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Flipkart’s Bansals nearly as rich as Infosys co-founders

31/07/2014

Flipkart's-Bansals-nearly-as-rich-as-Infosys-co-founders

Flipkart’s founder Sachin Bansal and Binny Bansal now boast of a combined net worth in excess of $1 billion, gradually moving closer to that of Bangalore’s iconic tech billionaires N R Narayana Murthy and Nandan Nilekani of Infosys.

Consumer internet ventures have been getting tremendous considerations. The US and Chinese internet markets have promoted many billionaire entrepreneurs with their ventures going public, just for instance Facebook’s Mark Zuckerberg has a net worth of $33 billion.

The Flipkart’s founders have a higher net worth than Infosys’ co-founder and outgoing CEO S D Shibulal, who along with his family holds shares worth Rs 4,300 crore in the company.

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“On paper the Bansals personal wealth is a great story, but we will have to wait for a listing to see their actual net worth,” said an investment banker who did not want to be named.

It is the fourth decade after Infosys was founded and it has a market cap of about while Flipkart’s $7 billion estimation story has been scripted in just seven years, and the Bansals are now planning to create a $100-billion e-commerce company.

From 2011 to 2014, Flipkart grew its sales from $10 million to an annualized $2 billion, an over 100 times growth in three years. There is a huge revolution in e-commerce in India, with the future of retailing coming from the internet, said the Bansals while announcing their latest fund raise.

India is believed to have several $100 billion companies in the internet space that in the next 10 years as per the Bansals.

“Flipkart is much bigger today than we or our investors had ever imagined,” Sachin Bansal said.

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