Flipkart has seen 14 senior-level exits, including three VPs, over the last year. These departures signal deep employee discontent over ESOP liquidity and a long-delayed IPO, clashing with Walmart's profitability mandate. Former executives have even written to Walmart’s board, pushing for a full cash-out of their vested options.
How We Got Here
Flipkart's IPO has been on the cards since at least 2021, when it was initially valued at $37 billion. Walmart acquired a majority stake in 2018 for $16 billion, reportedly pushing for profitability before any public listing.
The Numbers
- The latest VPs to leave include Kanchan Mishra (smartphones), Amit Sachan (product & tech), and Kamal Chopra (corporate).
- Mishra spent over a decade at Flipkart, while Sachan and Chopra were with the company for four and five years, respectively.
- Sources indicate some executives left due to lack of clear ESOP liquidation opportunities or to start new ventures.
- Former executives like ex-Myntra CEO Mukesh Bansal, Ankit Nagori, and Sanjay Baweja co-signed the letter to Walmart's board.
What Happens Next
🇮🇳 Why This Matters for India
For engineers and product managers in Bangalore and Pune eyeing large startup exits, Flipkart's ESOP woes raise questions about wealth creation timelines in India's big-tech scene.
The Take
Flipkart's ESOP headache signals a broader problem for India's other late-stage, pre-IPO unicorns. Expect their top talent to start pushing for clearer liquidity paths and firm IPO timelines, or they will shift to earlier-stage equity.
Source:
Inc42 ↗