Radhakishan Damani
Radhakishan Shivkishan Damani | |
|---|---|
| Born | Mumbai, India |
| Occupation(s) | Entrepreneur, investor |
| Known for | Founder and chairman of DMart |
| Spouse | Shrikantadevi |
| Children | 3 daughters |
Radhakishan Shivkishan Damani is a prominent Indian entrepreneur and investor, recognized as the founder and chairman of the retail giant DMart. He is widely regarded as India's "retail king."
As of December 2024, Damani's net worth is estimated at US$15.5 billion, according to Forbes.
Early life and career
Born into a Maheshwari Marwari Hindu family, Radhakishan Damani grew up in a modest single-room apartment in Mumbai. He enrolled in commerce studies at the University of Mumbai but discontinued after one year. After the passing of his father, who was involved with Dalal Street, Damani transitioned from managing a ball bearing business to becoming a stock market broker and investor. During the early 1990s, he gained substantial profits by short-selling stocks that had been artificially inflated amid the 1992 Indian stock market scam orchestrated by Harshad Mehta. Following the public listing of HDFC Bank in 1995, he was reportedly its largest individual shareholder.
In 1999, Damani ran an Apna Bazaar franchise located in Nerul, but he found the business model unsatisfactory. He exited equity markets around 2000 to establish his own retail chain, DMart, with the first store launching in Powai in 2002. By 2010, DMart operated 25 outlets and expanded rapidly afterward, culminating in a successful IPO in 2017.
By 2020, Damani was ranked as the fourth wealthiest individual in India with a net worth of $16.5 billion and held the 117th position globally among billionaires. His fortune increased to $18.9 billion in 2022, elevating him to #87 on the worldwide Forbes list. As of October 2024, Damani and his family were sixth on Forbes India’s list of the 100 richest tycoons, boasting a net worth of $31.5 billion.
Investments
Damani owns significant shares across various companies, including VST Industries and India Cements. Public disclosures indicate his holdings span 14 companies, valued at approximately as of June 2024.
In 2020, he acquired a 1% stake in Andhra Paper and boosted his shareholding in India Cements to 19.89% by purchasing an additional 15%.
In 2023, Damani made one of India's largest real estate acquisitions by investing to obtain 28 luxury apartments within Three Sixty West.
Personal life
Damani is married to Shrikantadevi and they have three daughters.