Radhakishan Damani, a reclusive investor, and billionaire, who owns the retail chain DMart has entered the list of the world’s 100 richest people. Damani, who grew up in a humble background has been ranked at 98 on the Bloomberg Billionaires Index with a net worth of $19.2 billion.
The other Indians in the top 100 list are Gautam Adani, Mukesh Ambani, Pallonji Mistry, Azim Premji, Lakshmi Mittal, and Shiv Nadar. The Bloomberg Billionaire Index is a daily ranking of the richest people in the world.
In 2020, Radhakishan Damani had also become the richest in India with a net worth of $16.5 billion. He was ranked at 117 on the global list of billionaires.
Radhakishan Damani’s net worth:As per the Bloomberg Billionaires Index, Radhakishan Damani is now the 98th richest person in the world. The total net worth of the promoter and the owner of Avenue Supermarts, the company that runs DMart retail, is $19.3 billion or Rs. 1.43 lakh crores. Over the last 18 months, the net worth of Damani has increased by nearly 60% from $12 billion as on March 1, 2020, to $19.3 billion now. Notably, the shares of the Avenue Supermarts have rallied 61% in the last one year as the company has almost recovered from the impact of the pandemic, which had led to a nationwide lockdown in 2020 and the localized lockdowns in the second wave of COVID-19 earlier in 2021. |
Radhakishan Damani’s Businesses: What do we know?
• The Avenue Supermarts of Radhakishan Damani is one of the favourite stocks of the investors and the mutual fund houses on the back of the consistent financial performance, low-cost operating model, and quality management. The company’s digital services have been making good strides to compete with the established e-commerce giants.
• As per the latest reports by Goldman Sachs, DMart enjoys better pricing power than its competitors both in the offline and online space.
• In a recent report, Brokerage mentioned that DMart’s price offering vs Jio Mart has been currently the strongest since the latter’s launch in 2020.
• In comparison to its online competitor, Big Basket, the pricing basket of DMart remains competitive and the gap is almost highest in comparison to the historical range.
• In Avenue Supermarts, Damani and the promoter group holds a 74.90% stake. He also has investments in some other firms which have helped him in the net worth gain. Damani holds a 26% stake in VST Industries, 11.3% in India Cements, 2.4% in Sundaram Finance.
About Radhakishan Damani:
• Radhakishan Damani was raised in a Marwari family in a single-room apartment in Mumbai. He studied Commerce at Mumbai University but dropped out after one year.
• After the death of his father who worked on Dalal Street, Damani decided to leave his ball-bearing business and became a stock market broker and investor.
• In 1992, after the Harshad Mehta scam came into the limelight, Damani saw a major rise in his income because of the short-selling profits during the time.
• In 2000, he quit the stock market and started his own hypermarket chain, DMart, setting up the first store in 2002 in Powai.
• In 2010, the chain had 25 stores, after which the company grew rapidly and went public in 2017.
• Radhakishan Damani who rarely gives any interviews and keeps a low profile also taught his stock trading techniques to the Indian billionaire Rakesh Jhunjhunwala.
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