Why Mukesh Bansal and Ex-Flipkart Leaders Want an ESOP Buyback
Quick answer: A group of former senior Flipkart executives, including ex-Myntra CEO Mukesh Bansal and former chief business officer Ankit Nagori, have reportedly written to Walmart’s board asking for a buyback of their vested employee stock options (ESOPs). They say the delayed IPO has left them with no way to cash out.
What Happened? (Key Facts)
| Detail | Information |
|---|---|
| Date of letter | October 1, 2026 (as reported) |
| Written to | Walmart’s board (Walmart is Flipkart’s parent company) |
| Main ask | “Fair and equitable” treatment and a complete exit for eligible former employees’ vested ESOPs |
| Total ESOP value reported | About $4 billion (₹38,000 crore) |
| People involved | More than 30,000 current and former employees |
| Walmart’s response | Reportedly says it is looking into the concerns |
Who Wrote the Letter?
Reports say at least eight former senior Flipkart executives signed or backed the letter. Named signatories include:
- Mukesh Bansal, former Myntra CEO and a Meraki Labs co-founder, who also co-founded Cure.fit with Ankit Nagori
- Ankit Nagori, former Flipkart chief business officer
- Sanjay Baweja, former CFO
- Amod Malviya and Ravi Garikipati, former chief technology officers
- Mekin Maheshwari, former chief people officer
- Anuj Chowdhary, former vice-president
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What Are ESOPs and What Is an ESOP Buyback?
ESOP stands for Employee Stock Option Plan. It gives employees the right to buy company shares at a fixed price after a waiting period (“vesting”). For a private company like Flipkart, employees cannot easily sell these shares on the stock market.
A buyback is when the company or its parent offers to purchase those shares or options from employees, giving them cash. Without a buyback or an IPO, employees hold paper value that they cannot spend.
Why Are Former Employees Asking for a Buyback Now?
The core issue is the uncertain IPO timeline. Reports say Flipkart’s listing plans have been repeatedly delayed, and the company has been focusing on profitability. Walmart is also said to be looking for a valuation of about $50 billion for Flipkart.
The former executives say:
- Their ESOPs were part of the pay they earned while building the company.
- Some have waited more than a decade for a payout.
- Current employees recently received a partial buyback, while many former employees have had no such chance.
- They want the same opportunity to cash out that current staff and early investors have had.
They are not disputing earlier buybacks. Flipkart has run several ESOP buybacks that reportedly generated over $1.5 billion for employees when its valuation reached $38 billion.
How Big Is the Amount?
Per the reports, more than 30,000 current and former employees could together receive around $4 billion (₹38,000 crore) through buybacks that Walmart has yet to arrange. Former employees account for roughly half of this, and current employees for around $2 billion.
What Does This Mean for Flipkart’s IPO?
The letter does not say the IPO is cancelled. It highlights that:
- Liquidity pressure is rising. Employees who cannot sell shares may lose patience, which can hurt morale and retention.
- A large payout may be needed. If Walmart agrees, it would need to arrange a very large cash buyback.
- Valuation matters. A buyback price could signal how Walmart values Flipkart ahead of any listing.
- The IPO may take longer. Delays keep pushing back a public listing that investors have long expected.
What Could Happen Next?
- Walmart could agree to a full or partial buyback for former employees.
- It could offer a buyback at a set valuation with a fixed timeline.
- It could hold the position until Flipkart’s IPO plans become clearer.
None of these outcomes has been announced. Watch for an official statement from Walmart or Flipkart.
Why This Matters Beyond Flipkart
Many Indian startups give ESOPs as a large part of pay. When IPOs are delayed, employees can be stuck with illiquid options. This case may push startups to build clearer liquidity policies, such as regular buybacks, and may influence how future employees judge ESOP offers.
Tips for Employees Holding Startup ESOPs
- Read your ESOP agreement for vesting, exercise windows and exit terms.
- Ask whether the company has a buyback policy.
- Understand the tax impact at exercise and at sale, and consult a tax professional.
- Don’t treat ESOP value as cash until you can actually sell.
Frequently Asked Questions
Who wrote to Walmart?
Former senior Flipkart executives, including Mukesh Bansal, Ankit Nagori, Sanjay Baweja, Amod Malviya, Ravi Garikipati, Mekin Maheshwari and Anuj Chowdhary, according to reports.
What do they want?
A buyback of their vested ESOPs and fair, equal treatment compared with current employees and early investors.
How much money is involved?
Around $4 billion (₹38,000 crore) across more than 30,000 current and former employees, per reports.
Has Walmart agreed?
No. Walmart reportedly says it is looking into the concerns.
When is the Flipkart IPO?
There is no confirmed date. Reports say plans have been repeatedly delayed.
Can I buy Flipkart shares today?
No. Flipkart is not listed on the NSE or BSE.
Final Thoughts
This is a story about liquidity: employees who helped build one of India’s biggest e-commerce companies are asking to turn long-held options into cash. The outcome will depend on Walmart’s response and on how Flipkart’s IPO plans develop. Follow official statements for confirmed updates.
Disclaimer: This article is for information only and is not investment, legal or tax advice. Details are based on media reports as of October 7, 2026 and may change. Consult a qualified professional before making financial decisions.
Sources: Inc42, Outlook Business, Moneycontrol (as cited by other outlets), NewsBytes.
Shuchi founded Finance Checks after spending 16+ years working in corporate, managing operations and distribution. She managed her own finances, learned and read regularly and helped people make sense of their savings, loans, insurance, and investments.
She started this site to offer the kind of clear, honest financial guidance she wished was more available when she was learning to manage her own money. Every article is researched personally, checked against official sources such as the Reserve Bank of India, SEBI, or the Income Tax Department, and revisited whenever regulations or figures change. She is upfront about how the site earns money through ads and select affiliate partnerships, and she does not let either influence what she actually recommends to readers.
