IIT-B placements: Record 11% of students join start-ups
More than 25 start-up companies participated in the first phase of IIT-B placements season. But what is more significant is that nearly 11% of the total number of students who got jobs joined these companies – the highest number ever.mumbai Updated: Jan 23, 2015 22:22 IST
More than 25 start-up companies participated in the first phase of Indian Institute of Technology, Bombay (IIT-B) placements season. But what is more significant is that nearly 11% of the total number of students who got jobs joined these companies – the highest number ever.
Start-ups are newly created companies, which are in a phase of development and in search for markets.
During the first phase held in December 2014, 109 students out of the total 1,004 placed joined the start-ups. In the previous year (December 2013), 62 – 7% of 898 students who got placed – were hired by start-ups. IIT-B has not released data on the later phases of the 2013 placement season.
“We never had so many students opting for start-ups and getting placed during the first phase. These companies were popular because they have interesting profiles and offered decent packages,” said Avijit Chatterjee, professor in charge, placements, IIT-Bombay.
Start-ups such as Olacabs hired around 50 students and Flipkart hired 20 students from the campus this year. Flipkart was established in 2007, while Olacabs was established by IIT alumnus in 2010 .
“A lot of the recruiters from the start-ups are IIT-B alumni and they know exactly what they are looking for. These companies are offering competitive salaries ranging from Rs 10-17 lakh per annum, and many are offering stock options,” said Mohak Mehta, placement manager, IIT-B.
Anurag Kumar, a BTech student of civil engineering, who got placed at Olacabs, said, “Olacabs came to campus on the third day of placements with an offer of a good package. I always wanted to work for a non-core company, and with advice from seniors that working with start-ups could give us more exposure and diversified profiles, I preferred the start-up over other big companies.”
Around 60% of the students registered at IIT-B, who were eligible to take part in the first phase of placements, secured jobs. As many as 1,670 students registered for placements of which 1,004 got placed. This also means there was a 11% rise in the number of students who got placed this time compared with December 2013, when around 898 students got placements in the first phase.
According to the placement analysis of IIT-B accessed by HT , the biggest chunk — 189 students — were placed from the electrical engineering department. However, the computer science department registered the highest percentage — 93% — of students who were placed. Also, most of the students got placed through start-ups belonging to Information & Technology (50 students) and analytics (15), while engineering and technology firms (13), consulting firms (14), sales and marketing (9) saw an increase in takers.
Around 77 % of the students (209 out of 270) pursuing dual degree course (BTech + M.Tech) got placed. While around 75 % of BTech students (384 out of 510 registered) got placed, only 10% of the PhD students (12 out of 120) got placed during the first phase.
“According to our estimates, more than 300 of the registered students will opt for higher studies or may have other plans such as setting up their own enterprises, joining a family business and thus may not actively participate in the programme,” Mehta said.
Phase two of the campus placements will be conducted between January and June. “The numbers of students getting placed in start-ups will further increase because we are going to invite more such firms for the second phase,” Mehta said.