cost Accountants and Company Secretaries. Several students have become successful businessmen.

The college was ranked by various magazines like The Week, Outlook, India Today, Education World, Digital Learning and it has established itself as a premier institution in field of commerce education in the country.