D-Mart Founder Radhakishan Damani Among 100 Richest People In The World

The promoter and owner of Avenue Supermarts, Radhakishan Damani, a company that runs D-Mart retail chain, has joined the list of top 100 richest people in the world
Image Credit: The Financial Express
Image Credit: The Financial Express

The promoter and owner of Avenue Supermarts, Radhakishan Damani, a company that runs D-Mart retail chain, has joined the list of top 100 richest people in the world. However, according to the Bloomberg Billionaires Index, Damani is now the 97th richest person in the world with a net worth of Rs 1.43 lakh crore ($19.3 billion). Also, over the past 18 months, his net worth has grown by nearly 60 percent from $12 billion as of March 1, 2020, to $19.3 billion now.

Shares Rose 61 percent in one year

In the last one year, the shares of Avenue Supermarts have gained 61 per cent . The company has almost recovered from the impact of the Covid-19 pandemic. D-Mart is operated by the company Avenue Supermarts Limited. The company has made a net profit of Rs.115.13 crores. Along with this, there has also been an increase of 31 percent in revenue. Also, Damani has bought a luxurious house of 5752,22 square meters in Malabar Hills, Mumbai this year. He has bought this property for Rs 1001 crore. Damani and the promoter group hold 74.90 per cent stake in Avenue Supermarts. Damani has also invested in a few other companies, which have helped him achieve his net worth. He holds 11.3 per cent in India Cements, 26 per cent in VST Industries, 2.4 per cent in Sundaram Finance.

How did you enter the stock market?

Radhakishan Damani has always been away from the world of news, is also called 'Mr White and White' by many people. Because, he mostly wears white shirt and white pants. In the early days, working in a ball bearing shop did not help him much. Damani is from a Marwari family, decided to learn the tricks of investing in the stock market with his brother after the death of his father. Today he is also known for his unique investment strategy.

D-Mart launched in 2002

Image Credit: The Economic Times
Image Credit: The Economic Times

Crores of rupees had been raised from the stock market in the 90s itself. His wealth had increased so much last year itself that he was sitting on the chair of the second richest person in the country after Mukesh Ambani. For a long time, Damani, who had been in the stock market, announced his entry into the retail market in 2002. Damani's retail business, which opened its first retail store in Mumbai, has grown rapidly.

Damani, who has long wanted to foray into the retail market, launched D-Mart with a very precise plan. D-Mart's IPO was launched in March 2017. This IPO was launched by D-Mart's parent company 'Avenue Supermarts'. However, the shares of this company were listed at Rs 604 with an offer of Rs 299 per share. Shares of Avenue Supermarts closed at Rs 3651.55 on Wednesday.

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