IIMs use a composite score allocating different weightages to parameters like CAT score, academics, work experience, diversity etc. for shortlisting candidates for WAT/PI. These weightages vary from institute to institute.
The parameter of academics(which is your matter of concern) is weighed from 20% to 76% while computing the composite score.
Among them(considering top 6 IIMs), the colleges with the lowest weightage on academics as per the latest data are as follows:
CAT score: 60%
Work ex: 5%
Please note that these weightages are at the discretion of the college and subject to change in any academic year.
Based on the performance of WAT/PI, a final score is computed, depending on which admission offers are rolled out. The final score has zilch or very low weightage on academics.
Considering that your academic performance have been on the lower side, your chances of getting shortlists for WAT/PI itself is very low. But depending on the weightages, you can compute for yourself if you can manage to get a call.
Also, this was only about IIMs, there are many good colleges like FMS, SIBM, NMIMS etc. which have zero or low weightage on academics. You can, therefore, definitely take a shot! Good luck!
You can always try, never give up! Remember, what you deserve, you'll achieve. coming back to the Tier-1 colleges and your marks, I think you need to define Tier-1 colleges in your mind first. There are instances where students at IIMs get a job of INR 10LPA and private college gets INR 15LPA. So decide the parameters.
In my view, some selection parameters for you should be: quality of education, faculty, pedagogy (theoretical or case study based), grooming & exposure, placement & ROI. there are not too many colleges left right now, but you can still try Woxsen School of Business, Hyderabad. since you have 2 years of work-ex, you'll qualify for PGPXP or 1-year executive MBA program. You'll save one year. they also have great program - 80% of the faculty are from old IIMs (ABCLK), industry exposure is really good. many faculty members come from industry and they follow case study based teaching. The grooming takes place throughout the year. Th\e students are prepared for the industry of their choice. External coaches conduct workshops and training programs. The placement for PGPXP batch is very good. They get placed 100%. The average package is INR 10LPA and highest package goes upto INR 23LPA. The ROI is very good, within 2-3 years for the average package.
They also provide Global Immersion Program in Germany (Mannheim Business School) and offer good scholarship to worthy candidates. Try and see if they still have seats available. All the best!