Ex-Flipkart staff seek inclusion in $2 bn buyback

Former employees and executives of the Flipkart group are mobilising thousands of ex-staffers to press Walmart for an exit for 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 calls for their inclusion in the planned $2 billion Esop buyback.

The move follows an email to Walmart's board by former Flipkart group CXOs seeking a buyout of their vested options, as reported by ET on October 7. 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.

"They have said that former employees will be considered…during the IPO when it happens," the person added.

The petition said the absence of a confirmed IPO timeline could leave former employees waiting several years for a potential liquidity event.

The latest representation is part of a wider push by former Flipkart executives and employees for an equitable exit opportunity, with former employees raising concerns over the lack of clarity on when they would be able to monetise their vested holdings. The representation clarifies that it is a request for dialogue rather than a legal notice or claim, the people cited above said, and the signatories have asked the company to engage with their representatives before finalising the terms of the proposed buyback.

Queries sent to Walmart did not elicit a response at the time of publishing.

Flipkart has conducted employee liquidity programmes in the past. In July 2026, it announced a second $50-million round under which eligible current employees could sell up to 5% of their vested stock options.

Its IPO plans, however, remain uncertain, with the company yet to announce a confirmed timeline for a public listing. In a July 24 interview with ET, Flipkart group CEO Kalyan Krishnamurthy said the online retailer had no timeline for a public listing. "We don't have any timeline right now and, to be very clear, we never have had any timeline for going public," he said. "It's not a management-only decision that can be made."

The ecommerce company, which flipped its domicile back to India from Singapore in March this year, was preparing to tap the domestic capital markets for a public offering, according to people aware of the matter.