Former Flipkart executives have asked Walmart for a chance to sell eligible vested employee stock options (ESOPs), but the request has not been approved. Their appeal follows a reported liquidity event for eligible current employees; Walmart says it will examine the feedback and that a Flipkart IPO remains on its strategic roadmap, without giving a timeline.
What the former executives are asking Walmart to do
At least eight former Flipkart CXOs and senior executives wrote to Walmart leaders seeking a “complete exit opportunity” for eligible former employees who still hold vested options, according to Moneycontrol’s October 7, 2026 report. Moneycontrol said it reviewed an email dated October 1 addressed to Walmart chairman Gregory B. Penner and other senior executives. The Economic Times also reported an October 1 letter, describing it as addressed to all 11 Walmart board members and Flipkart CEO Kalyan Krishnamurthy.
The accounts differ on the addressees and on some names. Moneycontrol identified former Myntra CEO Mukesh Bansal, former Flipkart CBO Ankit Nagori, former CTOs Amod Malviya and Ravi Garikipati, former CPO Mekin Maheshwari and former VP Anuj Chowdhary among the signatories. The Economic Times additionally named former Flipkart CFO Sanjay Baweja and described Bansal as a former Flipkart CEO. The reports say some signatories have held options dating from Flipkart’s earlier years for more than a decade; they do not provide a definitive list of all signatories.
Why they say former employees should be included
The signatories’ reported argument is about parity and compensation: they say they helped build the company, earned the options while employed and should not lose access to liquidity simply because they later left. They also point to opportunities for founders and early investors to exit. These are the executives’ fairness arguments, not a court finding or a determination of what individual option plans require.
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Moneycontrol quoted the letter as saying: “We are not contesting the business decision, we welcome the fact that current employees are being given an opportunity to realise the value of their holdings.” It also quoted the signatories’ concern that “former employees who continue to hold vested options should [not] be excluded solely because they are no longer employed by the company.” The exact wording is attributed to the report; the letter itself was not available in the cited coverage.
How the reported current-employee liquidity event differs
The latest reported event concerned eligible active employees, not former employees. Business Standard reported on July 6, 2026, from an internal memo it reviewed, that active employees as of July 15 could sell up to 5% of qualifying options vested from July 16, 2023, through July 15, 2026, at ₹713.4 per option, with payment scheduled for August. Moneycontrol reported the same core terms. The coverage does not say former executives were eligible.
| Issue | Reported current-employee event | Former executives’ request |
|---|---|---|
| Who is covered | Eligible active employees, according to Business Standard’s account of an internal memo | Eligible former employees holding vested options |
| Options and amount | Up to 5% of options vested July 16, 2023–July 15, 2026 | A “complete exit opportunity”; the reports do not specify an individual or aggregate option amount |
| Reported price | ₹713.4 per option | Not stated in the reports as a term of any approved offer |
| Status | Reported as a liquidity event for eligible active employees | Requested; no approval granting it has been reported |
What Walmart has said—and what it has not promised
A Walmart spokesperson told The Economic Times: “We appreciate the perspective of all employees–current and former–and value their feedback. As with anything raised, we take it seriously and look into the matter.” That is a statement that Walmart will consider the concern, not confirmation of a former-employee buyback.
The spokesperson also said: “As we’ve said, an IPO remains an active part of our strategic roadmap, and we will move forward when the timing is right.” The statement provides no date or commitment to list. The Economic Times also quoted Flipkart Group CEO Kalyan Krishnamurthy in July as saying, “we never have had any timeline for going public.” Neither statement establishes that an IPO will occur or that it will provide liquidity to these option holders.
What the reported dollar estimate means
Moneycontrol cited unnamed sources estimating that more than 30,000 current and former employees could be associated with about $4 billion (₹38,000 crore) in potential buybacks, with former employees accounting for roughly half and current employees around $2 billion. This is a source-attributed estimate, not an announced buyback amount, a confirmed Walmart liability or the value of the signatories’ holdings. The Economic Times said it could not independently ascertain the amount needed for a full buyback. The Economic Times separately reported a July 2026 Flipkart valuation of about $38.2 billion in connection with the current-employee buyback; that valuation does not establish the price or proceeds for former employees.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What former option holders should understand
The news does not establish a general right for former employees to sell vested options in this event. Vesting, continued exercise rights, expiry dates and transfer or liquidity rules depend on the relevant option plan and individual grant terms. The reports do not analyze those documents or resolve whether Walmart or Flipkart is legally required to provide an exit. Anyone holding options would need to check their own plan and grant paperwork rather than infer eligibility from the current-employee event.
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What remains unresolved
- Whether Walmart or Flipkart will grant, reject or change the request.
- How many former employees and options could be covered, and what a full exit would cost.
- Which plan terms apply to each holder and whether any individual has an enforceable right to sell.
- Whether a Flipkart IPO will happen and, if so, when.
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