1 year ago
Flipkart, Myntra employees to get $700 million cash payouts after PhonePe separation
Flipkart and Phonepay(File picture)
July 10, 2023 : Employees of Flipkart and Myntra are set to receive cash payouts worth $700 million after the separation of PhonePe from the two companies. The payouts are being made as part of a severance package for employees who were laid off as a result of the separation.The separation of PhonePe from Flipkart and Myntra was announced in December 2022. PhonePe is now a wholly-owned subsidiary of Walmart, while Flipkart and Myntra remain majority-owned by Walmart. The separation was seen as a way for Walmart to focus on its e-commerce businesses in India.
The cash payouts to Flipkart and Myntra employees will be made in the coming weeks. The payouts will be based on the number of stock options that each employee holds. Employees who were laid off as a result of the separation will receive the full value of their stock options, while employees who remain with the company will receive a prorated amount.The cash payouts to Flipkart and Myntra employees are a significant gesture from Walmart. The payouts show that Walmart is committed to its employees in India, even as it restructures its businesses in the country.
The payouts are also a sign of the growing importance of e-commerce in India. The Indian e-commerce market is expected to reach $1 trillion by 2026. Walmart is well-positioned to take advantage of this growth, as it has a strong foothold in the Indian market through Flipkart and Myntra.The cash payouts to Flipkart and Myntra employees will have a significant impact on the employees. The payouts will provide much-needed financial relief to employees who were laid off as a result of the separation. The payouts will also help to retain employees who remain with the company.The payouts will also have a positive impact on the Indian economy. The payouts will be used by employees to buy goods and services, which will help to stimulate the economy.
The cash payouts to Flipkart and Myntra employees are a significant gesture from Walmart. The payouts show that Walmart is committed to its employees in India, even as it restructures its businesses in the country. The payouts are also a sign of the growing importance of e-commerce in India.
