Radhakishan Damani, listed among the top ten richest Indians by Forbes in 2023, began his journey from humble beginnings in a 1 BHK flat, and currently owns a house worth Rs 1000 crore.
According to the Forbes Richest Indians 2023 list, Radhakishan Damani, the owner of DMart and a renowned investor, ranks eighth with an impressive net worth, a result of his astute investments and effective management of the retail store chain.
Damani founded DMart, a leading Indian retail store corporation, which reported a yearly profit of Rs 589 crore in the previous financial year, equivalent to a profit of Rs 1.6 crore per day in 2022.
Radhakishan Damani’s intelligent investments and ownership of the successful Indian retail store chain DMart have landed him in the eighth position on the Forbes Richest Indians 2023 list. With a net worth of USD 15.3 billion, equivalent to about Rs 1.25 lakh crore, Damani’s success is undeniable.
DMart’s impressive profits in the previous financial year caught the attention of the media, further adding to Damani’s fame. Moreover, he recently purchased a luxurious house on the Narayan Dabholkar Road in Mumbai’s Malabar Hill area, which is valued at Rs 1000 crore.
Who is DMart owner Radhakishan Damani?
Radhakishan Damani’s story is one of humble beginnings, as he grew up living with his entire family in a one-room apartment in Mumbai. Despite dropping out of college, he found success in the stock market as a broker and investor.
Gradually, he grew his investment portfolio and became the biggest shareholder of HDFC Bank, India’s largest private sector bank. In 2000, he decided to start his own business and two years later, in 2002, he launched the first DMart store. It proved to be a lucrative move as DMart has since grown into a multi-billion dollar enterprise.
DMart, the retail chain owned by Radhakishan Damani, reported an impressive net revenue of over Rs 10,300 crore in the last financial year. In addition, it recorded a net profit of Rs 589 crore, which amounts to about Rs 1.6 crore per day.