Indian startups want govt to end double taxation on ESOPs, relax IPO norms

Post the landmark Flipkart-Walmart deal in 2018, several existing and former employees of the e-commerce firm, including those across holding firms such as Myntra  and PhonePe, turned multimillionaires overnight. Just days after the deal was made public, Flipkart and Walmart announced a $500 million ( ₹3,363.88 crore) employee stock ownership plan (ESOP) buyback from its employees. Some employees reportedly took home up to ₹7 crore in ESOP redemptions.