Flipkart Former Executives Seek Full ESOP Buyback From Walmart Amid IPO Uncertainty
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Khushi Jain
- October 7, 2026
Former senior Flipkart executives, including former CEO Mukesh Bansal, former CFO Sanjay Baweja and former chief business officer Ankit Nagori, have reportedly urged Walmart to buy back their vested employee stock options (ESOPs) amid uncertainty over the ecommerce major’s public listing plans.
The group is said to have written to Walmart’s board, which includes Flipkart group CEO Kalyan Krishnamurthy, seeking a complete exit opportunity.
“This is not merely a request for goodwill. We contributed our time, effort, expertise and commitment to building the business and creating the value that exists today,” the letter read, according to a report by ET.
The former executives have sought “fair treatment” for the vested stock options granted to them 10-15 years ago. They argued that former employees should not be disadvantaged simply because they are no longer on Flipkart’s payroll.
The development comes months after Walmart conducted the second tranche of Flipkart’s employee stock buyback programme. The July transaction reportedly valued Flipkart at around $38.2 Bn, but eligible employees could liquidate only up to 5% of their vested options.
A Walmart spokesperson said the company would examine the issues raised by the former executives.
“We appreciate the perspective of all employees, current and former, and value their feedback. As with anything raised, we take it seriously and look into the matter,” the spokesperson said.
The company also reiterated that an IPO remains part of its strategic roadmap.
“As we’ve said, an IPO remains an active part of our strategic roadmap, and we will move forward when the timing is right. Transitioning to public markets brings great opportunities, but also real operational responsibility. A thoughtful and disciplined approach will help support a successful transition to public markets,” the statement added.
Inc42 has reached out to Flipkart, Walmart, Mukesh Bansal and Sanjay Baweja for comments on the matter. The emails had not received a response at the time of publishing. The story will be updated upon receiving a response.
Flipkart Defers IPO Amid Profitability Push
At the centre of the matter are Flipkart’s deferred IPO plans as parent Walmart seeks a valuation of $50 Bn for the ecommerce giant.
Flipkart has reverse flipped to India in a bid to list on the domestic bourses, but the company does not have a concrete timeline for its public market debut.
The company is said to have deferred the IPO till 2028 as it focuses on improving its bottom line. Flipkart is targeting breakeven at an EBITDA level by FY27.
Flipkart is also doubling down on its quick commerce vertical, Flipkart Minutes, with projections of doubling its dark store count to 2,000 by mid-2027.
The company is also looking to enter new businesses such as food delivery and event ticketing in the near future.
Flipkart is yet to disclose its financial performance for FY26.
For FY25, Flipkart Internet, the group’s marketplace arm, reported a 36.7% decline in consolidated net loss to Rs 1,494.2 Cr, while total income increased 14% year-on-year to Rs 20,807.4 Cr.
FAQs
1. Which former Flipkart executives have sought an ESOP buyback from Walmart?
Former CEO Mukesh Bansal, former CFO Sanjay Baweja and former chief business officer Ankit Nagori are among the executives seeking a complete exit opportunity.
2. How much of Flipkart’s vested ESOPs could eligible employees liquidate in the July transaction?
Eligible employees could liquidate only up to 5% of their vested options.
3. What valuation did the July Flipkart employee stock buyback transaction reportedly imply?
The July transaction reportedly valued Flipkart at around $38.2 Bn.
4. When is Flipkart reportedly targeting its IPO?
Flipkart is said to have deferred its IPO till 2028 and is targeting EBITDA-level breakeven by FY27.
5. How did Flipkart Internet perform in FY25?
Flipkart Internet reported a 36.7% decline in consolidated net loss to Rs 1,494.2 Cr, while total income increased 14% year-on-year to Rs 20,807.4 Cr.
