Chennai, Dec 22: Setting a new trend, startup companies offering competitive salaries took part in real numbers in this year's annual placement season at the Indian Institute of Technology, Madras, a senior official said.
"As many 65 startup companies participated in the first phase (November-December) placement. Last year there was none," IIT Madras, Training, and Placement Officer, Advisor Babu Viswanathan told.
Manufacturing and other sectors usually flock IIT-M. According to him, Mumbai-based OLA Cabs and e-commerce portal Flipkart were ranked first and second in offering placements to 32 and 18 students, respectively. [IIT-Indore student offered Rs 1.7 crore salary package by Google]
On the reason for many students opting to join such start up companies, he said they were offering competitive salaries. "Some of the them ranged between Rs 10-20 lakh per annum (categories).." He said a total of 880 students has accepted the offers made during the first session of the placement season.
The total number of offers made during the last year placement period (including the second session -- January-March) was 905. Total number of students registered in the first session this year was 1,360 while it was 1,400 last year. [IIT Delhi students turn down USD 125,000 job offers]
The highest salary paid by a domestic company was Rs 34 lakh per annum for two candidates while the highest by an international group was USD 1.29 lakh for three candidates. Declining to reveal the name of the companies that offered most top packages, he said companies from manufacturing sector including TVS Motor, Honeywell, Eaton, GE also took part in the placement session.
The companies provided 122 placements to students while 114 students accepted them. "61 students received two offers, nine students received three offers; four students received four offers while one student received five offers," he said. The second round of the placement session would begin during the second week of January 2015, he said.