How The Bansals Revolutionized Indian e-Commerce Business?
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.