Ex-Flipkart executives ask Walmart for ESOP payout
By Abha Lohia ·
Flipkart: revenue and funding and every story →
- Flipkart is one of India's largest online marketplaces, owned mostly by Walmart and preparing for a possible stock market listing
- At least eight former senior executives wrote to Walmart's board on 1 October seeking a way to cash in their vested employee stock options
- Some options date from 2008 to 2016, and the letter comes as Walmart weighs a fresh option plan for current staff
What happened
- At least eight former senior executives wrote to the board of Walmart.
- The letter is dated 1 October.
- They want a fair chance to sell their vested ESOPs (employee stock options).
- Some options were granted between 2008 and 2016.
- Two co-founders of other startups are reported to be seeking a buyback.
Why it matters
- Leaving the company may mean losing the payday on options held for over a decade.
- Early investors and the founders have already exited with large gains.
- Walmart is considering a new option package for current staff, which sharpens the contrast.
The business
- Flipkart runs an online marketplace for goods across India.
- It is majority owned by Walmart.
The founders
Who put in money
- Walmart Majority owner — US retailer
What happens next
- Walmart's board has yet to respond publicly.
Up against
Amazon India
Words to know
- ESOP
- Employee stock option plan, which lets staff buy company shares at a fixed price.
Other articles talking about it
Terms in this story
- ESOP: An ESOP (employee stock option plan) gives an employee the right to buy a set number of company shares at a fixed price in the future. It turns part of your pay into a possible stake in the company, but it is worth something only if the company later has a sale, a listing or a buyback.
- Marketplace: A marketplace is a platform that connects buyers with sellers and earns money from the transactions between them, without owning the goods or services itself. Its value grows as more people on both sides join.
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