Flipkart to go for $700 million ESOP buyback during PhonePe funding: Report

As part of PhonePe's new financing round, Flipkart is likely to go for a $700 million employee stock buyback. In this round, PhonePe is expected to raise $1.5-2 billion and the round will be led by Walmart, a report in the Economic Times (ET) said. 

The round will readjust Flipkart's valuation from $37.6 billion to $33 billion and PhonePe will have a separate shareholding structure. Currently, PhonePe, valued at $5.5 billion, is categorised as an asset in Flipkart's valuation, the report added. 

"At a $12 billion valuation for the PhonePe transaction, the employee group will see liquidation of around $700 million,