Radhakishan Shivkishan Damani, commonly known as Radhakishan Damani is the Founder of the famous Indian retail corporation, Avenue Supermarts Limited. For the unversed, Avenue Supermarts is the parent company of one of India's leading supermarket chains, DMart. DMart currently has 365 stores spread across 10 states, 1 union territory and NCR. The company has its headquarters in Mumbai. Radhakishan Damani has also made several branches of DMart, which deal in different sectors. It includes D Mart Premia, D Homes, Dutch Harbour, D Mart Minimax, and many more.
According to the Bloomberg Billionaire Index, in April 2024, Radhakishan Damani saw a major rise in his net worth after his company, Avenue Supermarts Limited's DMart, registered a jump in its shares. As per the report, DMart shares hit a fresh high of 5.6 percent. Due to the rise in DMart shares, Radhakishan Damani's 23.03 percent shares have reached a value of Rs. 69,430.22 crore from Rs. 66,805 crore.
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Radhakishan Damani is indeed going through a wonderful phase in his life, as his company, Avenue Supermarts Limited and DMart is making a lot of profit. According to a report in the Financial Express, he is also the 8th richest person in the 2023 Hurun India Rich List. The billionaire investor hardly makes it into the headlines as he prefers to live a low-key life despite being one of the richest people in the world. However, everything that Radhakishan Damani owns today is built by him from the scratch. Today, we are going to take a look at his struggle story that made him one of India's most respected self-made billionaires.
Radhakishan Damani was born on July 12, 1955, in Rajasthan's Bikaner into a Maheshwari Marwari Hindu family. Although he was born in Rajasthan, it was Mumbai where he grew up. The traces of his schooling are not available in the public domain, but as per a report in Financial Express, he went to Mumbai University to get a degree in commerce but dropped out of college after just one year. Radhakishan Damani's life turned upside-down when his father, who used to work on Dalal Street, passed away. The doting son tried to run his father's ball-bearing business but soon left it to become a stock market broker and investor.
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With just Rs. 5000 in his pocket, Radhakishan Damani started investing in stocks, and soon he started making profits by short-selling stocks. However, things turned in his favour during the Harshad Mehta Scam back in 1992, which stunned the Bombay Stock Exchange (BSE). According to a report in Amar Ujala, while Harshad bet on the rise of the stock market, it was Damani, who predicted that it was going to fall. Well, the market eventually crashed, and while Harshad suffered huge losses, Damani made remarkable profits.
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It was also the time when his method of short-selling shocks made him gain a lot of profit. In 1995, Radhakishan Damani invested a huge sum in HDFC Bank and was reportedly its largest individual shareholder. The move once again turned out to be fruitful for the ace investor. After making a lot of money from stocks, he kick-started his journey as an entrepreneur and set up the first DMart store in 2002 in Powai.
Apart from earning a huge sum of money from DMart and other ventures under its parent company, Avenue Supermarts Limited, Radhakishan Damani has also invested money in a series of companies. From cement producer, India Cements to VTS Industries and Andhra Paper, there's a long list of companies in which Damani has invested his money.
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The Founder of DMart and Avenue Supermarts Limited, Radhakishan Damani is happily married to Shrikantadevi Radhakishan Damani. The couple has three daughters, Manjri Damani Chandak, Jyoti Kabra, and Madhu Chandak. Despite being one of the richest people in India, Radhakishan Damani and his entire family prefers to live a low-key life, as they are hardly seen in public.
According to a report in Financial Express, Radhakishan Damani has an estimated net worth of Rs. 1.44 lakh crores. With his ever-rising net worth, he is indeed one of the smartest investors out there. If a person wants to get an idea of Damani's massive stature in the stock market, they can understand it by the fact that he was the late billionaire, Rakesh Jhunjhunwala's mentor and idol. He was the idol of a Jhunjhunwala, who was considered one of the biggest investors of all time. Well, that's Radhakishan Damani for you!
What are your thoughts on Radhakishan Damani's journey from having Rs. 5000 in his pocket to having a net worth of Rs. 1.43 lakh crores? Let us know.
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