According to reports from Mint, Flipkart is considering another employee stock option (ESOP) programme that may allow eligible employees to cash out a larger share of their vested holdings, as uncertainty over its IPO and future liquidity events causes unease among employees. Management has discussed a round early next year that could let employees sell 20-25% of their eligible holdings, though the proposal has not been finalized. The window would be limited to current employees whose ESOPs vested three to five years ago, with existing investors expected to provide the liquidity, though the specific investors and participation details remain unclear.
As reported by Mint, a two-part ESOP programme worth about $50 million ran between July 2025 and July 2026, most recently allowing eligible employees to cash out up to 5% of their vested options in July. The second tranche covered options vested between 16 July 2023 and 15 July 2026, at ₹713.4 per option. Flipkart is targeting an IPO valuation of about $50 billion, while the company was valued at approximately $38.2 billion in the second tranche of its employee stock buyback programme in July this year. According to Mint, the ESOP pool stood at 4.48%, or 8,772,644 shares, as per data sourced from private-market tracker Tracxn's cap table last updated on 28 June 2024.
According to Mint, Flipkart India's consolidated revenue from operations rose to ₹82,787.3 crore in FY25 from ₹70,541.9 crore in FY24, while its net loss widened to ₹5,189 crore. The company continues to invest across commerce, logistics and newer businesses, while its quick-commerce service Flipkart Minutes expands rapidly. The net loss widening was aided by higher revenue and operating leverage across its marketplace and advertising businesses, with the company showing strong momentum across its core operations.
As reported by Mint, a former senior Flipkart executive confirmed that 10-12 senior employees had left this year, with some moving to jobs that offered more cash compensation. Moneycontrol reported that vice-presidents Prathyusha Agarwal and Aakriti Chandra resigned in September, following reported exits by senior vice-president Gunjan Bhartia and vice-president Amer Hussain. The company also announced in March that group chief financial officer Sriram Venkataraman would step down. Two current employees told Mint they had expected an IPO this year, with their more immediate concern now being when they can turn equity into cash. The sentiment is heightened by the contrast with the business itself, which continues to show strong momentum, creating pressure around why a business of this scale still has limited visibility on its public market path.
According to Mint, Flipkart had earlier considered filing draft papers with the Securities and Exchange Board of India (SEBI) by late 2026 or early 2027, but those discussions have since been paused indefinitely. Walmart, which owns a majority stake in Flipkart, has asked the company to focus on achieving EBITDA break-even by the end of fiscal 2027 before pursuing a private or public fundraise. As per Mint, Walmart gave no listing date or details of a further liquidity event, stating that "An IPO remains an active part of our strategic roadmap, and we will move forward when the timing is right." The uncertainty is particularly acute as developments elsewhere may sharpen the contrast for long-serving employees, with Snapdeal parent AceVector completing its IPO subscription period and Spinny filing confidential draft papers, while PhysicsWallah and Meesho have already listed.
