Curated By: Business Desk
Last Updated: December 04, 2023, 15:17 IST
In FY 2022-23, DMart recorded a internet revenue of Rs 1,492 crore.
Back in 2002, he began the retail chain DMart from a 1 BHK flat. In simply twenty years, the corporate has grown right into a multi-crore enterprise.
Radhakishan Damani, the founding father of Avenue Supermarts Limited, d/b/a DMart, has topped Hurun’s Indian Self-made Entrepreneurs checklist. According to Forbes, Damani additionally holds the fifth place among the many 100 richest Indians, boasting a wealth of $23 billion. Hurun’s checklist of self-made industrialists ranks Binny and Sachin Bansal of Flipkart on the second place, adopted by Deepinder Goyal of Zomato. Sriharsh Majeti and Nandan Reddy of Swiggy has declare the fourth spot, and Bhavit Seth and Harsh Jain of Dream XI ave secured the fifth place.
Hailing from an extraordinary Marwari household, Radhakishan Damani had a humble upbringing as his father labored within the inventory market. Damani initially pursued commerce at Mumbai University however discontinued his research after one 12 months. He started his profession within the ball bearings enterprise. Following his father’s demise, he shifted gears to develop into a inventory market dealer and investor. The turning level for his enterprise got here after the publicity of the Harshad Mehta rip-off in 1992.
Late investor Rakesh Jhunjhunwala, broadly recognised as Big Bull, thought-about Radhakishan Damani his mentor. Jhunjhunwala acknowledged that he acquired insights into the inventory market’s intricacies from Damani. Damani oversees Jhunjhunwala’s portfolio by his funding agency, Bright Star Investments.
Notably, Radhakishan Damani amassed substantial wealth by worth investing within the early levels of his inventory market profession, gaining prominence as an investor within the 80s and 90s.
From residing in a one-room setup, Radhakishan Damani has achieved important success. Back in 2002, he began the retail chain DMart from a 1 BHK flat. In simply twenty years, the corporate has grown right into a multi-crore enterprise. In the final monetary 12 months 2022-23, DMart recorded a internet revenue of Rs 1,492 crore. During the identical monetary 12 months, DMart’s gross sales reached Rs 30,976 crore.
In 2021, Radhakishan Damani and his brother bought the Madhukunj bungalow on Narayan Dabholkar Marg in Malabar Hills, South Mumbai, for Rs 1,001 crore. This expansive property spans over 1.5 acres, boasting a complete constructed-up space of round 61,916 sq. toes. Recogniszed as Mumbai’s costliest residence, the Madhukunj bungalow holds important worth as an asset for Damani.
