THE INDIAN Institute of Technology Bombay (IIT-B) on Thursday released a list of nine companies, including start-ups, which were barred from recruiting its students. This is the first instance of an IIT making public such a list — as mandated by the All-IIT Placement Council (AIPC) last week.
The IIT-B list has start-ups such as Portea Medical, Peppertap, Mera Hunar, LexInnova, IndusInsight and Cashcare Technology, as well as well-established companies such as GPSK, LeGarde Burnett Group and Johnson Electric, China.
The AIPC said it will also issue a letter to Flipkart for revoking offers and delaying joining dates.
The IIT-B listed the reasons for blacklisting the nine companies. Portea Medical and Peppertap, which is to shut operations soon, have been blacklisted for revoking offers last year. Mera Hunar was blacklisted because it “came with a different name and hired students for another start-up”. LeGarde Burnett Group was blacklisted because it not only revoked the offer but the institute found the company to be “fake with no proper office address”.
Ganesh Krishnan, co-founder of Portea Medical, who is also a member of the governing board of the Indian Institute of Management, Calcutta, told The Indian Express that the company had not yet received any official communication from IIT-B.
“Last year we recruited nine students from all IITs. We absorbed four of them and the rest were informed in advance that they were not required as the company acquired three firms,” said Krishnan. He declined to comment on IIT-B’s decision.
Vikas Sekhri, founder of Cashcare Technology, said, “We are surprised to hear that we were put on the blacklist. There was a miscommunication during our interaction with IIT management and we had resolved it. We are a fast-growing FinTech start-up out of Mumbai and are excited to work with IIT students. If there are any IIT students who are still looking, we will be happy to speak to them.”
Emails and phone calls to the other seven companies did not elicit any response.
According to Tracxn Technologies, a data analytics firm, at least 800 start-ups founded after 2011 have shut shop. However, start-up investors feel the IIT’s move to blacklist start-ups is unwarranted. “Every sector has its ups and downs and start-ups typically offer high-risk-high-reward jobs,” said Zishaan Hayath, an IIT-B alumnus and co-founder of Toppr.com.