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Former Flipkart group employees launch petition seeking inclusion in proposed $2 billion Esop buyback

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Former Flipkart group employees launch petition seeking inclusion in proposed $2 billion Esop buyback

Former Flipkart group employees launch petition seeking inclusion in proposed $2 billion Esop buyback

On October 10, a group of former executives launched a petition aiming to bring together 20,000-30,000 former employees of Flipkart and its group companies, including Myntra, Cleartrip, Shopsy, Super Money and ANS Commerce. The petition calls for their inclusion in the planned $2 billion Esop buyback.

Former employees and executives of the Flipkart group are mobilising thousands of ex-staffers to press parent company Walmart for an exit on their vested employee stock options (Esops), as the issue gathers momentum. On October 10, a group of former executives launched a petition aiming to bring together 20,000-30,000 former employees of Flipkart and its group companies, including Myntra, Cleartrip, Shopsy, Super Money and ANS Commerce. The petition called for their inclusion in the planned $2 billion Esop buyback. The move followed an email to Walmart's board by former Flipkart group CXOs seeking a buyout of their vested options. In response, the US-based retailer's legal counsel said it will consider former employees as part of liquidity at Flipkart's initial public offering (IPO), without offering any firm commitment. Walmart has not provided a timeline for the IPO, which has stirred up a movement among former employees. Advt

“They have said that former employees will be considered… during the IPO when it happens,” a person familiar with the matter said on condition of anonymity. The petition said the absence of a confirmed IPO timeline could leave former employees waiting several years for a potential liquidity event.


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