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Sachin Bansal and Binny Bansal, founders of Flipkart, have been jointly named "Asian of the Year 2016" by Singapore-based newspaper The Straits Times as part of a group called the "The Disruptors". The "Asian of the Year 2016" award recognises entrepreneurs operating at the frontiers of technology's interface with business who have launched companies that have disrupted traditional business model for the benefit of end consumers. "It validates our commitment to creating a world-class internet company that is transforming the lives of Indians by making a high-quality lifestyle affordable to them," Flipkart said in a statement.

"It validates our commitment to creating a world-class internet company that is transforming the lives of Indians by making a high quality lifestyle affordable to them," Flipkart said in a statement. According to the award citation, "The Disruptors" have made the inevitable march of technology easier to understand and accepted by millions of people. In 2014, Prime Minister Narendra Modi was felicitated with the award.

This comes right after Flipkart plans to move into the groceries space and make a renewed push in the online furniture business, as it expands its product portfolio and looks to outmaneuver global giant Amazon.com in a burgeoning Indian market.

With inputs from IANS