Bloomberg Billionaires Index

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# 61 Radhakishan Damani $21.3B

Random fact: Has been called India’s Sam Walton.

Overview

Damani controls Avenue Supermarts, a Mumbai-based retailer specializing in low-priced consumer goods. The publicly traded business sells food, clothing and other consumer products in more than 200 D-Mart shops across India. It reported revenue of 241 billion rupees ($3.2 billion) in the year-ended March 31, 2021.

As of :
Last change No change
YTD change -$3.31B ( -13.5%)
Biggest asset DMART IN Equity
Country / Region India
Age 66
Industry Retail
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Radhakishan Damani's net worth of $21.3B can buy ...

0
troy ounces of gold
0
barrels of crude oil

... and is equivalent to ...

0%
of the GDP of the United States
0%
of the total wealth of the 500 richest people in the world
0%
of the top 100 U.S. college endowments
0%
of the top 200 U.S. executives’ total awarded compensation
0%
of U.S. existing home sales
0
times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

Damani's fortune is derived from publicly traded Avenue Supermarts, the Indian retailer that operates D-Mart retail stores in more than 200 locations, according to its website.

The 60% stake attributed to him is held by a promoter group, which includes Mumbai-based Bright Star, which he owns with his wife, and three trusts in the names his children, according to a filing on the company's share holding pattern from March 2022. Only the stakes held by his immediate family are included in the net worth calculation.

The billionaire has a history of active investments in publicly traded Indian companies, according to a Bloomberg Quint report. Cash & Other Assets reflects estimated stock holdings as well dividends, insider transactions, taxes and market performance.

A company representative did not reply to request for comment sent in June 2020.

Biography

Birthdate: 1956
Family: Married, 3 children

Radhakishan Damani was born in Mumbai, in 1956, where he was raised in a one-room apartment in a tenement block. He dropped out of commerce college after his first year, and entered the stock market as a broker and trader in the late 1980s.

Damani exited the stock market in 2000 and began building a retail business by buying cheap land in Navi Mumbai. He tested the ground with his first D-Mart store in 2002, seeing slow growth for almost a decade, opening 25 stores in its first 9 years, compared to 21 stores opened by Avenue Supermarts in 2016 alone. Damani operates more than 200 D-Mart-branded stores in 45 Indian cities.

He lives in Mumbai.

Milestones
  • 1956 Radhakishan Damani is born in Mumbai, India.
  • 1995 Becomes biggest individual shareholder in HDFC Bank.
  • 2000 Exits the stock market and works on setting up his retail business.
  • 2002 Founds Avenue Supermarkets
  • 2002 Opens his first D-Mart store in Mumbai.
  • 2010 Operates 25 stores under D-Mart name.
  • 2016 21 new D-Mart shops are opened.
  • 2017 Avenue Supermarts jumps 106 percent over IPO price in Mumbai debut.
  • 2017 Avenue Supermarket is publicly listed in India.