Indian Institute of Technology, Kharagpur (IIT-Kgp) recently announced that it has blacklisted eight startup ventures from their placement drives scheduled to commence in December. These startups include Zomato (food order platform) and GPSK (an investment service firm) - that had revoked student placement offers last year.
IIT-Kgp will first screen the startups, and then only will allow them to participate in the campus placement drives at the institute.
In the last placement season, IIT-Kgp students had to witness inconvenience and hardship. In order to avoid repetition of such consequences, the institute has decided to take this step.
AIPC or the All-IIT Placement Committee has put forth certain set rules regarding the eligibility criteria for startups to become a part of the IIT placement drives. These rules include:
- Must be a listed company
- Functional for at least three years
- Shall name their venture capital firms
- Mention the sources of funding received
- Present their balance sheet
- Reveal the number of employees
Basis the above-mentioned eligibility criteria, IIT-Kgp further decided to relax the three-year mandate and allow startups with two years into functionality to participate. Further, they will also be tested and evaluated on the basis of parameters like reputation, alumni roles and feedback.
So far, only 10 startup ventures have met the above-mentioned eligibility criteria. The final placement session will begin in the month of December.
Students, on the other hand, are wary of joining startups that do not possess high credentials in the market.