Radhakishan Damani, the founder of retail company D-Mart, is the 8th richest person in the country. He launched his business with an investment of Rs 5,000 and today his company is worth Rs 1.44 lakh crore. Rakesh Jhunjhunwala, (deceased) business tycoon, considered Radhakishan Damani as his guru in the stock market.
New Delhi: Radhakishan Damani from Bikaner, Rajasthan, did not pursue higher studies after completing his schooling. His path to success was strewn with difficulties but he remained persistent with a single hope of accomplishing his dreams. Radhakishan Damani is the founder of the leading retail company D-Mart. He was ranked 8th in the Hurun India Rich List of 2023.
Who is Radhakishan Damani?
Radhakishan was born in the year 1954. His father, Shivkishanji Damani was a stockbroker. In 1985-1986, Radhakishan quit his ball-bearing business after the demise of his father. He collaborated with his brother, Gopikishan Damani, and became a stock market investor. With a small investment of Rs 5,000, he launched his business. Presently, his business has a value of around Rs 1.44 lakh crore.
Radhakishan’s business journey
In the 1990s, when Harshad Mehta’s scam disrupted the country’s financial markets, Radhakishan gained profits in his business. Notably, while Harshad Mehta was betting on a market upswing, Damani was betting on a market downturn. When the Harshad Mehta scandal was exposed, Damani emerged successful.
In the year 1995, Radhakishan Damani adopted a strategy of long-term investment in undervalued companies. This approach also resulted in substantial gains, including from HDFC Bank’s IPO.
Radhakishan’s early life
In his early years, he lived with his family in a single room apartment due to financial constraints. He was enrolled in a Commerce course at Mumbai University, but he dropped out of college in the first year itself. Radhakishan’s first D-Mart store was inaugurated in the year 2002. In 2017, D-Mart’s parent company Avenue Sippermart launched its IPO. The company was listed in the stock market, and the business continued to grow.
298 stores across the country
D-Mart’s first store was opened in Pawai, Mumbai, in the year 2002. Presently, the company has more than 298 stores in 11 states and union territories across India. All the stores have been established on company’s private property. Rather than focusing on the margin, the company focused on expansion, and made timely payments to the suppliers.
Rakesh Jhunjhunwala considered Radhakishan Damani as his business guru. Damani prefers to wear white clothes on all occasions, due to which he is often referred to as ‘Mr White and White.’
A bungalow worth Rs 1,001 crore
Radhakishan Damani made the headlines in the year 2021, when he purchased a bungalow worth Rs 1,001 crore in Malabar Hills, South Mumbai. This property is considered to be one of the most expensive properties of India. Radhakishan acquired the bungalow along with his younger brother, Gopikishan Damani.
Read Exclusive COVID-19 Coronavirus News updates, at MyNation.