In FY 2022-23, DMart recorded a net profit of Rs 1,492 crore.
Back in 2002, he started the retail chain DMart from a 1 BHK flat. In just twenty years, the company has grown into a multi-crore business.
Radhakishan Damani, the founder of Avenue Supermarts Limited, d/b/a DMart, has topped Hurun’s Indian Self-made Entrepreneurs list. According to Forbes, Damani also holds the fifth position among the 100 richest Indians, boasting a wealth of $23 billion. Hurun’s list of self-made industrialists ranks Binny and Sachin Bansal of Flipkart on the second position, followed by Deepinder Goyal of Zomato. Sriharsh Majeti and Nandan Reddy of Swiggy has claim the fourth spot, and Bhavit Seth and Harsh Jain of Dream XI ave secured the fifth position.
Hailing from an ordinary Marwari family, Radhakishan Damani had a humble upbringing as his father worked in the stock market. Damani initially pursued commerce at Mumbai University but discontinued his studies after one year. He began his career in the ball bearings business. Following his father’s demise, he shifted gears to become a stock market broker and investor. The turning point for his business came after the exposure of the Harshad Mehta scam in 1992.
Late investor Rakesh Jhunjhunwala, widely recognised as Big Bull, considered Radhakishan Damani his mentor. Jhunjhunwala acknowledged that he acquired insights into the stock market’s intricacies from Damani. Damani oversees Jhunjhunwala’s portfolio through his investment firm, Bright Star Investments.
Notably, Radhakishan Damani amassed substantial wealth through value investing in the early stages of his stock market career, gaining prominence as an investor in the 80s and 90s.
From residing in a one-room setup, Radhakishan Damani has achieved significant success. Back in 2002, he started the retail chain DMart from a 1 BHK flat. In just twenty years, the company has grown into a multi-crore business. In the last financial year 2022-23, DMart recorded a net profit of Rs 1,492 crore. During the same financial year, DMart’s sales reached Rs 30,976 crore.
In 2021, Radhakishan Damani and his brother purchased the Madhukunj bungalow on Narayan Dabholkar Marg in Malabar Hills, South Mumbai, for Rs 1,001 crore. This expansive property spans over 1.5 acres, boasting a total built-up area of around 61,916 square feet. Recogniszed as Mumbai’s most expensive residence, the Madhukunj bungalow holds significant value as an asset for Damani.
Source: News18