Flipkart’s planned initial public offering is expected to be deferred by about one to two years, with the Walmart-owned company now targeting a 2028 listing instead of its earlier late-2026 or early-2027 filing. The delay has pushed a group of former senior executives to seek a dedicated ESOP exit opportunity.
At least eight former Flipkart CXOs wrote to Walmart chairman Gregory B. Penner, other board members and Flipkart Group CEO Kalyan Krishnamurthy on 1 October 2026, seeking a liquidity opportunity for eligible ex-staff who continue to hold vested options.
Signatories include former Myntra CEO Mukesh Bansal, ex-Flipkart chief business officer Ankit Nagori, former chief technology officers Amod Malviya and Ravi Garikipati, former chief people officer Mekin Maheshwari and former vice president Anuj Chowdhary.
More than 30,000 current and former Flipkart employees could collectively receive about $4 billion (₹38,000 crore) through ESOP buybacks yet to be facilitated by Walmart, and former employees account for roughly half of that pool.
“It would therefore be difficult to reconcile a situation in which early investors and both co-founders Sachin Bansal and Binny Bansal have received their exit; current employees have been provided multiple liquidity opportunities over the years; but former employees who earned and continue to hold vested options/shares are excluded from the same opportunity,” the former executives wrote in the letter.
“We therefore request that Walmart give a complete exit opportunity to all eligible former employees holding vested options,” they added.
A Walmart spokesperson said the company would examine the issues raised. “We appreciate the perspective of all employees, current and former, and value their feedback,” the spokesperson said in a statement to Inc42.
Flipkart has run several ESOP buybacks since 2017, generating more than $1.5 billion in value for employees. Its most recent event opened in July 2026 under the Flipkart Stock Option Plan 2026, per Inc42. A larger programme covering 20% to 25% of vested holdings is reportedly being considered for early 2027. Walmart, which holds about 80% of Flipkart following its 2018 acquisition for $16 billion, has asked the company to prioritise EBITDA breakeven in FY27 before resuming the listing push.
