Curated by: Business desk
Latest version: December 04, 2023, 3:17 pm IST
In the financial year 2022-23, DMart recorded a net profit of Rs 1,492 crore.
In 2002, he started the retail chain DMart from a 1 BHK flat. In just twenty years, the company has become a multi-crore business.
Radhakishan Damani, founder of Avenue Supermarts Limited, d/b/a DMart, tops Hurun’s list of Indian self-made entrepreneurs. According to Forbes, Damani ranks fifth among the 100 richest Indians, with a net worth of $23 billion. Flipkart’s Binny and Sachin Bansal are second on Hurun’s list of self-made entrepreneurs, followed by Zomato’s Deepinder Goyal. Swiggy’s Sreeharsh Majeti and Nandan Reddy claimed the fourth spot and Dream XI’s Bhavit Sheth and Harsh Jain took the fifth spot.
Hailing from a simple Marwari family, Radhakishan Damani had a humble upbringing as his father worked in the stock market. Damani initially took up commerce at the University of Mumbai but dropped out after a year. He started his career in the ball bearing business. After his father’s death, he shifted gears to become a stock market broker and investor. The turning point for his business came after the Harshad Mehta scandal came to light in 1992.
The late investor Rakesh Jhunjhunwala, widely recognized as Big Bull, considered Radhakishan Damani as his mentor. Jhunjhunwala admits that he gained insight into the intricacies of the stock market from Damani. Damani oversees Jhunjhunwala’s portfolio through his investment firm Bright Star Investments.
Notably, Radhakishan Damani amassed considerable wealth through value investing in the early stages of his stock market career, rising to prominence as an investor in the 80s and 90s.
From living in a one-room setup, Radhakishan Damani has achieved remarkable success. In 2002, he started the retail chain DMart from a 1 BHK flat. In just twenty years, the company has become a multi-crore business. In the last financial year 2022-23, DMart recorded a net profit of Rs 1,492 crore. In the same financial year, DMart’s sales reached Rs 30,976 crore.
In 2021, Radhakishan Damani and his brother bought the Madhukunj bungalow on Narayan Dabholkar Marg in South Mumbai’s Malabar Hills for Rs 1,001 crore. This sprawling property is spread over 1.5 acres, boasting a total built-up area of approximately 61,916 sq.ft. Recognized as the most expensive residence in Mumbai, the Madhukunj bungalow holds significant value as a Damani asset.
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