AIM was established in the year 1996 under the aegis of a non-profitable autonomous body called All India Asian Education Foundation (AIAEF), registered under Indian Societies Registration Act,XXI of 1860. The growth of the institute has been spectacular in a short span of time.

Welingkar Institute of Management Development and Research was established in the year 1977, with a focus of giving a new dimension to business studies. It is a part of Shikshana Prasaraka Manadali, which has 40 prominent institutions and at any time has over 7000 enrolled students across the country. Some of the other well-known institutes run by S.P.Mandali, are the Ruia College of Arts and Science (Mumbai), Podar College of Commerce (Mumbai) and S.P. College (Pune).