BYJU’S defers offer letters of incoming employees amid growing troubles 

Edtech company BYJU’S has deferred the employment offer letters of incoming employees by up to six months, Business Today has learned from sources.

A fresher engineer, who was set to join the edtech company’s tech team in June with a package of Rs 22 lakhs per annum, told Business Today that his joining was postponed to August. Now, the company has intimidated him that his joining has been postponed to January. 

He said, “I got an offer letter from BYJU’S while I was still in college. My joining was in June, but then it got postponed to August. I did not think much of it because there is a slight delay in all companies. But then I received an email that joining has been moved to next year in January. Seeing how things are at the company, I am concerned if there will even be a joining.”

Another employee, who was set to join the company’s product team, shared a similar predicament. He noted, “I was going to join BYJU’S product team, but now my joining has been moved six months ahead. Not just me, many people who were going to join with me have received similar email from company. In this job market I am afraid I will not get any more offers because hiring has slowed down a lot for tech and tech related roles.”

A BYJU'S spokesperson responded to Business Today's queries and said, "It is important to note that this change in joining date is part of our phased hiring strategy, specifically for the engineering department only. This is a planned approach, not a deferral, allowing us to optimize our recruitment efforts and align the onboarding process with project prioritises and our business requirements."

The edtech company has been facing a lot of heat due to multiple reasons. Several employees claimed that the edtech company had not been paying provident fund dues to EPFO, which it had been collecting from employees. The EPFO started an investigation into the company earlier this week.

Moreover, BYJU’S auditor Deloitte resigned last week citing a ‘significant impact’ on its ability to audit the company due to the edtech company’s failure to provide financial data despite repeated requests of the auditor. 

Furthermore, G.V. Ravishankar of Peak XV erstwhile Sequoia Capital India, Vivian Wu of Chan Zuckerberg Initiative, and Russell Dreisenstock of Prosus exited the company’s board last week, marking resignations of half of the company’s board of directors (three out of six). After the high profile exits, only Byju Raveendran, Riju Raveendran, and Divya Gokulnath are left on the company board.

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