Flipkart founders Sachin Bansal and Binny Bansal have been chosen for the 2016 ‘Asian of the Year’ by Straits Times of Singapore as part of a group called the ‘The Disruptors’.
- The other names included in the ‘disruptors’ group are the founders of Tencent, Go-Jek, Razer and Grab.
- Flipkart’s innovative steps, aimed at transforming commerce in India through technology, have truly disrupted the market. According to the award citation, “The Disruptors” have made the inevitable march of technology easier to understand and accepted by millions of people.
- During the start of the year, Bansal and Binny were listed on Time Magazine’s much famous and appreciated list of 100 Most Influential People in the world for the year 2016.
- In 2014, the Asian of the Year award was given to Prime Minister Narendra Modi.
- In 2015, it was awarded posthumously to Lee Kuan Yew, Singapore’s founding father.
Flipkart is an e-commerce market place company founded in 2007 by Sachin Bansal and Binny Bansal. The company is registered in Singapore, but has its headquarters in Bangalore, Karnataka, India.
- Flipkart has launched its own product range under the name “DigiFlip” with products including tablets, USBs, and laptop bags.
- According to Morgan Stanley the current market value of Flipkart is $5.54 billion as of November 2016.
- In September 2016, Flipkart has emerged as the ‘E-commerce company of the year’ in a nationwide consumer study conducted by BusinessWorld Group in association with Nielsen.
- Flipkart also emerged as the top-ranked Indian brand in the Ipsos study of India’s most influential brands in April 2016.
About Sachin Bansal & Binny Bansal
Sachin Bansal is an Indian Software engineer and Internet entrepreneur from Chandigarh and is an engineering graduate from Indian Institute of Technology Delhi. After completion of degree Sachin Bansal joined Techspan Company where he served for few months.
- Binny Bansal is an Indian software engineer and Internet entrepreneur from Chandigarh and graduated from the Indian Institute of Technology Delhi with a degree in Computer Science and Engineering.
- In 2006, Sachin Bansal joined Amazon.com India as Senior Software Engineer. Then he got Binny Bansal into Amazon.com and after 6 months they both decided to leave Amazon.
- They initially thought of starting a comparison search engine, but realized that the market for E-commerce in India was very small. Hence, after leaving Amazon in 2007, they founded Flipkart as an E-commerce company.
- Sachin Bansal and his business partner Binny Bansal launched Flipkart from an apartment in Bangalore with 400,000 rupees ($6,500) cash.
- In 2007 during the early days of Flipkart, Sachin Bansal and his business partner Binny Bansal used to deliver books across Bengaluru on their scooters and in October 2015 they showed up at the doorsteps of some customers, personally delivering goods in order to gain insights from the online buyers.
Awards and Recognitons to Flipkart Founder
- In November 2015, Sachin Bansal along with the co-founder of Flipkart, Binny Bansal, was named the 86th richest person in India with a net worth of $1.3 billion by Forbes India Rich List.
- Sachin Bansal was named Entrepreneur of the year for 2012–2013.He also became richest person in Forbes World magazine 2016.
About ‘Asian of the Year’ Award
- The ‘Asian of the Year’ award recognises “a person or people who have contributed significantly to improving lives at home or in the wider region”.
- It also recognises entrepreneurs “operating at the frontiers of technology’s interface with business”, who have launched companies that have disrupted traditional business model for the benefit of end-consumers.