The Bansals rule the Indian ecommerce space, enjoy 85% market

Communities gravitating to specific trades isn’t uncommon in India. For example, certain Gujarati sects are generations deep into diamond trading. So are the Marwadis, who have an uncanny knack for business. Continuing that tradition and bringing it to the 21st century are the Bansals, a sub-sect of the Marwadi community.

“…The Bansals are known for running a tight ship when it comes to business and entrepreneurship,” says a report in The Economic Times,commenting on the numerous Bansals present in India’s burgeoning ecommerce scene today.

All of India’s biggest indigenous etailers - Flipkart, Myntra, Snapdeal and Lenskart - are headed by young men of the Bansal community and together control about 85 percent of India’s ecommerce space.

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“It can be likened to the Jewish community in the US which continues to hold top posts in US banking and technology industry,” Ashish Jhalani, head of retail advisory firm eTailing India, has been quoted as saying in the report_._

Here is a breakdown of the Bansals making their community proud:

•**Sachin Bansal (32) and Binny Bansal (31), Flipkart:**This is the biggest Indian ecommerce player with the company crossing $1 billion in sales last week. In the last year, Flipkart raised over $360 million in investor funding and is considered by many to be the frontrunner to take on US giants Amazon and eBay in India.

**• Peyush Bansal (30), Lenskart:**Servicing the eyewear needs of about 1,000 customers a day, Lenskart is aiming to open 100 stores across India in the next two years and is targeting a revenue of Rs 100 crore in FY15.

**• Mukesh Bansal (38), Myntra:**The fashion-focused website has gained spectacular traction in India since its launch in 2007. Earlier this year, Azim Premji’s Premji Invest led a consortium that pumped $50 million into the company, fuelling its expansion plans. The company hopes to hit the $1 billion sales mark by 2016.

**• Rohit Bansal (31), Snapdeal:**Along with his Wharton schoolmate Kunal Bahl, Bansal set up Snapdeal in 2010, one of India’s earliest marketplace websites. The company recently received Rs 830 crore in an infusion led by eBay and other investors.

Research firm Forrester expects India’s online retail spending to grow at a compound annual growth rate (CAGR) of more than 50 percent over the next five years and reach $16 billion by 2018, an eight-fold increase from 2013.

Read the entire_Economic Times_article here.