On 19th August, the famous supermarket DMart’s owner Radhakishan Damani got selected among the top hundred of the world’s richest people, based on the data, mentioned by Bloomberg Billionaires’ Index. The current net worth of Radhakishan Damani is worth $19.2 billion. And hence he is now positioned at the 98th place in the top hundred world’s richest people. And in fact, Radhakishan Damani’s fortune has grown by 29%, or we can say $4.3 billion in 2021.
Radhakishan Damani is a billionaire investor who also controls Avenue supermarts. Avenue supermart is a Mumbai-based retailer and the most important point is that they can provide low-priced consumer goods. Now to all the 200 DMart shops which are widely located across India, Avenue supermarts sell food, clothing, and other consumer products to them, and amazingly the company’s stock in 2021 soared up to 32%. Radhakishan Damani holds a stake of 34.36% in Avenue supermarts. And in addition to this, a 13.89% stake is also held by the trusts controlled by Damani. As of August 2021, Avenue supermarts have a market cap of Rs 2.36 lakh crore.
Certainly, this self-made billionaire had a really simple beginning. It all started after the death of his father. After the death of Radhakishan’s father who worked on Dalal Street, Damani thought of doing something on his own and he left the ball-bearing business and dreamt to become a stock market broker and investor too. In the year 2000, he thought of quitting the stock market so that he could start his own hypermarket chain, which is his shop DMart. After quitting the stock market, he set up the first store of DMart in 2002 in Powai. As the years passed by, growth in his success also increased as he was able to open 25 stores in 2010. This was the point where his company gained a lot of success and went public in 2017.
We can definitely see the great success of DMart, as of now DMart has around 238 stores. In fact, the management has also said that they will add 59 more stores during FY20-22.
We can see that definitely dedicates his time and invests money in DMart, he also invests money in other manufacturing companies. Another major investment he made was on the cement manufacturer India cement and over the past two years, he has had a stake of 12.7%, which is Rs 674 crores. Along with India cement, he’s also a holder in VST Industries, Sundaram finance, and Trent.
Not only he achieved great success as he got included in the list of top 100 billionaires in the world, recently he made headlines by buying a property in the plush Malabar hills area of Mumbai which is definitely costly, and for your information, he bought it for Rs 1000 crore. This purchase of residential property has become the biggest property deal in the country in recent years. From living in a single-room apartment in Mumbai to getting included in the top hundred richest persons, indeed we can see the hard-working journey of Radhakishan Damani.
There are many Indians who have been already included in the list of the top hundred billionaires in the world. Indians like Mukesh Ambani, Azim Premji, Gautam Adani, Pallonji Mistry, Lakshmi Mittal are also included in the list. And in fact, Radhakishan Damani had a net worth of $16.5 billion by 2020 and he became the fourth richest Indian along with the rank of 117 on the global list of billionaires.