Flipkart makes estimated $700 mn cash payout to staff post PhonePe separation

Walmart-backed Flipkart on Friday began mega cash payout to staff, estimated to be worth $ 700 million, following its separation from fintech firm PhonePe.

The board of directors of Flipkart had announced the complete separation from the PhonePe business by selling off its entire shareholding in December 2022.

Accordingly, the board decided to pay $ 43.67 as compensation for each ESOP (vested options for eligible current and former stakeholders and unvested options only for eligible current stakeholders) as of the record date of December 23, 2022.