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Radhakishan Shivkishan Damani is an Indian business magnate and billionaire investor who founded Avenue Supermarts Limited. His investment firm Bright Star Investments Limited also manages his portfolio. On August 19, 2021, the Bloomberg Billionaires Index ranked him as the 98th richest person in the world.
The universe is like Radhakishan Damani, it always succumbs to a stubborn heart. He is a successful entrepreneur and investor. Radhakishan Damani is a Mumbai billionaire who owns DMart, the third largest large retail chain in India. Dalal Street is now ruled by a humble Mumbai businessman.
age
As of 2022, Radhakishan Damani is 67 years old. Radhakishan Damani was born in Bikaner, Rajasthan on 12 July 1954. His star sign is Cancer.
educate
He studied commerce at Mumbai University for one year before dropping out.
family
His father is Shivkishanji Damani 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 started his career in the ball bearing industry as a stock trader. He had no interest in the stock market business before. However, his father's death forced him to enter the stock market. In the 1990s, he made money by short selling stocks. After the listing of HDFC Bank in 1995, Damani reportedly became the largest individual shareholder of the bank. After the Harshad Mehta scam was exposed in 1992, his income increased significantly due to the short selling profits at that time.
Radhakishan founded 'DMart' in 1999 as he had a thorough understanding of consumer product companies. Despite having little experience in similar industries, Radhakishan and Damodar Mall bought the franchise rights of Apna Bazaar, a cooperative organization 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 only one store, but with his success, he now has about 160 stores across the country. As of 2020, his net worth is $16.5 billion, which would make him the fourth richest person in India. On the list of world's billionaires, he is ranked 117th. With a net worth of $18.9 billion, he is ranked 87th on the 2022 Forbes World's Billionaires List
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 10 billion in Mumbai. He also owns a resort in Alibag and several other properties in India and abroad.
16 Interesting Facts About Radhakishan Damani
- RD dropped out of college in his first year to start a ball bearing business while his father and brother worked as stockbrokers in Dalal Street.
- After his father's unexpected death, Mr Damani was forced to close his business and join his brothers as stockbrokers. At the age of 32, he made his first financial investment.
- During RD’s early days at Dalal Street, the feared bear master Manu Manek (nicknamed “Cobra” by his brokers who didn’t like him) ruled the market. Manu Manek taught Radhakishan how to short stocks, and he later used the same strategy to short the high-priced stocks of the great bull Harshad Mehta.
- In the 1980s, Mr. Damani was not popular. Stockbrokers used to call him “GS” because that was the name written on his admission card (for entry into the trading circle).
- RD was reportedly a member of the “Three R” group in the late 1980s. The group included chart analysts Raju, Radhakishan Damani and future stock market bull Rakesh Jhunjhunwala. The Three R group was known for continuing the bearish trend in the stock market, countering the bullish ideas of Harshad Mehta.
- According to reports, Harshad and Damani's gangs initially fought over the stake in Apollo Tyres, when Damani and his friends suffered heavy losses.
- RD is known for helping many small investors (who owed him money) to buy undervalued stocks. He did the same after the market crash in 2001, helping stockbroker Deena Mehta (Ketan Parekh scam).
- Stock exchange king Rakesh Jhunjhunwala considers Radhakishan Damani as his market mentor.
- Mr. Damani’s notable investments include 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 a 1% stake in Andhra Paper.
- In 2000, RD bought shares of VST Industries Ltd at Rs 80 per share; by 2020, the share price had soared to Rs 3,600. He also bought Sundaram Finance at Rs 270 per share, which is now worth Rs 1,800 as of 2021.
- Another major investment by Radhakishan Damani was buying Rs 400 crore of HDFC Bank shares at Rs 40 per share in 1995 during HDFC's initial public offering (IPO).
- Mr. Radhakishan admitted in interviews that he was inspired by Chandrakant Sampat, a veteran investor known for value investing in the 1980s and 1990s. Sampat is also said to have provided Mr. Damani with information about Gillette India.
- RD launched DMart's initial public offering (IPO) in March 2017 at 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 150 crore 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 plays this character.
- His close friends nicknamed him “Mr. White” due to his habit of wearing only white shirts and white pants, which he claimed saved him time every morning.
- Radhakishan Damani is an introvert, shy person who rarely gives interviews.
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