Radhakishan Damani: Founder of DMart
Radhakishan Damani is an Indian businessman who is known for establishing DMart. He founded DMart in May 2002 and is owned and operated by Avenue Supermarts Limited (ASL). He is an active Investor and manages his portfolio through his investment firm, Bright Star Limited. He is also a retailer and has actively taken an interest in the stock market. As of September 2024, Forbes ranked him the 6th richest man in India with a net worth of $31.5 billion.
Radhakishan Damani - Biography
| Name | Radhakishan Shivkishan Damani |
|---|---|
| Born | January 1954 |
| Birthplace | Bikaner, Rajasthan, India |
| Nationality | Indian |
| Current city | Mumbai, Maharashtra, India |
| Education | University of Bombay |
| Profession | Businessman, Investor |
| Position | Founder of DMart |
| Net worth | $31.5 billion (September 2024) |
| Father | Shivkishanji Damani |
| Siblings | Gopikishan Damani |
| Marital Status | Married |
| Children | 3 |
Radhakishan Damani - Personal Life
Radhakishan Damani - Education
Radhakishan Damani - Professional Life
Radhakishan Damani - Stock broker
Radhakishan Damani v/s Harshad Mehta
Radhakishan Damani - Founder of DMart
Radhakishan Damani - Bright Star Investments Private Limited
Radhakishan Damani - Investments
Radhakishan Damani - Awards & Achievements
Radhakishan Damani - Personal Life
Radhakishan was born to a Marwari family and lives in Mumbai, Maharashtra, India. His father, Shivkishanji Damani worked as a broker in Dalal Street, which is an address of the Bombay Stock Exchange. He also took an interest in stock brokerage.
His wife and brother assist him in his business errands. He has three daughters, one of whom, Manjri Chandak, is the manager of his company, DMart.
He likes to keep a low profile and rarely gives any interviews. He mentored some stock trading techniques to Indian billionaires, Dipesh Bhandari and Rakesh Jhunjhunwala.
Radhakishan Damani - Education
Radhakishan studied Bachelor of Commerce from the University of Bombay. After one year, he dropped out of college to start his own business.
Radhakishan Damani - Professional Life
Radhakishan Damani the owner of DMart, initially worked for his ball-bearing production business. He then worked as a stockbroker and an investor. He had made investments in several companies, holding a substantial stake in those firms.
He established a chain of hypermarkets in India called DMart in 2002, and the company rapidly grew and today, it has a strong audience base in India. The company went public when the IPO was issued in 2017 with the name Avenue Supermarket.
Varad Kitey
Radhakishan Damani - Stock broker
After the death of his father, he became a stock market broker and an investor. He made profits by short-selling stocks that were inflated by illegal means by the Indian stockbroker, Harshad Mehta in the 1990s.
In 1995, he individually became the largest shareholder of HDFC Bank after it went public. After the famous Harshad Mehta Scam came into the spotlight in 1992, there was a considerable rise in Radhakishan's income.
In 1999, he operated a franchise of Apna Bazaar. He led the business of the cooperative department store. However, he was "unconvinced" by its business model. He decided to quit the stock market in 2000 to start his hypermarket chain, DMart.
Radhakishan Damani v/s Harshad Mehta
Radhakishan combated Harshad Mehta, one of the most powerful traders of Dalal Street at that time. There was a dark phase in the Indian stock market from the late 1980s to the early 1990s. Radhakishan made a group with two of his friends and named it the triple-R's.
Harshad and the Triple R's invested in an Indian company called Apollo Tyres. They both battled over the company's shares for 2 years. Eventually, Radhakishan finally won the battle and established his prominence in the stock market. Even after bidding high valuations, Harshad lost the battle as he was accused of a huge scam in 1992.
Radhakishan Damani - Founder of DMart
In 2002, Radhakishan established the first store of DMart in Powai, Mumbai. By 2010, the company already had 25 stores and the company elevated to new heights after it went public in 2017. As of September 2024, DMart has 377 stores in 12 states and union territories in India.
The company became public after the IPO listing as Avenue Supermarkets Limited. It eventually made a record opening on the market on the National Stock Exchange.
Radhakishan Damani - Bright Star Investments Private Limited
Radhakishan or RK Damani was appointed as the Director of Bright Star Investments Private Limited on 15 March 1996. The company was incorporated on 20 September 1989, based in Mumbai. It is classified as a private firm and operates as a financial service firm.
The company is basically a service provider that provides investment, equity, commodities, mutual funds, and other financial services. The operating investment range of Bright Star is INR 1 crore to 100 crore for the financial year ending on 31 March 2019.
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Radhakishan Damani - Investments
Radhakishan holds a stake in a substantial range of companies, including the tobacco firm VST Industries and cement producer company India Cements.
He holds a 1% stake in Andhra Paper. He also has a 15% stake in India Cements which increased to 19.89% in May 2020. In June 2024, he and his younger brother sold their shares in India Cements to billionaire Kumar Birla.
His investment portfolio displayed 13 stocks with a total value of INR 159,030.9 crore (INR 80,000 Crore) in 2024.
He eventually became one of the leading stock market investors in the country. Some investment stocks from his portfolio include the logistics service provider Blue Dart Express Ltd., the beer maker United Breweries, and Sundaram Finance.
Radhakishan Damani - Awards & Achievements
Radhakishan Damani has won many awards:
- Padma Shri (2021): The Government of India gave him this award for his work in business and trade.
- Hurun India's Top 200 Self-made Entrepreneurs (2023): He was ranked first among self-made entrepreneurs.
- Ernst & Young Entrepreneur of the Year (2017): He received this award for his success as a businessman.
- Forbes India Business Leader of the Year (2016): He was honored as a top business leader.
- Economic Times Businessman of the Year (2015): He was named the best businessman of the year.
FAQs
Who is Radhakishan Damani?
Radhakishan Damani is an Indian businessman who is known for establishing DMart. He is an active Investor and manages his portfolio through his investment firm, Bright Star Limited.
Who is the owner of DMart?
Radhakishan Damani is the founder of the DMart.
What is DMart owner net worth?
Radhakishan Damani net worth is $31.5 billion as of September 2024 according the Forbes.
What is D-Mart owner native place?
Radhakishan Damani, DMart owner was born in Bikaner, Rajasthan. Presently, he stays in Mumbai.
What is D Mart full form?
The full name of D Mart is Damani Mart.
