Flipkart valuation tops $38B in latest ESOP buyback
What's the story
Walmart-owned Flipkart has been valued at approximately $38.2 billion in the second tranche of its employee stock ownership plan (ESOP) buyback program. This marks a 6% increase from the company's last private capital raise in May 2024, which was at a valuation of $36 billion. The higher valuation comes after a two-part employee share buyback worth some $50 million (around ₹475 crore).
Buyback details
First tranche launched in July 2025
The first tranche of the employee share buyback was launched in July 2025 and was worth about $25 million. The second tranche was contingent on the company's performance over the next year. In an internal memo dated July 6, Group CEO Kalyan Krishnamurthy informed employees that Flipkart had met those targets, allowing eligible employees to sell some more of their vested shares.
Valuation increase
Buyback price per option
During the first tranche in July 2025, Flipkart had set the buyback price at $174.32 (over ₹14,000) per option. In the second tranche, it was priced at ₹713.4 per option. However, a direct comparison with this year's payout would be inaccurate as the company has shifted its domicile from Singapore to India since then. After redomicile, employee stock options were converted into shares of the India-incorporated entity, changing per-option economics.
Market strategy
Flipkart defers IPO plans, halts private market fundraise talks
After adjusting for the change in domicile, the effective buyback price comes to around ₹672 per option in July 2025. The latest buyback values each option at around ₹713.4, implying a 6% increase over the past year and a company valuation of around $38.2 billion. This slight bump comes as Flipkart has deferred its plans to go public and halted talks for a private market fundraise.