Connect with us

Latest News

Flipkart Group Completes $ 100 Million Employee Stock Repurchase Plan

Published

on

Flipkart, India’s biggest ecommerce company, successfully completed the repurchase of employee stock options (ESOPs,) worth $100 million. More than 3,000 current and former employees of Flipkart, Myntra, Jabong and PhonePe took part in the stock repurchase program for the fourth time.

The ecommerce firm provided all the eligible, current and former employees of Flipkart and group companies an opportunity t0 sell a part of their vested ESOP units to the company. This is the fourth time in five years the company gave all the ESOP holders this opportunity to encash their vested stock options.

In an emailed statement, Flipkart said this repurchase program will heavily benefit the employees who have been with the company since 2010. The official statement further added, “Flipkart employees get a threshold period of one year, the stock options start vesting on monthly basis over a four year period after the first year of employment. The decision is welcomed by Flipkart employees across company’s locations in India.

Speaking about the buyback program, Sachin Bansal, the Chairman of Flipkart and Binny Bansal, Group CEO said, “Employees are our biggest source of strength, without whom Flipkart couldn’t have built the ecommerce industry in India. As an organization, we believe they should be equal partners in Flipkart’s success. 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. We’re delighted to be setting the benchmark on this important parameter, not only in the startup industry but the wider Indian private sector as well.”

Recently, in a deal valuing Flipkart at $ 10 billion, Japan based venture capital firm SoftBank offered to buy Flipkart stock from investors and former and existing employees of Flipkart. In December this year, the company reported a 43% rise in Gross Merchandise Value (GMV) for six months quarter that ended on 30 September 2017. The mutual fund investor Morgan Stanley also marked up the valuation of the ecommerce behemoth to $ 9.36 billion from $ 7 billion for the September quarter.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest News

Dunzo Gets Breather as NCLT Rejects Insolvency Petition from Invoice Discounters

Published

on

Dunzo

The National Company Law Tribunal (NCLT) Bengaluru bench has dismissed an insolvency plea filed against quick commerce startup Dunzo by its invoice discounters, declaring the petition “not maintainable” after several postponements. This decision offers temporary relief to Dunzo, which has been facing multiple insolvency petitions from various creditors, including Velvin Packaging Solutions and Betterplace Safety Solutions, over unpaid dues.

The invoice discounters alleged that Dunzo had paid only 50% of the required amounts, though the exact sum was not disclosed. Despite ongoing settlement talks, no resolution was reached, and the tribunal noted Dunzo’s delays in responding to creditor petitions. Dunzo continues to grapple with severe liquidity issues, delayed payments, and significant losses—reporting a ₹1,801.8 crore loss in FY23 and owing approximately ₹11.4 crore to major vendors like Google India and Facebook India.

While this NCLT ruling provides Dunzo some breathing room, the company still faces ongoing financial and operational challenges as it works to resolve its outstanding liabilities.

Continue Reading

Latest News

How a Golden Retriever Became the Heart and Soul of a Hyderabad Startup’s Workplace

Published

on

Golden Retriever in workplace

Hyderabad-based startup Harvesting Robotics has won hearts online by appointing a golden retriever named Denver as its Chief Happiness Officer (CHO). Denver, introduced by co-founder Rahul Arepaka in a viral LinkedIn post, has quickly become the star of the office, spreading joy and boosting morale among employees. The company is now officially pet-friendly, a move Arepaka calls their “best decision.”

Denver’s new role has sparked widespread attention, with thousands liking and commenting on the announcement. Many see Denver’s presence as more than just a cute story—it highlights a growing trend of pet-friendly workplaces that prioritize employee well-being and happiness. As companies increasingly focus on holistic wellness, Denver’s appointment shows that sometimes, a wagging tail is the best way to brighten the workday.

Continue Reading

Inverstors Stories

Info Edge Shareholders Approve ₹1,000 Crore Investment in New Venture Fund

Published

on

Info Edge

Info Edge (India) Ltd shareholders have overwhelmingly approved an investment of up to ₹1,000 crore in the company’s third venture capital fund, Info Edge Ventures Fund III. The proposal received near-unanimous backing, with 99.9995% of valid votes in favor out of 1,274 participants.

Smartweb Internet Services Ltd, a wholly owned Info Edge subsidiary, will act as sponsor and investment manager for the new fund. This move strengthens Info Edge’s commitment to backing early-stage startups and expanding its footprint in India’s venture capital landscape.

Info Edge has a strong track record as an early investor in leading Indian startups like Zomato and PB Fintech, with combined holdings in these firms valued at ₹31,500 crore ($3.7 billion) as of March 31, 2025.

Continue Reading
Advertisement

Recent Posts

Advertisement