Approximately one thousand former employees of Flipkart and its group companies, including Myntra and Cleartrip, have approached the boards of directors of Walmart and Flipkart. They are demanding clarification regarding the long-awaited Initial Public Offering (IPO) of the e-commerce company, as the uncertainty surrounding the listing timeline has left the value of their vested stock options frozen.
The collective appeal dated October 10, 2026, addressed to the boards of directors of Walmart Inc. and Flipkart, indicates that former Flipkart employees and its affiliates are seeking the ability to liquidate their stock options. This document, titled 'Liquidity for Vested Stock Options,' gathered over 500 signatures within a day of its distribution.
Signatories included former employees of Flipkart, Myntra, Cleartrip, Shopsy, Supermoney, and ANS. This action followed a previous appeal to Walmart from former Flipkart top executives, including former Myntra CEO Mukesh Bansal, former Chief Business Officer Ankit Nagori, former CTOs Amod Malviya and Ravi Garikipati, former HR Director Mekin Maheshwari, and former Vice President Anuj Choudhary. These leaders demanded fair treatment for their stock options.
According to available information, the IPO may be postponed for another one or two years, as Walmart, the parent company of the Flipkart group, maintains a cautious approach and prefers to wait for developments. These concerns arise amid other consumer companies such as Urban Company and Swiggy having already listed on the stock exchange, while Zepto and Snapdeal have initiated the IPO process, leaving Flipkart's path to public markets unclear.
According to sources familiar with the situation, Flipkart is targeting an IPO valuation of around $50 billion. Some current and former employees are concerned that the delay has rendered the accumulated value through their stock options inaccessible for monetization.
Earlier, in July of this year, Flipkart was valued at approximately $38.2 billion during the second tranche of the employee stock repurchase program. This valuation exceeded the 6 percent increase compared to the $36 billion valuation set during the last private capital raise in May 2024. This program allowed eligible employees to sell up to 5 percent of their vested options. Since the IPO timeline is unclear, some employees are questioning the next method of obtaining liquidity and its implementation timeframe.
Some sources note that the issue is not so much about the immediate execution of the IPO, but rather when employees will be able to realize the value of the equity they have accumulated over years of work. This is particularly relevant for long-serving employees, for whom equity plans represent a significant part of their accumulated wealth. Historically, such plans were linked to expectations of a public listing or periodic liquidity events.
The uncertainty is also fueling broader discussions about staff retention, as some employees are exploring employment opportunities outside the group.
Financial data obtained from the business analytics platform Tofler shows that Flipkart Internet, the marketplace division of Flipkart, recorded a consolidated net loss of ₹149.42 billion in the fiscal year 2024-25 (FY25), which is lower than the ₹235.87 billion recorded in the fiscal year 2023-24 (FY24). The reduction in net loss was 36.7 percent due to increased revenue and operating leverage in the marketplace and advertising segments. Total revenue grew by 14 percent, reaching ₹208.074 billion in FY25 compared to ₹182.416 billion in FY24. Operating income increased by 14.4 percent to ₹204.933 billion compared to ₹179.073 billion the previous year, while other income slightly decreased to ₹31.41 billion from ₹33.43 billion.
