Former Flipkart executives seek ESOP buyback from Walmart amid IPO delay

Former Flipkart executives Mukesh Bansal, Ankit Nagori and Sanjay Baweja urge Walmart to buy back their vested employee stock options, which currently allow only up to 5% liquidation under the July buyback tranche. The July buyback valued Flipkart at around $38.2 billion, but eligible employees could liquidate only a small fraction of their holdings.

The executives said they wrote to Walmart’s board, which includes Flipkart group CEO Kalyan Krishnamurthy, requesting a complete exit opportunity for their vested ESOPs granted 10 to 15 years ago. They argued that former employees should not be disadvantaged simply because they are no longer on Flipkart’s payroll and demanded fair treatment for the options. A Walmart spokesperson said the company would examine the issues raised and take the feedback seriously, while reiterating that an IPO remains part of the strategic roadmap when timing is right. For FY25, Flipkart Internet’s marketplace arm reported a 36.7% decline in consolidated net loss to ₹1,494.2 crore while total income rose 14% year-on-year to ₹20,807.4 crore.

Months earlier, Walmart completed the second tranche of Flipkart's employee stock buyback, valuing the company at about $38.2 billion and allowing employees to sell only up to 5% of their vested options. Walmart has said it aims for a $50 billion valuation before listing Flipkart, which has postponed its IPO to 2028 while focusing on profitability and expanding quick commerce.

What we know

• Employees can liquidate only up to 5% of their vested options in the July buyback

• Walmart seeks a $50 billion valuation for Flipkart before an IPO

• Flipkart has deferred its IPO to 2028

• Flipkart targets EBITDA breakeven by FY27

• Flipkart plans to double its dark store count to 2,000 by mid-2027 via Flipkart Minutes