Meet man, ‘Guru’ of Rakesh Jhunjhunwala, founder of India’s largest…, his net worth is Rs…

Radhakishan Damani’s journey from a single-room apartment to becoming a retail magnate can inspire many future entrepreneurs.

Radhakishan Damani, is an Indian billionaire investor and business tycoon known for his remarkable journey as a founder of Avenue Supermarts Limited. Avenue Supermarts is the parent company of DMart, a supermarket chain that has become a household name across India.

Radhakishan Damani Early Life 

Born into a Maheshwari Marwari Hindu family, Radhakishan Damani was raised in a single-room apartment in Mumbai. He pursued commerce at the University of Mumbai but dropped out after just one year. After the untimely demise of his father, who worked on Dalal Street, Damani left his business and turned his focus to the stock market as a broker and investor.

Birth Of DMart

Damani’s entrepreneurial journey began in 2002 when he set up his first DMart store in Powai, Mumbai. Over the years, Avenue Supermarts expanded significantly, with DMart growing into one of India’s most popular supermarket chains. 

Today, DMart boasts 365 stores across 10 states, one union territory, and the NCR region, with its headquarters in Mumbai. The company has also diversified into several sectors with branches like DMart Premia, D Homes, Dutch Harbour, and DMart Minimax.

Radhakishan Damani Career 

Radhakishan Damani made his mark in the stock market during the 1990s, gaining a reputation as an investor. According to media reports, he made substantial profits by short-selling stocks during the Harshad Mehta Scam in 1992, a period that shook the Bombay Stock Exchange. While Harshad Mehta bet on a market rise, Damani predicted a fall, which eventually materialized, leading to significant gains for him.

In 1995, Damani became the largest individual shareholder of HDFC Bank after its public listing. By 2000, he chose to exit the stock market and focus entirely on building his retail empire, launching DMart, which revolutionized the Indian retail industry.

Mentor To Rakesh Jhunjhunwala

Radhakishan Damani was a mentor to the late billionaire investor Rakesh Jhunjhunwala, often referred to as the ‘Big Bull’ of Indian stock markets. Their close association was marked by mutual respect and a shared passion for investing.

Radhakishan Damani Net Worth

In 2021, Damani made headlines with his purchase of a property in Mumbai’s upscale Malabar Hill neighborhood for a staggering Rs 1,000 crore. As of now, his estimated net worth stands at $15.4 billion, cementing his position among India’s wealthiest individuals.