Growth stage funding jumped 46% to $1.1 Bn in Q3 2026, while late stage funding slipped 1% to $994 Mn.
A growing pool of early stage capital is supporting Series A and B startups, but late stage funding remains constrained by limited large ticket investors and slower global capital deployment.
AI, cleantech and deeptech led Q3 funding, while late stage investors are demanding stronger fundamentals, clearer exit visibility and more realistic valuations.
Former senior Flipkart executives, including Flipkart’s former CEO Mukesh Bansal, former CFO Sanjay Baweja and former chief business officer Ankit Nagori, have reportedly urged Walmart to buyback their vested employee stock options (ESOPs) amid uncertainty over the ecommerce major’s public listing plans.
The group is said to have written to Walmart’s board, which includes Flipkart group CEO Kalyan Krishnamurthy, urging for a complete exit opportunity.
“This is not merely a request for goodwill. We contributed our time, effort, expertise and commitment to building the business and creating the value that exists today,” the letter read, as per a report by ET.
Demanding a “fair treatment” towards the vested stock options granted to them 10-15 years ago, the ex-Flipkart heads argued that former employees should not be disadvantaged simply because they are no longer on Flipkart’s payroll.
The push comes months after Walmart conducted the second tranche of Flipkart’s employee stock buyback programme. The July transaction reportedly valued Flipkart at around $38.2 Bn, but eligible employees could liquidate only up to 5% of their vested options.
A Walmart spokesperson said that the company would examine the issues raised by the former executives. “We appreciate the perspective of all employees—current and former—and value their feedback. As with anything raised, we take it seriously and look into the matter.”
“As we’ve said, an IPO remains an active part of our strategic roadmap, and we will move forward when the timing is right. Transitioning to public markets brings great opportunities, but also real operational responsibility. A thoughtful and disciplined approach will help support a successful transition to public markets,” the statement added.
Inc42 has reached out to Flipkart, Walmart, Mukesh Bansal, and Sanjay Baweja for comments on the matter. The emails had not received a response at the time of publishing. The story will be updated upon receiving a response.
Flipkart Defers IPO Amid Profitability Push
At the heart of the matter is Flipkart’s deferred plans as parent Walmart seeks a valuation of $50 Bn for the ecommerce giant.
While the company has reverse flipped to India in a bid to list on the domestic bourses, it doesn’t have a concrete timeline for its public market debut.
As of now, the company is said to have deferred the IPO till 2028 as it focuses on enhancing its bottom line. Flipkart is targeting breakeven at an EBITDA level by FY27.
Flipkart is currently doubling down on its quick commerce vertical, Flipkart Minutes, with projections of it doubling its dark store count to 2,000 by mid-2027.
It is also looking to enter new businesses like food delivery and event ticketing in the near future.
The company is yet to disclose its financial performance for the fiscal year FY26. For the fiscal year FY25, Flipkart Internet, the group’s marketplace arm, reported a 36.7% decline in consolidated net loss to ₹1,494.2 Cr in FY25, while total income increased 14% YoY to ₹20,807.4 Cr.