After Walmart paid out hundreds of millions of dollars to past and present Flipkart employees late last month, wealth management advisers and financial services startups have seen a spike in activity as the beneficiaries of the Walmart buyout seek to diversify their new wealth. The top beneficiaries of the Flipkart-Walmart deal are, however, mostly planning to use their new wealth to invest in startups, venture capital funds and buy luxury products and real estate, according to 10 current and former Flipkart employees Mint spoke with.
In May, Walmart agreed to buy a 77% stake in online retailer Flipkart for $16 billion, the biggest-ever deal in India’s startup ecosystem. As part of the deal, Walmart was to pay roughly $800 million towards employee stock option plans (ESOPs) in tranches, a chunk of which was paid out in late October to employees of Flipkart and its units, Myntra and PhonePe.
