Indian e-retailer Flipkart's co-owners Sachin and Binny Bansal have been featured in the Forbes India list for the first time. Each of them have a net worth of $1.3 billion.
The Bansals, who are both IIT-Delhi graduates, have been ranked Number 86 in the list that includes the names of 100 richest persons in India.
How did they make it to the list?
Bansals, who initially worked with Amazon.com, started their own company--Flipkart Online Services Private Limited--in October 2007. Initially, their services were limited only to books, but soon they expanded to 70 different categories.
In 2012-2013, India's largest e-commerce company reached an approximate revenue of $300 million (Rs 2,000 crore), Business Standard reported.
In 2012, they started producing their own products under the brand name DigiFlip. It produces items such as tablets, electronic accessories and USBs. They also changed their business pattern such as same day delivery guarantee so as to earn more revenue.
Between May 2014 and May 2015, Flipkart received funding of around $560 million from investors, including Dragoneer Investment Group and South African media group Naspers that also owns OLX.
In February 2014, Flipkart claimed to have reached their targeted $1 billion sales mark before the stipulated time in 2015 as against their rivals Myntra and Snapdeal, who had also set a target of achieving $1 billion gross merchandise value (GMV) by 2015.
Last year, Flipkart also launched MotoG phones on the e-business portal.
In May last year, Flipkart announced that it had bought Myntra for $370 million. "Flipkart and Myntra are getting together to create one of the largest e-commerce stories in the country," The Economic Times had quoted Sachin Bansal as saying then.
In September this year, the e-retailer confirmed its valuation at $15.2 billion.