Day 1 of placements: Databricks offers ₹2cr+ to IIT-Roorkee student

By admin Dec2,2023
Bengaluru | New Delhi: Top quantitative trading firms as well as global investment managers such as Quantbox Research, Quadeye, Maverick Derivatives, Optiver, Da Vinci, Graviton Research Capital and Squarepoint Capital made lucrative crore-plus offers to onboard the best engineering talent from the Indian Institutes of Technology during the ongoing final placement season, which began on Friday, placement officials told ET.

The top offer breached the ₹2 crore mark at the time of filing this report. US software company Databricks made an offer of about ₹2.05 crore at IIT Roorkee for an international role. Bulk of the compensation will comprise restricted stock units, said a placement official.

Career-Boosting Courses for Early-Stage Professionals

Offering College Course Website
IIM Lucknow IIML Executive Programme in FinTech, Banking & Applied Risk Management Visit
Indian School of Business ISB Professional Certificate in Product Management Visit
Indian School of Business ISB Product Management Visit

High-frequency trading and technology company NK Securities was the top paymaster at certain IITs, including IIT-BHU, with a package of ₹1.68 crore.

A spokesperson for Optiver said it had made a dozen full-time offers to IIT 2024 graduates for traders, quantitative researchers and software engineer positions. “As a tech-driven trading firm, Optiver looks for candidates with STEM backgrounds, and we have been very impressed with the engineering and computer science talent coming from IITs,” the spokesperson said in response to an email query. The firm declined to comment on compensation.

Other companies visiting on Day 1 across various campuses including Delhi, Bombay, Kanpur, Madras, Kharagpur, Roorkee, Guwahati and Varanasi included Accenture Japan, Airbus, Qualcomm, Barclays, Google, Worldquant, Honda R&D, Microsoft, Apple, Navi, Mastercard, Texas Instruments, Flipkart, Taiwan Semiconductor Manufacturing, Goldman Sachs, NEC, Ola, Sprinklr, Nvidia, Intel and Indus Insights.

The participation of these multinational companies in the IIT placement season underscores the demand for India’s technology talent in the global business landscape.

Amid concerns over the global economic slowdown’s impact on placements this year, arguably one of the most challenging yet, students on Day 1 bagged salaries ranging from ₹15 lakh to above ₹2 crore. Indus Insights recruited students for data science roles at a package of ₹18 lakh.

A sizeable number of companies offered packages in excess of ₹30 lakh, including Microsoft, Apple, Flipkart, Google and Zomato, according to placement cells. Domestic salaries at the top end have gone up to ₹90 lakh-₹1.3 crore.

This year, with expectations of lower hirings by each recruiter, institutes have invited comparatively more companies to fill the gap.

A total of 164 offers were made by 59 companies during Day One’s Sessions 1.1 and 1.2 (ongoing) at IIT Guwahati across core, software and business analyst job profiles against 160 offers made by 46 companies last year in the same sessions, the institute said in a statement. Top recruiters include Google, Microsoft, Bajaj, HPCL, Navi, Piramal, Qualcomm and Texas Instruments. A total of 11 placement offers above ₹1 crore package were made this year as compared to 7 offers in 2022-2023.

The first phase of placements will end in mid-December and then continue again, after a break from January onwards.

By admin

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *