A group of former Flipkart executives — including Mukesh Bansal, Ankit Nagori, Sanjay Baweja, Amod Malviya, Ravi Garikipati, Mekin Maheshwari and Anuj Chowdhary — has written to Walmart's 11-member board seeking a full cash-out of vested ESOPs granted 10–15 years ago, Inc42 and ET reported on 8–9 October 2026. The October 1 letter seeks "fair treatment" for early employees.
The context: Flipkart's July employee buyback valued the company at $38.2 billion but allowed current employees to sell only 5% of vested options, while Walmart is reportedly seeking a $50 billion valuation. The IPO has no confirmed timeline, though the domicile shift from Singapore to India last year was a precursor. Walmart said it would examine the matter.
It's a cautionary tale for startup employees everywhere: paper wealth from a decade-old ESOP means little until there's liquidity — and buyback terms for ex-employees are often far less generous than for current ones.
Why it matters for founders
ESOPs are your most expensive hiring currency — but only if they convert to cash. Flipkart's alumni saga shows the trust cost of vague liquidity timelines. If you're granting options, pair them with a clear buyback or liquidity policy, or top talent will price in the uncertainty.
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