Summary

Radhakishan Damani was born into a Marwari family hailing from Rajasthan. He is the founder of Avenue Supermarts, the parent company of D-Mart, one of India's most successful retail chains. Damani is often referred to as the retail king of India. He is known for his frugal lifestyle and sharp investment acumen and has built a retail empire that caters to the value-conscious Indian consumer.

He studied at the University of Mumbai but dropped out after one year. After his father’s death, Damani left his ball bearing business and became a stock broker and investor. In the early 1990s, he profited from short-selling stocks that had been artificially inflated by Harshad Mehta.

Personal Information

Achievements and Major Timelines:

• 1999: Dhamani operated a franchise of Apna Bazaar, a cooperative department store in Nerul.
• 2001: He quit working in the stock-market to start his own hypermarket chain, DMart.
• 2002: He launched the first D-Mart store in Powai, Mumbai. By 2010, DMart had 25 stores.
• 2017: Avenue Supermarts went public with its IPO oversubscribed 104 times; the stock debuted at a 102% premium over its issue price.
• 2024: Dhamani was ranked sixth on the Forbes list of India’s richest tycoons, with a net worth of $31.5bn.

Investments

Damani is one of the renowned investors in the stock market, with a portfolio worth Rs. 1,67,643cr. Damani holds stakes in multiple companies such as tobacco firm VST Industries. In June 2024, he sold his holding in India Cements to billionaire Kumar Birla.

Philanthropy and Personal Life

In 2018, Damani created an affordable lodging facility at Gopal Mansion near Metro Cinema Queens Road Mumbai containing 53 rooms for the stay of family of patients undergoing treatment in Mumbai. He is usually reclusive and is quiet about his various philanthropic activities. He is married to Shrikanatadevi with whom he has three daughters.