IIT Kharagpur. Photo courtesy: Facebook
A one-year ban on 31 companies, including firms such as Zomato and Portea Medical, from participating in campus placements by the Indian Institutes of Technology (IITs) has been lifted after the board took a call that students wanted to work with start-ups ahead of the placement season.
The IITs had imposed a ban on these start-ups after they withdrew offers made to students in the funding crisis that saw several start-ups rationalise costs and freeze hiring.
The start-up meltdown in 2016 saw several early-stage companies shut shop as funding reduced. At the same time, start-ups that were burning investors money to build products and solutions were asked to shape-up and turn profitable. This resulted in these firms freezing recruitment, including offers made to IIT graduates.
The 23rd All-IIT Placement Committee revoked the ban that was imposed on August 14, 2016, on blacklisted companies with immediate effect, the IIT's said in a joint statement.