File photo of Niraj Shah, co-founder of Wayfair, attending the Allen & Company Sun Valley Conference on July 10, 2015 in Sun Valley, Idaho. (Scott Olson/Getty Images)

Fortune has announced its 65th annual Fortune 500 list, with Niraj Shah-led Wayfair the lone company led by an Indian American joining the newcomers.

Wayfair, the online home furnishings and decor business that also has Joss & Main and Birch Lane in its portfolio of brands, was among the newcomers to the list coming in at No. 465.

Last year, Wayfair was ranked 545. They have $6.8 billion in revenues, up 43.6 percent from last year’s ranking.

Based in Boston, Massachusetts, the Shah-led company has over 12,000 employees. It is their first year on the Fortune 500 list.

Companies are ranked by total revenues for their respective fiscal years. Included in the survey are companies that are incorporated in the U.S. and operate in the U.S. and file financial statements with a government agency.

This includes private companies and cooperatives that file a 10-K or a comparable financial statement with a government agency, and mutual insurance companies that file with state regulators.

It also includes companies that file with a government agency but are owned by private companies, domestic or foreign, that do not file such financial statements.

Excluded are private companies not filing with a government agency; companies incorporated outside the U.S.; and U.S. companies consolidated by other companies, domestic or foreign, that file with a government agency.

Also excluded are companies that failed to report full financial statements for at least three-quarters of the current fiscal year. Percent change calculations for revenue, net income, and earnings per share are based on data as originally reported.

They are not restated for mergers, acquisitions, or accounting changes. The only changes to the prior years’ data are for significant restatement due to reporting errors that require a company to file an amended 10-K, Fortune said.

In total, Fortune 500 companies represent two-thirds of the U.S. GDP with $13.7 trillion in revenues, $1.1 trillion in profits, $22.6 trillion in market value, and employ 28.7 million people worldwide, the magazine said.

(See earlier India-West story on Wayfair here: https://bit.ly/2WawYTD)

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