Flipkart has let go of around 300 of its employees as part of its annual performance review cycle. This is about 1.5 percent of the company’s total workforce, according to a report by Moneycontrol.
The company currently employs about 20,000 people across its verticals. The move comes even as the company is looking for a public listing in India.
According to the report, the Walmart-owned company let go of employees who fell in the lower performance bands during the yearly performance management process.
The company has undertaken similar exercises periodically over the past few years. In 2024, Flipkart had undertaken a similar exercise as part of its annual performance review cycle, when the company let go of around 1,000 employees, or roughly 5 percent of its workforce.
The latest development comes as Flipkart is looking at the possibility of a public listing in India. It is in talks with investment banks including Goldman Sachs, Morgan Stanley, JP Morgan and Kotak Mahindra Capital. However, the process is still in early stages.
Flipkart is controlled by US retail giant Walmart and remains one of India’s largest e-commerce companies. It competes with the likes of Amazon in the country’s online retail market.
According to media reports, it is targeting the listing by early 2027.
As part of the listing plans, the company had received approval from the National Company Law Tribunal (NCLT) to shift its holding company domicile from Singapore back to India.
With listing on the Indian bourses, the company seeks to capitalise on higher domestic valuation premiums for tech companies and leverage strong local retail investor participation.
The reverse flip will also simplify various regulatory compliances for the company.
However, Flipkart Group CEO Kalyan Krishnamurthy has said in media interactions that expanding the business would take precedence over a public listing within a timeline.
Founded by Sachin Bansal and Binny Bansal, Flipkart was sold to the US-based Walmart in 2018 for $16 billion, which marked the largest acquisition of an e-commerce company at that time.
