Radhakishan Damani Explained

Birth Date:12 July 1955[1]
Birth Place:Bikaner, Rajasthan, India
Residence:Altamount Road, Mumbai[2]
Nationality:Indian
Occupation:Businessman, investor[3]
Known For:Founder and Chairman of DMart
Children:3[4]

Radhakishan Shivkishan Damani is an Indian billionaire businessman and investor.[5] He is the founder and chairman of retail chain DMart. Damani is referred to as the "retail king" of India.[6] [7]

His estimated net worth is US$23.7 billion as of August 2024, according to the Bloomberg Billionaires Index, and $22 billion according to Forbes.[8] [9]

Early life and career

Radhakishan Shivkishan Damani[10] was raised in a Maheshwari Marwari Hindu family in a 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.[11] [12] [13] In the early 1990s, he made big profits by short-selling stocks that had been artificially inflated by Harshad Mehta.[14] [15] Damani was reportedly the largest individual shareholder of HDFC Bank after it went public in 1995.

In 1999, he operated a franchise of Apna Bazaar, a cooperative department store, in Nerul, but was "unconvinced" by its business model.[16] [17] 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] [19] [20]

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.[21] [22] He was ranked #87 on the global list (Forbes) of billionaires 2022 with a net worth of $18.9 billion.[23]

Investments

Damani also holds stakes in multiple companies, including VST Industries and India Cements. Damani publicly holds stakes in 14 companies; the value of his shareholding was about in June 2024.[24]

In 2020, Damani picked up a 1% stake in Andhra Paper.[25] Damani also picked up 15% stake in India Cements in May 2020 taking his shareholding in India Cements to 19.89%.[26]

In 2023, Damani bought 28 housing units in the luxury apartment Three Sixty West for .[27]

Personal life

He is married and has three children.[22]

Notes and References

  1. News: Meet rahu Jhunjunwala's guru - India's second richest after Mukesh Ambani. 11 May 2020 . Business Today.
  2. News: Radhakishan Damani: His journey from Dalal Street punter, to the long-term investor, to entrepreneur. 11 May 2020 . Economic Times.
  3. News: D-Mart's Radhakishan Damani now 2nd richest Indian after RIL's Mukesh Ambani . Financial Express. 11 May 2020.
  4. Web site: Radhakishan Damani & family . Forbes . 11 May 2020.
  5. Web site: 14 July 2020. Radhakishan Damani adds shares of two more companies to portfolio. 2021-05-20. The Hindu BusinessLine. en.
  6. News: Retail King Radhakishan Damani owns 77% of sector wealth . 8 June 2024 . Fortune India . 5 September 2023 . en.
  7. News: Radhakishan Damani: The Slow And Steady Retail King . 8 June 2024 . Outlook Business.
  8. News: 2024-08-17 . Bloomberg Billionaires Index . 2024-08-18 . Bloomberg.com . en.
  9. Web site: Radhakishan Damani . 2024-08-18 . Forbes . en.
  10. https://www.sebi.gov.in/sebi_data/commondocs/ganondraft_p.pdf#page=8 DRAFT LETTER OF OFFER - SEBI
  11. News: Radhakishan Damani quiet as ever after stellar D-Mart listing . 11 May 2020 . Mint.
  12. News: The rise of DMart's Radhakishan Damani, who got richer during lockdown . Business Standard. 11 May 2020.
  13. News: Radhakishan Damani, the only Indian tycoon to get richer under lockdown . Economic Times. 11 May 2020.
  14. News: Vijayraghavan . Kala . Malviya . Sagar . Radhakishan Damani: Man with the Midas touch in the stock markets . 8 June 2024 . The Economic Times . 25 March 2014.
  15. News: Of D-Mart's IPO and the legend of Radhakishan Damani . 11 May 2020 . Business Standard.
  16. Web site: Make Way For The New King of Retail . Outlook Business . 11 May 2020 . 7 June 2020 . https://web.archive.org/web/20200607045040/https://www.magzter.com/article/Business/Outlook-Business/Make-Way-For-The-New-King-of-Retail . dead .
  17. News: Exiting a business one has nurtured is always painful, says former DMart co-promoter Ashok Maheshwari . Economic Times. 11 May 2020.
  18. News: The silent giant of the stock market . Rediff. 11 May 2020.
  19. News: The businessman who got richer during the lockdown . Rediff.
  20. News: This is how Radhakishan Damani became India's second richest person . GQ India. 11 May 2020.
  21. News: Forbes' richest list: India ranks third among countries with most billionaires . The Indian Express . 2021-04-08 . en.
  22. News: Radhakishan Damani & family . Forbes . en.
  23. Web site: Radhakishan Forbes Billionaires 2022: The Richest People In The World. . Forbes . January 25, 2023.
  24. Web site: Latest Radhakishan Damani shareholdings and portfolio . 2023-10-15 . Trendlyne.com . en.
  25. News: 2020-06-30. Debt free! Andhra Paper in focus as SBI MF, Damani take stakes. The Economic Times. 2020-07-04.
  26. News: 2020-05-15. Damanis pick over 15% stake in India Cements in March quarter; shares jump 16%. The Economic Times. 2020-07-04.
  27. News: D’Mart’s Damani seals country's largest real estate deal at Rs 1,238 cr for 28 luxury apartments . 8 June 2024 . Moneycontrol.

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