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Business EconomyPosted at: Dec 13 2017 2:36PM


Flipkart completes ESOP repurchase programme for USD 100 mn

Bengaluru, Dec 13 (UNI) India’s largest e-commerce firm Flipkart
has successfully completed its Employee Stock Options repurchase
programme and over 3000 past and present employees of the Flipkart
Group participainged in the buyback offer that led to a disbursement
of over USD 100 million.
In a release on Wednesday the company said the programme
initiated in October had given all eligible current and former
employees of Flipkart, and the group companies Myntra, Jabong and
PhonePe, an opportunity to sell to the company a part of their
vested ESOP units.
The repurchase programme is the single largest liquidity
providing event in India by an unlisted, private company to its ESOP
holders. This also marks the fourth instance in the past 5 years
when Flipkart has given its ESOP holders an opportunity to encash a
percentage of their vested stock options, an unparalleled feat among
startups and private companies in India, the release said.
''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.
''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,'' said Sachin
Bansal, Chairman of Flipkart, and Binny Bansal, Group CEO.
UNI CNR RS RSS1435
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Tags: #Flipkart completes ESOP repurchase programme for USD 100 mn
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