Radhakishan Damani
Personal details
Born (1955-07-12) 12 July 1955[1]
Bikaner, Rajasthan, India
Children3 children[2]
Residence(s)Altamount Road, Mumbai[3]
OccupationBusinessman, investor[4]
Known forFounder & Chairman, DMart
Retail King[5][6]

Radhakishan Shivkishan Damani is an Indian billionaire businessman and investor,[7] He is the founder and chairman of retail chain Avenue Supermarts Limited.[8] Damani is often referred to as the Retail King of India.[9][10]

His estimated net worth is US$18.3 billion as of January 2024, according to the Bloomberg Billionaires Index, and $17 billion according to Forbes.[11][12]

Early life and career

Radhakishan Shivkishan Damani[13] was raised in a Maheshwari Marwari Hindu family in single room apartment in Mumbai. He studied commerce at the University of Mumbai but dropped out after one year. After the death of his father who worked on Dalal Street, Damani left his ball bearing business and became a stock market broker and investor.[14][15][16] He made profits by short-selling stocks in the 1990s.[17] Damani was reportedly the largest individual shareholder of HDFC Bank after it went public in 1995.[18] In the year 1992, after the Harshad Mehta Scam came to the limelight, he saw a major rise in his income due to the short-selling profits during the time. In 1999, he operated a franchise of Apna Bazaar, a cooperative department store, in Nerul, but was "unconvinced" by its business model.[19][20] He quit stock market in 2000 to start his own hypermarket chain, DMart, setting up the first store in Powai in 2002. The chain had 25 stores in 2010, after which the company grew rapidly and went public in 2017.[18][21][22]

In 2020, he became the fourth-richest Indian with a net worth of $16.5 billion. He was ranked #117 on the global list of billionaires.[23][24] He was ranked #87 on the global list (Forbes) of billionaires 2022 with a net worth of $18.9 billion.[25]

Investments

Damani also holds stakes in a range of companies, from tobacco firm VST industries to cement producer India Cements. Damani picked up a 1% stake in Andhra Paper.[26] Damani also picked up 15% stake in India Cements in May 2020 taking his investment in India Cements to 19.89%.[27] Damani publicly holds 14 stocks in his investment portfolio and total value of his stock portfolio is approx ₹178,572.4 crore (US$22 billion) in 2023.[28]

Personal life

He is married and has three children.[24]

References

  1. ↑ "Meet rahu Jhunjunwala's guru - India's second richest after Mukesh Ambani". Business Today. Retrieved 11 May 2020.
  2. ↑ "Radhakishan Damani & family". Forbes. Retrieved 11 May 2020.
  3. ↑ "Radhakishan Damani: His journey from Dalal Street punter, to long-term investor, to entrepreneur LOLOO". Economic Times. Retrieved 11 May 2020.
  4. ↑ "D-Mart's Radhakishan Damani now 2nd richest Indian after RIL's Mukesh Ambani". Financial Express. Retrieved 11 May 2020.
  5. ↑ https://www.fortuneindia.com/infographics/retail-king-radhakishan-damani-owns-77-of-sector-wealth/114078
  6. ↑ https://www.outlookbusiness.com/the-big-story-1/lead-story-8/radhakishan-damani-the-slow-and-steady-retail-king-6675
  7. ↑ "Radhakishan Damani adds shares of two more companies to portfolio". The Hindu BusinessLine. 14 July 2020. Retrieved 20 May 2021.
  8. ↑ Kumar, Raj (2 November 2021). "Radhakishan Damani Portfolio June 2020". We Invest Smart. Retrieved 4 July 2020.
  9. ↑ https://www.fortuneindia.com/infographics/retail-king-radhakishan-damani-owns-77-of-sector-wealth/114078
  10. ↑ https://www.outlookbusiness.com/the-big-story-1/lead-story-8/radhakishan-damani-the-slow-and-steady-retail-king-6675
  11. ↑ "Bloomberg Billionaires Index". Bloomberg. Retrieved 15 October 2023.
  12. ↑ "Radhakishan Damani". Forbes. Retrieved 15 October 2023.
  13. ↑ DRAFT LETTER OF OFFER - SEBI
  14. ↑ "Radhakishan Damani quiet as ever after stellar D-Mart listing". Mint. Retrieved 11 May 2020.
  15. ↑ "The rise of DMart's Radhakishan Damani, who got richer during lockdown". Business Standard. Retrieved 11 May 2020.
  16. ↑ "Radhakishan Damani, the only Indian tycoon to get richer under lockdown". Economic Times. Retrieved 11 May 2020.
  17. ↑ "Of D-Mart's IPO and the legend of Radhakishan Damani". Business Standard. Retrieved 11 May 2020.
  18. 1 2 "The silent giant of the stock market". Rediff. Retrieved 11 May 2020.
  19. ↑ "Make Way For The New King of Retail". Outlook Business. Retrieved 11 May 2020.
  20. ↑ "Exiting a business one has nurtured is always painful, says former DMart co-promoter Ashok Maheshwari". Economic Times. Retrieved 11 May 2020.
  21. ↑ "The businessman who got richer during the lockdown". Rediff.
  22. ↑ "This is how Radhakishan Damani became India's second richest person". GQ India. Retrieved 11 May 2020.
  23. ↑ "Forbes' richest list: India ranks third among countries with most billionaires". The Indian Express. 8 April 2021.
  24. 1 2 "Radhakishan Damani & family". Forbes.
  25. ↑ "Radhakishan Forbes Billionaires 2022: The Richest People In The World". Forbes. Retrieved 25 January 2023.
  26. ↑ "Debt free! Andhra Paper in focus as SBI MF, Damani take stakes". The Economic Times. 30 June 2020. Retrieved 4 July 2020.
  27. ↑ "Damanis pick over 15% stake in India Cements in March quarter; shares jump 16%". The Economic Times. 15 May 2020. Retrieved 4 July 2020.
  28. ↑ "Latest Radhakishan Damani shareholdings and portfolio". Trendlyne.com. Retrieved 15 October 2023.
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