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Radhakishan Shivkishan Damani is an Indian business magnate and billionaire investor who founded Avenue Supermarts Limited. His investment company, Bright Star Investments Limited, also manages his investment portfolio. On August 19, 2021, the Bloomberg Billionaires Index ranked him as the 98th richest person in the world.
Universes like Radhakishan Damani always succumb to a stubborn heart. The man is a successful entrepreneur and investor. Radhakishan Damani is a Mumbai-based billionaire who owns DMart, the third largest retail chain in India. Dalal Street is now ruled by a modest Mumbai businessman.
age
As of 2022, Radhakishan Damani’s age is 67 years old. Radhakishan Damani was born on July 12, 1954 in Bikaner, Rajasthan. His zodiac sign is Cancer.
educate
He studied commerce at Bombay University for a year and then dropped out.
family
Shivkishanji Damani is his father who also works in the stock market. Gopikishan Damani is his brother. Radhakishan is married to Shrikantadevi Radhakishan Damani and has three daughters. Their daughter Manjri is the manager of ‘DMart’.
Profession
He began his career as a stock trader in the ball bearing industry. He has previously expressed no interest in stock market business. However, his father’s death forced him to enter the stock market. In the 1990s, he made money by shorting stocks. According to reports, Damani became the largest individual shareholder of HDFC Bank after its listing in 1995. After the Harshad Mehta scam was exposed in 1992, his income increased significantly due to short selling profits at the time.
Radhakishan founded ‘DMart’. in 1999 because he had a thorough understanding of consumer products companies. Lacking experience in a similar profession, Radhakishan and Damodar Mall purchased a franchise from Apna Bazaar, a cooperative established in 1948 in Mumbai.
Two years later, Radhakishan decided to launch ‘DMart’ and take over ‘Apna Bazaar’. When D-Mart first opened in Mumbai in 2002, he had just one store, but with his success, he now has about 160 stores across the country. By 2020, his net worth will reach $16.5 billion, making him the fourth richest person in India. He is ranked 117th on the list of global billionaires. He ranks 87th on Forbes’ 2022 list of the world’s billionaires with a net worth of $18.9 billion
net worth
Radhakishan Damani’s net worth is estimated at $21.3 billion. He owns Audi, BMW and Rolls-Royce cars. Radhakishan Damani lives in a mansion worth INR 1,000 crore in Mumbai. He also owns a resort in Alibag and many other properties in India and abroad.
16 Interesting Facts About Radhakishan Damani
- RD dropped out of college in his first year to start his ball bearing business while his father and brother worked as stockbrokers on Dalal Street.
- After Mr. Damani’s father died unexpectedly, he was forced to close his business and join his brother as a stockbroker. At the age of 32, he made his first financial investment.
- RD In the early years of the Dalal Street market, the fearsome bear Manu Manek ruled the roost (nicknamed “Cobra” by his agent who didn’t like him). Manu Manek taught Radhakishan how to short stocks, and he later used the same strategy to short bull Harshad Mehta’s overpriced stocks.
- Mr. Damani was not popular in the 1980s. Stockbrokers used to call him “GS” because it was written on his admission ticket (used to enter the trading pit).
- RD was reportedly a member of the “triple-R” group in the late 1980s. The group includes Radhakishan Damani, chart analyst Raju, and future stock market guru Rakesh Jhunjhunwala. Triple-R is known for continuing bearish trends in the stock market and competing with Harshad Mehta’s bullish ideology.
- According to reports, Mr Harshad and Mr Damani’s teams first vied for a stake in Apollo Tires. Mr. Damani and his friends suffered heavy losses at the time.
- RD is known for helping many small investors (who owe him money) buy undervalued stocks. After the market crash in 2001, he helped fellow stockbroker Deena Mehta (Ketan Parekh Scam) do the same thing.
- Rakesh Jhunjhunwala, the king of stock exchanges, considers Radhakishan Damani as his market guru.
- Notable investments of Mr. Damani include shares of VST Industries, HDFC Sundaram Finance, ITC Gillette Crisil, ICRA 3M India Blue Dart Express Prozone Intu Properties Uniply Industries and India Cements. He also bought 1% stake in Andhra Paper.
- In 2000, RD purchased shares of VST Industries Ltd for Rs. 80 per share; by 2020, the price had surged to Rs. 3600 rupees. He also bought Sundaram Finance at Rs 270 per share and its value as of 2021 is now Rs 1800.
- Another major investment of Radhakishan Damani was the purchase of Rs. 400-crore HDFC Bank stock at Rs. HDFC’s initial public offering in 1995 was at $40 per share.
- Radhakishan admitted in an interview that he was inspired by Chandrakant Sampat, a veteran investor known for his value investing in the 1980s and 1990s. Sampat is also said to have provided information about Gillette India to Mr. Damani.
- RD launched DMart’s initial public offering (IPO) in March 2017 with an issue price of Rs. 299 per share. As of 2021, the stock is trading at around Rs. 2,900. The company’s net valuation increased from Rs 38,000 crore in March 2017 to Rs 1.5 billion in June 2020.
- In SonyLIV’s popular web series Scam 1992: The Harshad Mehta Story, there is a character based on the life of Radhakishan Damani. Paresh Ganatra played the role.
- His close friends called him “Mr. White & White” due to his habit of wearing only white shirts and white trousers. He claims it saves him time every morning.
- Radhakishan Damani is an introvert and shy person who rarely gives interviews.
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