He is listed as the 6th richest man in India. His name is Radhakishan Damani and while others have been enjoying life Mr. Damani and his associates have been burning the midnight oil working hard to make their business dreams come true.
You might not have heard of Radhakishan Damani but everyone has surely heard of his big retail empire named DMart. That’s right! Radhakishan Damani is the quiet, unassuming man with a razor sharp brain who has started and grown DMart into the retail giant it is today in India.
People are beginning to take an interest in this quiet but hugely successful entrepreneur and want to know more about him and his family. Here are some details from Radhakishan Damani’s wiki.
Radhakishan Damani’s age is 65 years and he is a self-made billionaire who started his retail empire with just a single store in suburban Mumbai way back in 2002.
Today Radhakishan Damani’s net worth is around $11.9 billion and the way his businesses are performing the only direction this figure will go is north!
Damani is an Indian citizen whose wealth comes from mainly retailing and investments. Radhakishan Damani’s family consists of Damani himself, his wife Shrikantadevi and their three children and they live in Mumbai. His brother’s name is Gopikishan Shivkishan Damani and he too owns a significant stake in the family business.
A Financially Powerful Family
Damani owns DMart through his holding company Avenue Supermarts and owns 37.19% stake or 23.34 crore shares.
His wife Shrikantadevi owns an additional 3.54% stake in the firm while his brother Gopikishan owns 8.12% stake. This obviously means that the Damani family led by Radhakishan runs the business and the firm’s success is due to his astute business skills.
A Footprint All Across India
Avenue Supermarts Ltd. does business as DMart and has a chain of hypermarkets all across India after starting off with a single branch in Powai’s Hiranandani Gardens in Mumbai.
As of January 27, 2020, it has 200 stores in various states including Maharashtra, Telangana, Andhra Pradesh, Madhya Pradesh, Gujarat, Rajasthan, Chhattisgarh, Tamil Nadu, NCR, Uttar Pradesh, Karnataka and Punjab. Avenue Supermarts has its headquarters in Mumbai, Maharashtra.
A Mega Successful IPO
Damani’s business really took off after the IPO listing of Avenue Supermarts Ltd. which made a record opening on the market on the National Stock Exchange [NSE]. After its stock closed on March 22, 2017, its market value rose to become Rs.39,988 crore.
As of November 21, 2019, the market capitalization of DMart is close to Rs.114,000 crore. DMart earned a revenue of $2.71 billion in the financial year 2019 and its net income was $133.84 million in the same year. People who had laughed at the simple man’s sky-high ambitions were forced to eat their own words when Damani achieved one milestone after another in the last decade and half.
A Believer in Sam Walton’s Philosophy
People who have analyzed Damani’s success story over the years all agree that it is Damani’s conservative approach staying close to the retail rulebook and buying and selling with great efficiency that has brought him rich dividends. That should come as no surprise as Damani is a believer in US retail founder Sam Walton’s frugal philosophy. Damani made several trips to the USA before beginning his business and studied the Walmart business model deeply and thoroughly. He has followed Sam Walton’s now famous strategy of offering EDLP [Every Day Low Price] and EDLC [Every Day Low Cost] very efficiently and faithfully. No wonder his wealth just keeps on going even as consumers take advantage of the 6-7% discounts he offers all around the year.
A Wide Ranging Investment Portfolio
DMart is not the only source of Damani’s wealth as he holds stakes in several other high-profile companies as well. Some of them are the tobacco firm VST industries and the beer maker United Breweries. He owns a lot of commercial properties including the 156-room Radisson Blu Resort in Alibaug which is a very popular beach-front getaway close to Mumbai.
Dreams Do Come True!
Radhakishan Damani’s success is testimony to the age old saying that success eventually comes to the person who has a pure vision and works hard for it. Starting with just one store in 2002 today Damani is the head of a large and thriving business empire. He is only 65 years of age which means that he has decades of growth ahead of him. The success of DMart is a proof that some dreams do come true!