I am sharing this from attending all the ISB webinars by Amit Tyagi
They add you into one of 4 different pools with 1 being diverse candidates, 2 being overrepresented applicants with high/average GMAT/GRE scores, 3 being tier-1 UG, high GMAT/GRE applicants and 4 being candidates who have nothing extraordinary wrt academics but are still evaluated in case they have a spike in work experience or extracurriculars.
They do evaluate all the profiles and assign a profile score with 30% weightage to academics, 30% weightage to essays and the rest to work experience and extracurriculars.
From each pool, if you cross a certain benchmark score, you get an interview call.
Depending on the how your interview performance is, you get a score which gets added to the existing profile score. Profiles with the highest scores upto a certain number get the final offer. ISB has not directly mentioned the numbers but from what I’ve heard and read, it’s more or less the same.