Employees of Flipkart will receive a cash payout of around 700 million dollars (Rs 5780 crore). The Walmart-owned firm will hand out the money to its thousands of workers as employee stock option buyback. Walmart acquired the company in 2018. The CEO of the company is Kalyan Krishnamurthy. According to reports, the money will be disbursed by the end of this month. The eligible current and ex-employees will receive Rs 3615 per ESOP unit held in Flipkart.
The payout is subject to necessary tax clearances. The company's move will benefit around 25000 former and present employees. Who is Kalyan Krishnamurthy?
Kalyan Krishnamurthy became the CEO of Flipkart in 2017. He is said to have played a crucial role in facilitating the Flipkart-Walmart deal.
Kalyan Krishnamurthy holds an MBA degree from the Asian Institute of Management, the Philippines. He also did MBA in Finance from the UIUC College of Business, Illinois (US).
Krishnamurthy started his career as the head of Procter and Gamble's finance supply chain vertical. He later headed eBay's Asia finance operations division.
He was the director of finance in investment firm, Tiger Global.
Kalyan Krishnamurthy was the Interim Chief Financial Officer at Flipkart Online Services between May 2013 and November 2014. He later became the sales head.
After he played a crucial role in the 16-billion-dollar Flipkart-Walmart deal, he was offered a retention bonus of a whopping 2 million dollars, reported Business Today.
Last year, Krishnamurthy bought a villa in East Bengaluru. The reported cost of the deal was Rs 8 crore.
The villa had a built-up area of 4921 square feet.
