Startup companies are setting a new trend in campus placements at Indian Institute of Technology, Madras (IIT-M), this year, offering competitive salaries to students.
"As many 65 start up companies participated in the first phase (November-December) placement. Last year there was none," IIT Madras, Training and Placement Office, Advisor Babu Viswanathan told reporters.
IIT-M is usually flocked by manufacturing and other sectors.
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.
On the reason for many students opting to join such start up companies, he said the companies were offering competitive salaries. "Some of the them ranged between Rs 10-20 lakh per annum (categories)."
He said a total of 880 students have accepted the offers made during the first session of the placement season. The total number of offers made during the last year placement season (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.
The highest salary paid by a domestic company was Rs 34 lakh per annum for two candidates while the highest by an international company was $1.29 lakh for three candidates.
Declining to reveal the name of the companies which offered highest packages, Vishwanathan said companies from manufacturing sector including TVS Motor, Honeywell, Eaton, GE also took part in the placement session.
The companies offered 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 placement session would begin during the second week of January 2015, Vishwanathan added.