(INDIA) — Flipkart asked around 250 to 300 employees to leave after performance reviews in early March 2026, trimming about 1.5% to 2% of its roughly 20,000-strong workforce as it prepares for a planned IPO.

The Walmart-backed e-commerce firm framed the exits as part of its annual performance-management cycle, rather than a crisis-driven restructuring, and said it provides support to affected staff.

For India’s tech workforce, the cuts added to signs that even large, well-funded companies continue to run tighter performance reviews and leaner teams, even while investing in new growth areas.

Flipkart’s preparations for a potential IPO targeted for late 2026 or early 2027 have included early discussions with investment banks including Goldman Sachs, Morgan Stanley, JP Morgan, and Kotak Mahindra Capital.

In December 2025, Flipkart received National Company Law Tribunal (NCLT) approval to shift its holding company domicile from Singapore to India, simplifying its structure for a domestic listing, with Flipkart Internet Pvt Ltd set to become the main operating entity.

The company has also tightened governance and reshaped leadership layers ahead of public-market readiness, including a reduction in senior vice presidents to fewer than a dozen from 18 over two years.

Flipkart Internet, the marketplace arm, posted operating revenue of ₹20,493 crore in fiscal 2024–2025, up 14.4% from ₹17,907 crore in FY24, while net loss narrowed to ₹1,494 crore, down 37% from ₹2,359 crore.

Group revenue reached ₹83,105 crore in FY2025, and Walmart holds ~85% ownership, figures that have underpinned investor focus on efficiency alongside growth.

The revenue growth rate also slowed from the prior fiscal year, when operating revenue had risen 21%, adding to the picture of a company pushing for stronger cost discipline as it moves toward an IPO.

Alongside the performance-linked exits, Flipkart has continued selective hiring for specialized roles and compliance functions associated with a listed-company runway.

Recent appointments included Jason Chappel as vice president and group controller, Amer Hussain as vice president of supply chain for grocery and Flipkart Minutes, and Jane Duke as chief ethics and compliance officer.

Flipkart also added former Meta executive Dan Neary to the board, and named Vipin Kapooria as vice president of business finance and Yogita Shanbhag as vice president of human resources.

Reports differed on the scale of the job cuts, with some citing 400–500 employees, or 3–4% of the workforce, linked to increased Performance Improvement Plans (PIPs) and one-star ratings.

Primary sources, however, put the figure at approximately 300 employees, aligning the reduction with a routine annual review cycle rather than a broader retrenchment.

The company had carried out a similar process in early 2024, when around 1,000 employees, nearly 5% of the workforce, were let go.

For investors assessing an IPO candidate, the latest reductions and a flatter management structure can serve as signals that growth targets come with tighter headcount controls and stricter evaluation systems.

That approach can still land hard for workers, including those who viewed large brand-name employers as relatively stable, particularly across e-commerce, logistics, product, operations, and corporate functions.

Such workforce moves also matter for internationally mobile professionals weighing cross-border career decisions, because hiring and attrition patterns at large tech firms can influence longer-term planning.

Even as it cut jobs tied to performance reviews, Flipkart has continued to expand in quick commerce through Flipkart Minutes, targeting 1,000 dark stores by end of Q1 2026 and 30 cities in 2026.

The company has also considered a standalone food delivery app by late 2026 or early 2027, pointing to a strategy of building new lines of business while tightening internal performance thresholds.

Flipkart expects an IPO valuation of $36–50 billion, and the combination of governance changes, leadership restructuring, and performance-based exits underscores how aggressively it is trying to present itself as both growing and disciplined ahead of that planned listing window.