Bloomberg Billionaires Index

View profiles for each of the world’s 500 richest people, see the biggest movers, and compare fortunes or track returns.

# 159 Radhakishan Damani $9.72B

Random fact: Doesn’t hire high-profile executives.

Overview

Damani controls Avenue Supermarkets, a Mumbai-based retailer specializing in low-priced consumer goods. The publicly traded business sells food, clothing and other consumer products in more than 170 D-Mart shops across India, and reported revenue of 150 billion rupees ($2.3 billion) in the year-ended March 31, 2018.

As of :
Last change -$70.5M ( -0.7%)
YTD change +$863M ( +9.8%)
Industry Retail
Biggest asset DMART IN Equity
Citizenship India
Age 63
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Radhakishan Damani's net worth of $9.72B 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 Supermarkets, the Indian retailer that operates D-Mart retail stores in more than 170 locations, according to its website.

The 59% 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 March 2019 filing with the Bombay Stock Exchange. 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. He maintains minimum stakes of 1% in at least nine other companies, according to a March 21, 2017 story from Bloomberg Quint. The valuation assumes no outflow for the equity holdings.

A company representative said in January 2019 that he wasn't available for comment.

Biography

Birthdate: 1/1/1956
Family: Unmarried, No 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 118 D-Mart-branded stores in 45 Indian cities, as of March 2017, according to a March 31, 2017 Bloomberg News report.

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.