Radhakishan Damani: From Stock Market to Largest Retail Chain

Radhakishan Damani, often referred to as the ‘Retail King of India’, is a name that embodies simplicity and extraordinary success. 

From starting as a stock market investor to building the DMart empire, his journey reflects patience, foresight and resilience. 

Today, his net worth places him among India's wealthiest, yet his grounded lifestyle continues to inspire.

 

But how did a stockbroker become India's top 200 self-made billionaire? In this blog, we will glimpse into his empire and explore his life story, wealth and achievements. 

Starting of the Empire: Early Life of RK Damani 

The man behind one of the largest retail chains in India was born on 12 July 1955 in Bikaner, Rajasthan. Despite his wealth today, he grew up in a single-bedroom apartment in Mumbai. 

Overwhelmed with financial hardships and his father’s sudden death, he dropped out of the University of Mumbai, where he was pursuing commerce. 

Fast forward to 1987, and he slowly developed a keen interest in the stock market and joined his family's business. 

Despite several hurdles, RK Damani refused to give up and came out victorious after the 1992 Harshad Mehta scam. By the latter half of the 90s, he realised the importance of investing in his own company. 

Thus, he ventured into the FMCG sector and emerged as the king of retail hypermarkets in India. 

Founding of DMart: The Largest Retail Chain in India 

There’s a popular saying among the Indians, ‘Sasta, Sundar, Tikau’, meaning affordable, good quality and long-lasting. DMart banked on this philosophy to become a go-to choice for monthly groceries. 

Starting its journey in 2002, in Powai, Maharashtra, the company has made its mark in 429 locations across the country.

Here are its store locations:

1. Maharashtra
2. Telengana 
3. Andhra Pradesh 
4. Madhya Pradesh 
5. NCR
6. Punjab 
7. Rajasthan 
8. Tamil Nadu 
9. Chattisgarh 
10. Karnataka 
11. Gujarat
12. Daman 

DMart Growth Story and Company Milestones 

During its early years, DMart faced significant competition from established stores such as Big Bazaar. 

However, its unique business approach (cluster-based expansion model) and EDLC/LP (everyday low cost and price) pricing model helped it scale to a national level. 

Let’s look at some significant milestones of RK Damani’s DMart below:

Radhakishan Damani Net Worth and More 

Radhakishan Damani’s success story is a testament to his hunger for success and hard work. Being a veteran investor and a prominent name in the Indian stock market, he did not let his profession stop him from venturing into the retail space. 

Today, Radhakishan Damani’s net worth, according to Forbes, is ₹1.73 lakh crore or roughly $19.7 billion! 

Although Damani is an extremely private person and rarely speaks to the press, his self-made wealth is an inspiration to many young entrepreneurs. 

Let’s look at some interesting moves by Damani contributing to his net worth:

1. In June 2024, Radhakishan and Gopikishan (his brother) sold their stake in India Cements to Kumar Birla, the chairman of Aditya Birla Group. 
2. Damani and his brother bought a 28-apartment luxury hotel in Mumbai in 2023 for ₹1,238 crore!
3. One of his major real estate investments includes the 156-room Radisson Blu Resort in Alibag. He and his brother also own a house in South Mumbai, which costs more than $100 million (₹8,770 crore). 

Note: The figures used in this are converted from USD to INR according to the exchange rate of 27th August 2025. They are subject to change. 

Did You Know: RK Damani mentored the late Rakesh Jhunjhunwala (Indian Warren Buffett). 

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RK Damani Investment Portfolio 

As an experienced investor, Radhakishan Damani has invested in notable Indian businesses.

Here is his 13 active investment portfolio:

S No.	Company	Valuation (in INR)
1	3M India Limited	₹507.02 crore
2	Advani Hotels and Resorts (India) Limited	₹24.04 crore
3	Aptech Limited	₹22.74 crore
4	Avenue Supermarts Limited	₹177116.73 crore
5	BF Utilities Limited	₹31.76 crore
6	Blue Dart Express Limited	₹160.50 crore
7	Mangalam Organics Limited	₹10.71 crore
8	Sundaram Finance Holdings Limited	₹201.77 crore
9	Sundaram Finance Limited	₹1283.36 crore
10	Trent Limited	₹2328.85 crore
11	United Breweries Limited	₹602.79 crore
12	VST Industries Limited	₹1342.03 crore
13	Bhagiradha Chemicals & Industries Limited	₹116.56 crore

Note: For informational purposes only. Figures taken from a third-party website. 

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What Can We Learn from RK Damani’s Entrepreneurial Journey? 

Patience, vision and discipline are key to building a fortune. His journey and never-ending hunger for success are an inspiration for many young and aspiring Indian entrepreneurs today.

One of the key takeaways from Damani’s life is that success doesn’t happen overnight. His steady rise proves the importance of strategic thinking, humility and staying grounded even when wealth and recognition follow.

Here are some lessons we can learn from his story:

1. Patience Pays: His late entry into the stock market tells us that it’s never too late to start anything. Damani believed in long-term investing and allowed his wealth to grow steadily over time.
2. Focus on Fundamentals: Whether in the stock market or business, he emphasised strong fundamentals rather than quick gains. His customer-centric approach ensured that his venture would not just flourish but also become an empire. 
3. Humility and Simplicity: Radhakishan Damani is the biggest example of humility and being grounded. Despite his billionaire status, he continues to lead a simple, low-profile life. He teaches us that wealth does not need to be shown off. 
4. Learning Never Stops: He continues to learn and evolve even after accumulating such a large fortune. His journey inspires us to always strive to be better and help make people’s lives easier. 

Radhakishan Damani’s Achievements

1. He ranks 138 on the Forbes list of billionaires in 2025. 
2. When he offered DMart’s IPO in 2017, it attracted a large investor interest, which boosted the company’s visibility and reach. 
3. In 2019, DMart was ranked 33rd on the BSE (Bombay Stock Exchange). 
4. IDFC FIRST Private Hurun ranked RK Damani in the Top 200 Self-Made Entrepreneurs of the Millennium in 2023.

Also, check out the list of the richest people in India.

Wrapping it Up! 

The iconic DMart green logo is a manifestation of Damani’s success and hard work. Entering into a field dominated by big bulls is not an easy feat. However, he proved that if you have the will, you have the way. 

Let’s learn to aim high, never settle and always be humble in our journey. After all, success always follows strategy and excellence. 

Frequently Asked Questions 

1. How Radhakishan Damani became rich? 

Radhakishan Damani started his journey as a stockbroker and investor and then ventured on to become an entrepreneur. His smart short-selling move in 1992 made him a renowned name in the industry. He then founded DMart in 2002, contributing significantly to his wealth. 

2. Is DMart a Tata-owned business? 

No, DMart is not a Tata-owned business. DMart’s parent company is Avenue Supermart Limited, owned by RK Damani. 

3. Who is the wife of RK Damani? 

RK Damani is married to Shrikantadevi. They have 3 children together. He keeps his private life away from media glare and avoids talking to the press. 

4. Is DMart really cheap? 

Yes, DMart follows an everyday cheap price pricing model. So, their products are always at a discount. 

5. What is the salary of the DMart CEO? 

DMart, operated by Avenue Supermarts Limited, is led by CEO Ignatius Navil Noronha, who reportedly earned a salary of ₹4.5 crore in FY 2021-22.