Former senior Flipkart executives, including former CEO Mukesh Bansal, former CFO Sanjay Baweja, and former chief business officer Ankit Nagori, have formally petitioned majority owner Walmart to buy back their vested employee stock options. The request comes as extended delays surrounding the e-commerce giant's public market debut leave former employees seeking liquidity for their equity.
Demanding Liquidity After Extended Delays
In a letter sent to Walmart's board of directors, the former executive group requested a complete exit opportunity for vested options granted 10 to 15 years ago. The signatories noted that former staff contributed significant effort and expertise toward building the company's valuation, arguing that ex-employees should not be at a disadvantage compared to active staff simply because they are no longer on the company's payroll.
The outreach follows an employee stock buyback program conducted by Walmart in July. That liquidity window reportedly valued Flipkart at approximately $38.2 billion, but eligible participants were limited to liquidating a maximum of 5% of their vested options.
Shifted Listing Timeline and Financial Focus
The liquidity dispute highlights broader friction caused by extended timelines for Indian tech startups pursuing public offerings. Parent company Walmart is reportedly targeting a $50 billion valuation for Flipkart before conducting a domestic initial public offering. However, Flipkart has deferred its public listing target toward 2028 while concentrating on improving its bottom line.
Flipkart is aiming to reach breakeven at an EBITDA level by FY27. Financial filings for its marketplace arm, Flipkart Internet, showed a 36.7% reduction in consolidated net loss to ₹1,494.2 crore for FY25, alongside a 14% year-over-year growth in total income to ₹20,807.4 crore.
Walmart Response and Strategic Expansion
A Walmart spokesperson stated that the company will look into the concerns raised by the former executives, emphasizing that it takes feedback from current and former team members seriously. Walmart added that an IPO remains an active part of Flipkart's long-term roadmap, though execution will depend on market readiness and operational discipline.
While public market plans remain paused, Flipkart is allocating resources toward new revenue streams. The business is scaling its quick-commerce venture, Flipkart Minutes, while planning prospective entries into food delivery and event ticketing.
AI-generated editorial illustration; not a documentary photograph.
Source: Mukesh Bansal, Ankit Nagori Seek ESOP Buyback From Flipkart Amid IPO Uncertainty
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