Start-up companies and their plum offers may not rule the placement season at IITs this year. For, with quite a few firms failing to meet the offers they made last year or give offer letters on time, the IITs have decided to filter the start-ups approaching them.
Last year, start-ups such as housing.com and Olacabs made more than 11% job offers at the Indian Institute of Technology, Bombay (IIT-B). The firms approaching IITs for this year’s placement process, which starts on December 1, will have to provide their annual reports. The institutes will conduct a background check with their alumni placed in those companies. Feedback from investors and other experts in the field will also be sought by the institutes, if need be, said sources.
The decision was taken at a recently held IIT placement committee meeting. “We realised the hiring experience of the start-ups was important. In some cases, the students were not actually given the pay package they were promised,” said an official, requesting anonymity.
“The company offered me a development profile, but later backtracked. They wanted me to take a pay cut, which I refused,” said Manthan Nayak, a computer science student from IIT-Kharagpur, who was placed in an education technology start-up.
A mechanical engineering student from IIT-B said a popular travel aggregator made several changes to his contract, after confirming the offer. With reports of housing.com cutting down the staff strength, the placement committees have now raised doubts over longevity of such firms. “We will ask some companies to furnish their registration information and annual reports,” said Babu Vishwanath, adviser, placement committee, IIT-Madras, which saw 13% of their students joining start-ups last year.
Ajay Nair, chief administration officer, housing.com, said it was up to colleges to decide. “The downsizing will not affect our recruitment. We want young talent in our organisation. More investors are interested in new ventures like ours,” said Nair.