DMart owner and known investor Radhakishan Damani now ranks 98 among the top 100 richest persons list, as per Bloomberg Billionaire Index. Bloomberg maintains the list of richest persons and ranking keeps changing based on the global market and the performance of businesses and assets held by the listed people.
Damani’s Net Worth Surges to $19.2 Billion
Radhakishan Damani, the founder of hypermarket giant DMart, has joined the prestigious list of top 100 richest persons globally. As per the Bloomberg Billionaire Index report, Damani’s net worth is now $19.2 billion. And, it makes him the 98th richest person in the world.
Mukesh Ambani, the chairman of Reliance Industries, is the richest Indian as well as Asian as per the Bloomberg report. Gautam Adani, Azim Premji, Pallonji Mistry, Shiv Nadar, Lakshmi Mittal are the other Indians who found their place in the top 100 global richest person list.
Damani-owned DMart, the retail giant of India, has crossed the Rs 2 Trillion market cap in February 2021. DMart saw a surge of 35% in its share value during the last 12 months. DMart is one of those rare firms that grew exponentially in the pandemic era.
Talking about the reason behind DMart’s success, the Axis Securities report said, “DMART has established an extensive cluster-based distribution network comprising 220 stores and 225 DMART Ready stores as of Q2FY21. The cluster-based approach has reduced the distribution and inventory cost for the company in turn bettering margins.”
About Radhakishan Damani
Damani belongs to a Marwari family. Initially, his parents had a single-room apartment where Damani grew with other family members. He joined the University of Mumbai to study Commerce but left the study after one year.
Damani’s father used to work at Dalal Street and he had ball bearing business. After the death of his father who worked on Dalal Street, Damani left his ball-bearing business and became a stock market broker and investor.
In the year 1992, after the Harshad Mehta Scam came into the limelight, he saw a major rise in his income due to the short-selling profits during the time.
DMart was founder by Damani in 2000 after he left the stock market. He opened the first Dmart store in Powai in 2002. DMart became a public listed firm in 2017. Damani taught all stock market tips and tricks to Rakesh Jhunjhunwala, the popular stock trader. That is why Damani is considered as Jhunjhunwala’s guru in the Indian stock market.
Damani is a very low-profile Indian billionaire who became the fourth richest Indian in 2020 with a net worth of $16.5 billion. At that time, He was ranked 117th on the global list of billionaires.