Radhakishan Damani Biography: Early Life, Career, Investments, Current Position, Recent News And More!
Radhakishan Damani Biography: The universe always bows down to a stubborn heart, just like it did for Radhakishan Damani. The man is a successful investor and entrepreneur. Radhakishan Damani is a Mumbai- based billionaire, who owns India’s third-largest mega-retail stores chain, viz., “DMart”. A humble trader of Mumbai is now the ruler of “Dalal Street”.
Thus, it becomes imperative to know about the man who is usually seen in simple, white clothes.
Early Life And Career
Born and brought up in a Marwari family, Radhakishan Shivkishan Damani belonged to a simple family in Mumbai and resided in a single-room apartment in the city in his initial years.
Radhakishan pursued commerce at the University of Mumbai, but did not complete his degree and dropped out just after one year.
His father worked on Dalal Street. After the demise of Damani’s father, he went on to become a stock market broker and investor, leaving his ball-bearing business once and for all.
That’s when his journey commenced as an investor and stock market broker.
During this time, Damani made huge profits through short-selling stocks that were unreasonably high during that time, due to illegal means used by Harshad Mehta in the 1990s.
When the Harshad Mehta scam came to light in 1992, Damani saw a great rise in his income, all because of the short-selling profits.
In the year 1995, it went public that the investor was the largest individual shareholder of HDFC Bank.
From this point, his journey takes a huge flight. Apna Bazaar was a franchise operated by Damani in 1999. The franchise was actually a department store in Nerul. However, its business model did not satisfy the smart mind of Damani.
A major turning point came in his life when he quit the stock market in 2020, just a year after Apna Bazaar. That’s when he started DMart, Damani’s own hypermarket chain. DMart is one of his most passionate projects.
The first store was set up in 2002, in Powai.
By 2010, the store had 25 stores. The company saw rapid growth and it went public in 2017.
Today, the country has 234 DMart stores.
Despite the success, Damani keeps a low profile. He has not given many interviews till now.
His success rose with the speed of a skyrocket by 2020. By that year, his net worth touched $16.5 billion. He became the fourth richest Indian and was ranked 3117 on the global list of billionaires.
Forbes, too, ranked him #87 on the global list of 2022, with a net worth of $18.9 billion.
Shrikantadevi Radhakishan Damani
Manjri Chandak, Madhu Chandak, Jyoti Kabra
University of Mumbai
Radhakishan Damani’s Personal Life
Every success story of an entrepreneur is often due to the guidance of a mentor. Radhakishan Shivkishan Damani looks at Chandrakant Sampat, the first-generation investor as his guide and mentor.
The former says that he has learned the hacks of dealing with risky business situations from Chandrakant Sampat.
Additionally, Radhakishan Damani used a few of the initial years in the field of the stock market for simple speculation and observation. It was during this phase that the self-made billionaire closely adhered to the techniques used by one of the top market operators of that era, Manu Manek.
- The moment when Radhakishan Damani overpowered popular Indian stockbroker Harshad Mehta was a major highlight in his life. That’s when he secured a robust position in the business.
- The “Warren Buffett of India” and one of the country’s most celebrated investors and traders, Rakesh Jhunjhunwala calls Radhakishan Damani his mentor.
Radhakishan Damani is undoubtedly one of the most prominent stock market investors in India.
He invested in a myriad of multinational stocks. Today, he holds stakes in many national and international firms including “VST Industries” (a tobacco firm), “Blue Dart Express Ltd.” (a logistics service providing company), and “United Breweries” (beer-making company).
If one looks at his portfolio carefully, it can be said that one of the best-performing stocks are “Sundaram Finance”, “VST Industries”, “Blue Dart” and “India Cements”.
The investor publicly holds 14 stocks, a net worth of around Rs. 177,185.0 Cr.
This data is according to the latest shareholdings filed with the exchanges for Quarter Ending- June 2022. It can be said that the latest quarter may have missing information, as some companies may still have to report the shareholding information.
- Astra Microwave Products, a Radhakishan Damani stock, has risen to Rs. 322.65 from Rs.157.65 in the last one year. This doubled the positional shareholder’s money in the last one year. The stellar returns proved to be a huge success despite the Russia-Ukraine war outbreak.
- After the demise of Rakesh Jhunjhunwala, Radhakishan Damani is likely to be the trustee of his assets. Moreover, Amal Parikh and Kalpraj Dharamshi will be the other two trustees.