Sachin Bansal and Binny Bansal named 'Asians of the Year'

"Flipkart s innovative steps, aimed at transforming commerce in India through technology, have truly disrupted the market and it makes us proud to be recognized for this achievement.We accept this honor on behalf of all Indians," Sachin Bansal and Binny Bansal said in a joint statement here.

Earlier this year, Time Magazine put Sachin Bansal and Binny Bansal on the list of 100 Most Influential People in the world.

In 2014, the award was given to Prime Minister Narendra Modi and in 2015, it was awarded posthumously to Lee Kuan Yew, Singapore's founding father, the statement said.

The Asian of the Year 2016 awards 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.

Other 'disruptors' include the founders of Tencent, Go-Jek, Grab and Razer.