Around 1,000 former employees of Flipkart and its group companies have approached the boards of Walmart and Flipkart, seeking clarity on the e-commerce company’s long-awaited initial public offering (IPO). The uncertainty over the listing timeline has left their vested employee stock options difficult to monetise.
A collective representation dated 10 October, titled “Liquidity for Vested Employee Stock Options”, was addressed to the boards of Walmart Inc. and Flipkart. The document gathered more than 500 signatures within 24 hours of circulation, according to a copy reviewed by Business Standard.
The listing could be delayed by another one to two years, with Walmart taking a cautious, wait-and-watch approach, people familiar with the matter told the publication.
Former employees seek a clear route to cash out
The representation includes former employees of Flipkart and several group companies, including Myntra, Cleartrip, Shopsy, Supermoney and ANS, according to Business Standard.
The latest appeal follows an earlier communication to Walmart from former senior Flipkart executives seeking fair treatment for their vested employee stock options. Those named in the report include:
Mukesh Bansal, former CEO of Myntra
Ankit Nagori, former chief business officer
Amod Malviya and Ravi Garikipati, former chief technology officers
Mekin Maheshwari, former chief people officer
Anuj Chowdhary, former vice-president
For former employees who accumulated equity over several years, the central concern is when they will be able to realise its value. Some are also understood to be exploring opportunities outside the group amid uncertainty over future liquidity, the report said.
Flipkart’s valuation and employee stock buyback
Flipkart is targeting an IPO valuation of approximately $50 billion, according to people familiar with the matter cited by Business Standard. However, the company’s listing timeline remains uncertain.
The publication reported that Flipkart was valued at $38.2 billion in the second tranche of its employee stock buyback programme in July 2026. The valuation was 6% higher than the $36 billion valuation at which the company last raised private capital in May 2024.
The July buyback allowed eligible employees to liquidate up to 5% of their vested options. With no clear IPO timeline, former employees are seeking clarity on when another opportunity to sell their holdings might become available.
Employee stock ownership plans can form a significant part of accumulated wealth for long-serving staff, making liquidity important beyond the timing of a public listing.
Financial performance and the road to an IPO
Flipkart Internet, the marketplace arm of Flipkart, narrowed its consolidated net loss in FY25, even as the company continued to report losses.
Financial data sourced from business intelligence platform Tofler showed the following performance for the year ended March 2025:
Net loss: ₹1,494.2 crore in FY25, down from ₹2,358.7 crore in FY24, a reduction of 36.7%.
Total income: ₹20,807.4 crore, up 14% from ₹18,241.6 crore in FY24.
Revenue from operations: ₹20,493.3 crore, a 14.4% increase from ₹17,907.3 crore a year earlier.
Other income: ₹314.1 crore, compared with ₹334.3 crore in FY24.
The narrower loss and higher income provide context for the company’s financial position, but the available information does not establish how these figures will affect the timing or valuation of a potential IPO.
What the delay means for employee equity
Flipkart’s uncertain listing plans come as other consumer-facing businesses, including Urban Company and Swiggy, have entered public markets, while Zepto and Snapdeal have begun IPO-related processes.
For former employees, the immediate issue is not necessarily an imminent listing, but access to the value represented by their vested options. A further delay of one to two years could extend the period during which some holdings remain difficult to monetise.
The next steps depend on Flipkart and Walmart’s approach to a future liquidity event and any clarity they provide to former employees. Neither a confirmed IPO date nor a definitive timeline for another employee stock buyback is established in the supplied reporting.
