Radhakishan Damani is the founder of mega-retail chain D-Mart and also a well-known Stockbroker, Stock market investor, and a successful trader. Also, he is India’s 12th richest man and was ranked 98th in Forbes’ list of richest men with the net worth of more than $10 Billion. He is the only person who mentored the very famous stock market investor, Rakesh Jhunjhunwala.
Damani was born in the year 1954 in a Marwari family of Bikaner in Rajasthan. He enrolled in B.Com at Mumbai University; however, he left studies after the first year only. His father and elder brother worked on Dalal Street as stockbrokers. He opened a ball bearing shop; however, the demise of his father, he had to shut down his shop and joined his brother in the stockbroking business. He is also famous by the name ‘Mr. White and White’ because of his always white attire.
Radhakisha invested in the stock market for the first time at the age of 32. After going through several lows, he took inspiration from Chandrakant Sampat and ventured into long-term investing. In few years he was par with some of the stock market biggies including Harshad Mehta. His most profitable investments from the 1980s and 90s included VST Industries, Somany Ceramics, Schlafhorst Eng, GE Capital Transportation Industries ion, Samtel Ltd, Jay Shree Tea, and 3M India.
In 2001, Radhakishan Damani took a sabbatical from the stock market and ventured into the retail industry and launched D-Mart in Mumbai – which is a chain of supermarket and hypermarkets that offer products ranging from food, toiletries, footwear, stationery, games and toys, kitchenware, bedsheets, and all home utility products. D-Mart offers branded products at discounted prices.
D-Mart stores are of three formats that include Hypermarkets, Super Markets, and Express Formats. It attracts customers mainly from the middle-income group, and hence, the stores are mostly located in residential areas rather than malls. As of 2018, D-Mart has over 140 stores spread across 26 cities in India including Madhya Pradesh, Chattisgarh, Rajasthan, Delhi-NCR, Telangana, Gujarat, Maharashtra, Daman and Diu, Andhra Pradesh, Punjab, and Karnataka.
D-Mart is the first retail chain to cross the $1 Billion mark successfully.