By FMTeam Radhakishan Damani is a very big and important name in the Indian business scene, the most well-known as the one behind DMart, which is one of the biggest supermarket chains in India, you know? As per the reports, well, he is listed as one of the richest persons in India with a net worth of $23.7 billion (in 2024). This success story is an amazing one. Even so, Radhakishan Damani is a pretty low-key character, preferring to live a quiet life at home rather than in the spotlight. That’s kinda the reason why he is often called or referred to as the “Retail King of India.” And just to let you know more about him, we will today be looking at his life story a bit up close. So, let’s just get to that, shall we?
| Features | Details |
| Name | Radhakishan Shivkishan Damani |
| Known For | Founder and Chairman of DMart |
| Net Worth (2024) | $23.7 billion |
| Age | 69 years old |
| Date of Birth | July 12, 1955 |
| Education | Dropped out of Mumbai University (Commerce) |
| Number of DMart Stores (2024) | 377 |
| Revenue of DMart (2024) | ₹49,533 crore ($5.9 billion) |
| Key Investments | VST Industries, India Cements |
Early Life and Humble Beginnings
Damani, who was born on the 12th of July 1955 in the very vibrant part of Rajasthan called Bikaner, is such a hardworking soul who had to go through such pains in life, and his resolve has paid off immensely, which we all are the witnesses of just that. Right from childhood, he was very courteous and would work together with his father, who was an employee of Dalal, on the stock market. That was how he eventually found a link between his life and a career in the stock market, you know? Although he went to university in Mumbai, he dropped out after only one year because he wanted to assist his family business. He moved towards the stock market soon after the death of his father and drew attention due to his sharp investment strategies.
Stock Market Success and Move to Retail
You see, making his first fortune on the stock market through a combination of short selling during the Harshad Mehta scam that rocked the early 90s in India. Radhakishan Damani’s strategic awareness of the dynamics of the economy made him the best Indian investor of all time. He had entered the media stage as a retiree and was a mentor to the likes of Rakesh Jhunjhunwala who had become a household name in investing. However, after having successfully made it through the stock market, in 2000 he surrendered it and looked to new ventures.
The Birth of DMart
If you don’t know when it all started, well, Damani’s efforts to establish DMart can be traced back to 2002 when he opened a small shop in the Powai area of Mumbai. His expertise in optimal cost management derived from his stock market dealings formed the foundation of DMart’s plan. You know, instead of renting the buildings, DMart chose to own them, and that kinda turned out to be a great move from the get-go. As we said, the plan paid off, leading to a 25-store growth of DMart in 2010. The strategy was to sell essential grocery and household items at low prices, and DMart filled that gap very quickly. The company went public in 2017 and the IPO was such a success that it effectively catapulted Damani into the ranks of the richest men in India.
DMart’s Unique Growth Strategy
DMart is primarily characterized by its “High-Volume, Low-Margin” business strategy. As most of you may already know, DMart adopts the model of very cheap prices and very high sales volumes to bring in profits. Some chains have diversified into clothing or electronics, but DMart has stuck to a strategy of maintaining a wide selection of groceries, clothing, and household items. And just so you know, within the span of 2024, the brand has expanded to 377-plus stores in 12 Indian states, generating a whopping ₹49,533 crore (or approximately $5.9 billion) in sales, according to reports. Those really are some amazing growth numbers if you think about it for a sec. In just a little over 14 years, DMart managed to go from 25 stores to more than 377 big stores in the country.