BANGALORE: No doubt, the e-Commerce segment has been growing at a breakneck pace, taking the Indian businesses by storm. Even though e-Commerce has been making its presence in the country for almost 15 years, its apposite ecosystem has started to fall only recently. And who are at the forefront of this emerging business growth? The Bansals; From Flipkart, Snapdeal to Myntra andLenskart, Bansals are at the helm of the online retail businesses.
“We (Bansals) have the math, finance and data skills that are extremely important for e-commerce,” said Rohit Bansal (Snapdeal), reports Economic Times. These skilled minds account for about 10,000 crore of the total online retail business of nearly $ 2billion.
These five Bansals have control of about 85 percent of India’s entire e-retail industry. The turnovers of their companies are a set challenge for each other as well as incoming industry into the Indian e-retail business. The expectations for profits and big turnovers are rising up in all the stated companies of the Bansals like Flipkart, Lenskart, Myntra , Snapdeal; Via increased interest and growing trust of the people in these companies over the passing years.Business is in their blood. Kavil Ramachandran, Thomas Schmidheiny Chair Professor of Family Business and Wealth Management at Indian School of Business, Hyderabad says, “One factor is the environment and the family support they get. The network plays a big role. You have access to knowledge, funds and resources.” Bansals headed companies like Flipkart, today generates nearly 6000 crore in sales, followed by Snapdeal and the turnover is expected to reach $1 billion mark in the coming years. However, the Bansals are locking their horns and giving stiff competition to each other in the retail industry, taking on global biggies like Walmart, Amazon and eBay.
On the other hand, for Myntra Founder Mukesh Bansal, "No family influence made me think of entrepreneurship.
But the startup bug bit me in Silicon Valley." He started Myntra in 2007. However, in retail space, Myntra is targeting sales of around 1500 crore by next fiscal.
The theories behind the Bansals rule over the retail trading business varies person to person but the fact remains the same that they are the new conquering entrepreneurs giving a head-on competition to various International companies vying for the Indian market. The RBI Chair Professor for Economics & Social Sciences at IIM Bangalore, Charan Singh said that a certain community’s dominance over a certain trade is a factor of its social interactions and certain communities in India do encourage entrepreneurship. The Bansals have definitely dominated businesses in India particularly retail trading for centuries and through this current graph of growth and profits it looks like they will continue to do the same.