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Flipkart completes buyback of Esops for $100 mn

Flipkart completes buyback of Esops for $100 mn
Pic: News18

Bengaluru: Leading e-tailer Flipkart on Wednesday said it had completed buyback of Employees stock options (Esops) for $100 million (Rs 650 crore) from its present and former employees.

“About 3,000 present and former employees of Flipkart, Myntra, Jabong and PhonePe participated in the fourth Esop buyback programme in 5 years,” said the city-based e-commerce firm in a statement here.

The buyback is also the largest liquidity provided by an unlisted firm to its Esop holders for encashing an unspecified percentage of their vested stock options.

“Employees are our strength, without whom we could not have built the e-commerce industry in India. As an organisation, we believe they are equal partners in our success,” said Flipkart Chairman Sachin Bansal in a statement here.

With 100 million customer base, the decade-old company offers over 80 million products, including smartphones, books, media, consumer electronics, furniture, fashion and lifestyle from 100,000 registered sellers from across the country.

IANS