With the Git versioning video by Will, i got introduced to PBIP format, which allows to store the Power BI Reports as a project with set of files and folders with all files being a text based file formats (unlike a single .pbix file) which hence enables git versioning for PowerBI reports.
I found it interesting to compare and deep dive further on what all files it has got, and how those are organized and works together. So, sharing this diagram I prepared for my understanding with you all, please feel free to add or correct things.