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Stayzilla, a Bangalore-based hotel booking platform has left nine students of IIT Kharagpur in an unlikely situation after revoking their job offers. Stayzilla may get sued by All IITs Placement Committee (AIPC) for the same.
At the time of campus recruitment, 13 IIT Kharagpur students were selected by Stayzilla for technical and design roles and nine for non-technical roles.
Initially, the students were to get INR 12 lakh as fixed income and INR 2 lakh as per their performance. Apart from this, they were to get ESOPs worth INR 6 lakh. But unlike what was promised, the company made alterations in the salary, cutting it down by 30% and removing the variable pay just four months before joining.
When the students called up the company regarding the joining, in the month of July, they were informed that the offer has been revoked and that the CDC has been informed.
In light of the current happenings, Prof Debasis Deb, chairman of career development centre at IIT Kharagpur said that IIT may take action against the company.
There is a possibility, the company may also get banned from all IIT placements across India.
In return, Stayzilla’s HR manager Anitha Ravindra, said that the company recently realised that the proportion of product manager to engineers to designers was very skewed towards product due to which t he company took the decision to hire more freshers as product managers.
In a series C round of funding led by investors Matrix partners and Nexus, Stayzilla was able to raise over $13 Mn. The company has also been a part of ecommerce ventures, like Babajob, Nearby,Hopscotch and Ivis International which have been blacklisted due to induction of at least 50 students of Indian School of Business, Hyderabad (ISB).
