Hi Giri,

If you are sure that you will get a better college in the second round, you don't need to worry about the first one. Usually, common private B-schools take admissions even after the prescribed last date. So, you can take this small risk if you are sure about the second round. If the allotted college is a good one, you should settle for it or else, leave it and wait for the next round. 

Good luck.