Startups and e-commerce firms step up campus hiring at IITs
- ByStartupStory | December 3, 2022
The economic recession has not dissuaded startups and e-commerce companies from making a beeline for Indian Institute of Technology (IIT) campuses and offering annual pay packages of ₹15-35 lakh. According to industry observers, this is being done to expand their teams, despite competition from consulting and high-frequency trading companies.
“We are engaging with colleges for campus hiring for roles such as supply chain analytics, and product and business development. We are also visiting business schools and engineering campuses across the country, including IIT Bombay, Delhi, Madras, Kanpur, BHU (Varanasi), Roorkee, Hyderabad, and Guwahati,” said a Flipkart spokesperson in response to queries.
Placement teams at IITs said Flipkart is offering data science and product manager jobs for ₹26-33 lakh. As of now, 78 startups have registered to recruit candidates from the batch of 2023, according to IIT Guwahati. For some startups and e-commerce firms, recruiting from IITs is just the beginning of their expansion plans.
“We primarily look at IITians across roles, such as marketing and operations managers. As we continue to scale further, we will look at hiring more talent from leading engineering colleges like IITs for our global development center located in Hyderabad,” said Kumar Shekhar, deputy country manager, of Tide India.
IIT Bombay is also hosting Bengaluru-based Assiduus E-commerce Accelerator for campus placements, which raised over $15 million in October and is offering ₹1 lakh a month to freshers. If thai figure is to be believed then it is twice the amount they were offering last time. It is looking for tech analysts and developers. “We are growing our business in the Middle East region and Europe. We are offering jobs in Dubai and London,” said Somdutta Singh, founder and CEO, Assiduus, adding that IITs offer the best talent and marquee names to associate with.
Some top recruiters are staying out of this recruitment drive from IITs due to a funding crunch amid a looming recession. Due to the recession, the startup sector has laid off about 20,000 employees in the past year.
Edtech giant Byju’s may not be visiting IITs this time around as it is focusing on hiring for its sales team, a person in the know said seeking anonymity. Udaan, which hired IIT graduates last year, has frozen hiring, a person aware of the plans said. Udaan declined to comment. On the first day of placements, startups and e-commerce businesses were frequently placed against consulting companies on IIT campuses, and they were required to compete with big companies by giving joining bonuses. At an annual salary of 20 lakh, including bonuses, management consulting firm Arthur D. Little has enlisted 15 freshers from IIT Kharagpur, Bombay, Madras, Delhi, and Kanpur.
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