Flipkart Announces $700 Million ESOP Payout Amid Split From PhonePe
Flipkart announces one-time cash payout amid separation from PhonePe. The company aims to compensate for the loss of PhonePe’s value from a 700 million employee stock option (ESOP) buyback.
The cash payout will benefit at least 25,000 current and former employees of Flipkart, making it one of the largest wealth reaction circumstances in the Indian ecosystem of startups.
The payouts have begun and will successfully get over by 31 July 2023.
The eligible former and current employees will receive a sum of approximately Rs 3,615 for each unit of ESOP. The organisation is currently working on the legal formalities of the payout.
Flipkart is reportedly offering an opportunity to reinvest the payout in the latest round of PhonePe’s fundraising to the existing investors and ESOP holders.
