Who is Radhakishan Damani:
- Radhakishan Damani is an Indian investor and founder of Avenue supermart.
- Radhakishan Damani’s total net worth is $16.7 billion as of 3rd June 2020.
- He is the second richest person in India as of February 2020.
Biography of Radhakishan Damani:
Radhakishan
Damani was born in Mumbai, Maharashtra in 1956. He was spend all his childhood
in a one-room apartment in a tenement block. Radhakishan Damani was dropped out
of commerce college after his first year. Radhakishan Damani entered the stock
market as a broker and trader in the late 1980s.
He operated
a franchise of Apna Bazaar, a co-operative department store, in Nerul, in 1999,
but was "unconvinced" by its business model. Radhakishan Damani quit
the stock market in 2000 to start his own hypermarket chain, D-Mart, setting up
the first store in Powai in 2002. Radhakishan Damani has 3 children.
How are they entering the stock market?
Radhakishan
Damani never considers himself as a highly educated person. Before entering in
the stock market, Radhakishan Damani had a small ‘ball-bearing’ business. When
his father died, after that he started his stock market career. Radhakishan
entered in the stock market when he was 32 years old.
He was
earlier known as an equity investor. He had no basic knowledge about stocks, he
took inspiration from the investor Chandrakant Sampath and try his luck
completely in the stock market.
Radhakishan Damani’s initial punches did not seem to go good, his
strategy was very general.
Radhakishan
extremely wanted to see his products grow for the first 5 to 10 years, and
decided to expand his product capacity.
In the era
between the ’80s and ’90s, he was looking for his future. Harshad Mehta has also said about him that
Radhakishan Damani is the most valuable investor in the stock market. He also said that In the stock market it
seems that there are two hats, one is the trader who is trying, and the other
is Radhakrishnan Damani. In that
specific time when he built himself as a major investor in the stock market and
invested his investment in the market in many ways.
He becomes
the biggest individual investor in HDFC bank in 1995. He generates more wealth
in the stock market. But then he quitted the stock market in 2000 and started
works on setting up his own retail business by buying cheap land in Navi
Mumbai, Maharashtra.
He opened
his first D-Mart store in 2002, seeing very slow growth for almost a decade,
after starting its own store, in the small era of 9 years he opened new 25 stores,
compared to 21 stores opened by Avenue Supermarts in 2016 alone. He operates
118 D-Mart stores in 45 Indian cities, as of March 2017.
How D-Mart boost Radhakishan's career?
D-Mart is
nothing but a new series of Avenue Supermart. D-Mart was established by
Radhakishan Damani in Mumbai, Maharashtra. D-Mart is almost popular because it
provides all the household products, ethnic wear, beauty product, children’s
stationery, toys, games, footwear. The most powerful factor behind D-Mart's
success is because it is found cheaper than other shops. D-Mart is making all
decisions by keeping the customer in mind.
The parent
company of D-Mart is Avenue Supermart, which was listed on the stock market in
2017. In 2017 Avenue Supermarts jumps over 106 percent IPO price in his
debut. Radhakishan Damani has D-Mart,s
52% stake in Avenue Supermart.
D-Mart is
majorly owned and handled by the Damani family. Radhakishan Damani’s daughter
Manjri Chandak is the director of D-Mart. The marketing and promotion of D-Mart
are managed by his brother Mr. Gopikishan Damani and Radhakishan’s wife.
According to
May 2020, it has a total of 193 stores in many places in India, whose business
is spread in many states of India.
D-Mart has stores in a total of 11 states in India. Which includes Andhra Pradesh, Gujarat,
Telangana, Karnataka, Madhya Pradesh, and Maharashtra. D-Mart also has a store
in a union territory.
The opening
of IPO of Avenue Supermart broke many records on the National Stock Exchange
and directly boost Mr. Radhakishan Damani into the list of top 20 billionaires
of India. The company’s shares were sold at Rs 299 a share. As of 3rd June 2020
total market cap of Avenue Supermart is 1,56,113.7 crore.
Thank You.
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