India · Updated 11 Oct, 06:59 pm IST
Former Flipkart executives petition for inclusion in $2B ESOP buyback
Why it matters for readers: It explains why former employees are organising to push for a buyback instead of waiting for an uncertain IPO.
- A petition launched on October 10 aims to mobilise 20,000–30,000 former employees of Flipkart and group companies to demand inclusion in the planned $2 billion ESOP buyback.1
- The petition covers former staff from Flipkart group firms including Myntra, Cleartrip, Shopsy, Super Money and ANS Commerce.1
- Former CXOs previously emailed Walmart’s board requesting a buyout of their vested options, prompting Walmart’s legal counsel to say former employees will be considered for liquidity at an IPO but offered no firm commitment.1
- Walmart has not provided a timeline for Flipkart’s IPO, which petitioners say could force former employees to wait several years for exit opportunities.1
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