Higher Education

As economic slowdown bites, IIM grads settle for lower start-ups

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Start-up companies are hoping to get some of these graduates on board by shelling out salaries in the region of INR 15 lakh per annum. The number of start-ups visiting IIM campuses this year has doubled and there has been a marked increase in the number of students willing to consider them. Bangalore-based start-up MxV, a strategy and management consulting firm founded by former executives at Mckinsey and BCG, have recruited from IIM-Kozhikode. According to sources, start-ups at IIM-K , which has a batch size of 185, are paying between INR 10 lakh and INR15 lakh per annum. The scene is similar at Indian School of Business at Hyderabad, where 10 start-ups are hiring and students are in talks with 10-15 other firms. At ISB, start-ups have so far hired 44 students, which is 10% of the 440 students who have sat for placements. 'I got around Rs 12 lakh a year. What more can I expect now? I am happy working for a new company,' says 26-year-old ISB student, who did not want to be named. At IIM-Lucknow , which will finish its placement on Monday, nearly 10 start-ups are hiring graduates from a class of 267.

This year, six start-ups have hired from IIM-Bangalore for sales, marketing and, strategy roles. These include ADPS, Insta Health Solutions, Ecologics, ScanCafe and iRunway and EVI who have hired nearly 10 students, constituting 4% of the batch of 249. Seven IIM-B students are starting their own ventures. Among them is 26 -year-old Shobhit Shukla, who has started flowersinstead.com, an online flower retailing venture. 'I wanted to do something on my own. There is a high demand for flowers and it is a new concept in Bangalore,' says Shukla, a former software engineer who also plans to start an event management company. Online bus tickets booking service provider redbus.in is also making a debut at IIMs looking for graduates for positions in analytics and finance.

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