Flipkart announces 2.5% more for ESOP

flipkart logo 150x150 Flipkart announces 2.5% more for ESOPFlipkart has set aside an additional 2.5% of its capital for expanding its employee stock ownership plan (ESOP), as India’s most-valuable startup prepares to strengthen its senior management team. The online retailer may add at least eight people in the next one year to its newly reorganized senior leadership team. The fresh 2.5% ESOPs provision is on top of about 4.35% of capital already set aside for Flipkart employees and 1.1% for employees of Myntra. Flipkart is expected to have set a side $875million out of its estimated $11 billion valuation towards ESOPs. Flipkart is aggressively hiring senior employees to strengthen its technology, finance and leadership teams. Flipkart divided its top management into three groups. The biggest step-up was for Myntra co-founder Mukesh Bansal, who took over the reins of the combined company’s entire commerce platform. Flipkart co-founder Sachin Bansal has stepped away from daily functions to focus on new initiatives, while his partner Binny Bansal will focus on supply chain and logistics. Flipkart is expected to add more people to its senior leadership over the next four quarters to assist the top bosses. See more

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