On Wednesday, after a lot of speculation, US retail giant Walmart finally announced its decision of entering the India market, by buying a 77 percent stake in home-grown e-commerce brand, Flipkart for $16 billion. It is said as the world's largest e-comm deal. According to a Times of India report, the buyout of Flipkart will make a host of former and current employees having shares in the company richer, with quite a few becoming dollar millionaires as well. Roughly around 3,000 or more employees are said to be holding Flipkart shares.
At the Town Hall meet, enthusiasm level of the employees was at its peak as Flipkart co-founder Binny Bansal announced it, that there would be a 100 percent buyback of vested ESOPs (employee stock options). According to sources, who have told Times of India, the buyback could be at around $150 (Rs 10,000) a share.
As per the report, among the people turning millionaire are- Sameer Nigam, CEO and founder of PhonePe, Amod Malviya, former chief technology officer, Sujeet Kumar, former president of operations, Vaibform Udaan. Former business finance chief, Ankit Nagori, Mekin Maheswari, former chief people officer, recently started Udhyam Learning, Founhav Gupta, former chief business officer, and Ananth Narayanan, CEO of Myntra and Jabong.