Flipkart completes its ESOP repurchase plan of over $100 million

BENGALURU: India’s largest online retailer Flipkart has completed its Employee Stock Options repurchase program of over $100 million, making it the largest ESOP buyback plan by a private company in the country, announced the company on Wednesday. More than 3000 current and former employees of Flipkart, its fashion arms Myntra and Jabong and its payments arm PhonePe participated in the repurchase.

ET first reported in October that the board of Flipkart had approved a plan to repurchase employee stock options, potentially benefiting close to 6,000 current and former employees with a set aside corpus of over $100 million.

This is the fourth ESOP buyback program by Flipkart in the last five years, added the company.

“Employees are our biggest source of strength, without whom Flipkart couldn’t have built the e-commerce industry in India. As an organisation, we believe they should be equal partners in Flipkart’s success.,” said Sachin Bansal, chairman of Flipkart, and Binny Bansal, group CEO said, “This ESOP repurchase programme is an extension of that culture, and a token of thanks for the dedication and hard work they have put in over the years.”