Madhulika Makar, Director, Mirus Private Limited, Alumna, IMT Ghaziabad


When Madhulika Makar decided to quit her Standard Chartered job, quite some time after passing out of IMT Ghaziabad, she was low on money but high on energy; but her business idea suited her situation. Madhulika had learned very early in life, while managing the placements at IMT Ghaziabad, that the ‘head hunting’ or recruitment business will always be very crowded. So, instead of focusing on competition, Madhulika began by focusing on the approach. The motto was to be amongst the top 3 vendors for any organization that she worked with, within the first year of operation. Thus was Mirus Private Limited born, with Madhulika Makar as the only employee, her 70,000 rupees Compaq computer as the office serving just one client… battling it out to make 20,000 rupees.

In the life of woman entrepreneurs, there are no fairy tales. By the end of 2nd year, Madhulika had stepped into motherhood, and the economic recession was looming large on the horizon.

“With the global meltdown, companies began examining the cost of hiring minutely. Senior Management hires were being sought through internal movement and redeployment rather than external markets. Attrition levels dropped, with employees taking a wait and watch approach. Less expensive mediums of hiring were being explored and clients began driving hard bargains. Opportunities had definitely reduced.”

It took a lot of grit and family support to stay on course. Madhulika believed that search firms with strong domain expertise, established network and ability to leverage relationships will be able to convert the limited opportunities available. She had to maintain high service quality & keep the speed of delivery sharp.

Today, Mirus Private Limited has grown from an office run out of home, to a 30-member operation, servicing clients across India, the Middle East & Singapore.

“The current economic scenario has tested us more and has demanded even more creativity and innovation. But if there’s one thing that IMT Ghaziabad drills into you, it is the ‘You can do it’ attitude.”

The barriers to entry to her business were low, but growth did bring along challenges like managing scale, building processes, institutionalizing knowledge and retaining trained employees. The shove had come to a push… but IMT Ghaziabad had prepared her to face such challenges. The structure of the course and activities at IMT Ghaziabad pushed one to manage things, end to end.

“We were hired to help this private bank set up its Indian team. Our initial step was to get the pitch right. We researched extensively about the client & its value proposition, the Industry stalwarts who had joined the organization in India/Internationally, and the Industry dynamics and challenges.

The talent pool across competing organizations & target markets was mapped down to the last employee - current experience, compensation, performance, client spread and peer views. We worked closely with the CEO & the HR head to ratify all information. A list of preferred candidates was then drawn up and only the chosen candidates were approached. The bank went on to hire one of the best teams in India despite the fact that two of the world’s best private banks had forayed into the Indian market at the same time and were competing for the same talent pool. We were able to achieve this because of our persistence, sheer capacity to build relationship and hard negotiation capability. By the way, this was our first private banking assignment!”

Madhulika looks back on her days at IMT Ghaziabad with great satisfaction.

“The deluge of 42 women landing on IMT Ghaziabad campus in the 93-95 batch, the friendly ragging, the midnight pakora breaks during exams, the endless amphi parties, the sleepless nights before the WAC submission, slippers disappearing while you slept in Dingo’s class and of course, shouts of “boy in the lobby” in the girls hostel of IMT Ghaziabad! Amidst all this chaos - and maybe because of it - you ended up making friends for life at IMT Ghaziabad.