Flipkart founders Sachin and Binny no longer billionaires - BSYnews.com


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Wednesday, April 12, 2017

Flipkart founders Sachin and Binny no longer billionaires

Flipkart has lost a significant amount of wealth as it's valuation seems to have come down, leading to its founders Sachin Bansal and Binny Bansal's names being dropped off from the list of billionaires. The latest Hurun India Rich List report released on Monday reveals that Bansals have dropped 55 positions from the previous year with their wealth declining 42 per cent from the last year. It was Rs 9, 010 crore last year and this year it has reduced to Rs 5,400 crore.
Sachin and Binny were arguably the first internet billionaires in India in 2015 when Flipkart raised $700 million at a valuation of $15 billion. Fortune had reported their worth to be roughly $1.3 billion each.
The report reveals that India lost 11 billionaires, mainly due to demonetisation this year. Names like Gautam Thapar of Crompton Greaves, Chirayu R Amin & family of Alembic Pharma, Prakash Chauhan & family of Parle Agro Food, Devendra Kumar Jain of Gujarat Fluorochemicals Nilima Motaparti of Divi's Labs, Prathap C Reddy & family of Apollo Hospitals also could not make it to the list. On a global scale, India dropped to 4th position with 100 billionaires, 11 down on last year and the combined wealth of the Indian billionaires declined by 1 per cent.
With Rs 1, 63,400 crore, Mukesh Ambani is the richest Indian for consecutively five years. He recently launched Jio and has taken a tariff war against the rest of the telecom operators through its disruptive market strategy.  Report states that his strategy of reaching 90 per cent of India's population can soon place him amongst the top3 in Hurun Global Rich List. 
Dilip Shanghvi of Sun Pharma secures the second position with $14 billion and ranks 74 on Hurun's global list of billionaires. The biggest gain registered was a 162 percent increase by Paytm's Vijay Shekhar Sharma making him the top riser in the Hurun India global rich list. The others in the top gainer's list are Rakesh Gangwal of Indigo Airlines, BR Shetty of UAE Exchange and Jai Hari Dalmia & Family of Dalmia Bharat.
The youngest Indian on the list of top entrepreneurs is of 30 years old Bhavish Aggarwal , the  co-founder of Olacabs

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