Former Flipkart executives have asked Walmart to let eligible former employees sell their vested employee stock options, but no decision granting that request has been reported. The appeal follows a limited 2026 liquidity event for eligible active employees; Walmart says it is looking into the feedback and that a Flipkart IPO remains on its strategic roadmap, without giving a date.
What the former executives are asking Walmart to do
Moneycontrol reported on October 7, 2026, that at least eight former Flipkart CXOs and senior executives wrote to Walmart’s board. The report says it reviewed an October 1 email 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. Because the accounts describe the addressees and some signatories differently, the names reported should not be treated as a definitive roster. Moneycontrol and The Economic Times detail the request.
Moneycontrol names 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. The Economic Times also names former Flipkart CFO Sanjay Baweja and describes Bansal as a former Flipkart CEO. The reports say some options date from Flipkart’s earlier years and have been held for more than a decade.
As relayed by Moneycontrol, the letter asks Walmart to provide a “complete exit opportunity to all eligible former employees holding vested options.” The signatories say they contributed to building the company and argue that former staff should not lose access to liquidity solely because they no longer work there. They also cite liquidity opportunities for current employees, founders, and early investors. These are the executives’ fairness arguments, not a legal ruling that Walmart must provide an exit.
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How the request differs from the reported employee liquidity event
The reported July 2026 event was for eligible active employees, not former executives. Business Standard, citing an internal memo from Flipkart Group CEO Kalyan Krishnamurthy that it reviewed, reported that active employees as of July 15 could sell up to 5% of options vested from July 16, 2023, through July 15, 2026, at ₹713.4 per option, with payments scheduled for August. Moneycontrol reported the same core terms. Business Standard and Moneycontrol describe the event.
| Issue | July 2026 event | Former executives’ request |
|---|---|---|
| Who | Eligible active employees as of July 15, according to the internal memo reported by Business Standard | Eligible former employees holding vested options; no approved participation has been reported |
| Options and amount | Up to 5% of options vested from July 16, 2023, through July 15, 2026 | A “complete exit opportunity” is requested; the reports do not specify each person’s holdings or applicable plan terms |
| Reported price | ₹713.4 per option, per the memo reported by Business Standard | Not stated in the reports |
| Status | A limited liquidity event was reported for eligible active employees | A request to Walmart; no approval, rejection, or revised offer has been reported |
The comparison is therefore not a confirmed offer to all employees versus an offer to former staff. The reported terms concern a limited sale by eligible active employees; the former executives are seeking a separate opportunity, whose terms and outcome remain undecided.
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What Walmart has said about the request and an IPO
The Economic Times quoted a Walmart spokesperson saying: “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.” 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.” Walmart has not announced an IPO date or said that the former employees’ request has been accepted.
The Economic Times also reported that Walmart characterized a public-market transition as an opportunity involving operational responsibilities that would require a thoughtful, disciplined approach. In July, Krishnamurthy told the publication: “we never have had any timeline for going public.” That interview comment and Walmart’s roadmap statement do not amount to a scheduled IPO. The Economic Times reported Flipkart’s valuation at about $38.2 billion in connection with the July 2026 current-employee buyback; that figure is not a valuation of former executives’ option holdings.
What the reported cost estimates do—and do not—show
Moneycontrol cited unnamed sources estimating potential buybacks of about $4 billion (₹38,000 crore) across more than 30,000 current and former Flipkart employees. The same report said former employees account for roughly half of that estimated amount, with current employees accounting for around $2 billion. These are source-attributed estimates, not a company-announced buyback amount, a confirmed liability, or an estimate of the signatories’ individual holdings. The Economic Times said it could not independently ascertain the amount required for a full buyback.
Quick Recap
What remains unresolved for former ESOP holders
- Whether Walmart or Flipkart will grant, reject, or change the requested exit opportunity.
- How many former employees and options could be covered, and what a complete exit would cost.
- Which individual option-plan terms apply, including eligibility and any conditions attached to vested options.
- Whether the request is legally required. The reporting does not provide a court ruling or an analysis of the individual plan documents that establishes such an entitlement.
- Whether Flipkart will eventually go public and, if so, when.
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