Over 1,000 Former Flipkart Employees Seek Liquidity for Vested ESOPs Amid IPO Uncertainty
-
Khushi Jain
- October 12, 2026
More than 1,000 former employees of Flipkart and its group companies have approached the boards of Walmart and Flipkart, seeking liquidity for their vested employee stock options (ESOPs) amid uncertainty surrounding the e-commerce company’s delayed initial public offering (IPO).
The former employees submitted a collective representation letter dated October 10, requesting the companies to allow them to cash out their vested ESOPs. Within one day of being circulated, the document, titled “Liquidity for Vested Employee Stock Options”, had secured more than 500 signatories.
The representation comes as employees seek clarity on Flipkart’s IPO timeline and the ability to realise the value of stock options accumulated during their tenure.
Former Executives From Myntra, Cleartrip Join Representation
According to a copy of the representation reviewed by a media house, the signatories include former employees of Flipkart, Myntra, Cleartrip, Shopsy, Supermoney and ANS.
The group includes several former senior executives, such as former Myntra CEO Mukesh Bansal, former CBO Ankit Nagori, former CTOs Amod Malviya and Ravi Garikipati, former CHRO Mekin Maheshwari, and former VP Anuj Chowdhary.
The representation follows earlier communications between senior Flipkart executives and Walmart regarding the treatment of vested employee stock options.
The former employees are seeking a way to realise the value of their vested holdings as uncertainty around the company’s listing timeline continues.
Flipkart IPO Timeline Remains Unclear
Walmart, the parent company of the Flipkart group, is adopting a cautious, wait-and-watch approach, according to people familiar with the matter. The IPO could be delayed by another year or two.
The uncertainty comes as several consumer-facing companies, including Swiggy and Urban Company, have chosen to go public. IPO processes have also begun for Zepto and Snapdeal.
Flipkart’s own strategy for entering the public markets remains unclear. Sources close to the situation said the company is targeting an IPO valuation of approximately $50 billion.
The prolonged wait has raised concerns among current and former employees that their stock option holdings could remain difficult to monetise. Some employees are also believed to be exploring opportunities outside the group, adding to concerns around retention.
Why ESOP Liquidity Matters to Former Employees
For employees with longer tenures, ESOPs can represent a substantial part of their accumulated wealth. Such plans are often linked to expectations of a public listing or periodic liquidity events.
The current uncertainty has therefore shifted attention from the timing of Flipkart’s IPO to when employees may be able to realise the value of their vested stock options.
The representation seeks clarity on liquidity for these holdings as former employees wait for a potential listing.
Flipkart Internet Narrows Loss in FY25
Flipkart Internet, the marketplace arm of Flipkart, reduced its consolidated net loss by 36.7% to Rs 1,494.2 crore in FY25 from Rs 2,358.7 crore in FY24, according to financial data collected from business intelligence platform Tofler.
The reduction in losses came amid higher revenue and operational leverage in its advertising and marketplace businesses.
Total revenue increased 14% to Rs 20,807.4 crore in FY25. Operating revenue rose 14.4% to Rs 20,493.3 crore from Rs 17,907.3 crore in the previous financial year.
Other income declined slightly to Rs 314.1 crore from Rs 334.3 crore.
FAQs
1. Why are former Flipkart employees seeking liquidity for their ESOPs?
They are seeking an opportunity to cash out their vested employee stock options amid uncertainty surrounding Flipkart’s IPO timeline.
2. How many former employees have approached the Walmart and Flipkart boards?
More than 1,000 former employees of Flipkart and its group companies have approached the boards.
3. Which former executives are among the signatories?
The representation includes former Myntra CEO Mukesh Bansal, former CBO Ankit Nagori, former CTOs Amod Malviya and Ravi Garikipati, former CHRO Mekin Maheshwari, and former VP Anuj Chowdhary.
4. What IPO valuation is Flipkart reportedly targeting?
Sources close to the situation said Flipkart is targeting an IPO valuation of approximately $50 billion.
5. How did Flipkart Internet perform financially in FY25?
Flipkart Internet reduced its consolidated net loss by 36.7% to Rs 1,494.2 crore in FY25, while total revenue increased 14% to Rs 20,807.4 crore.
![Indian Startups Raise $113.35 Million Across 28 Deals [05 Oct - 10 Oct 2026]](https://startupspotlightindia.com/wp-content/uploads/2026/10/Weekly-Funding-Report-2026-660x353.png)
