Radhakishan Shivkishan Damani is an Indian billionaire investor,[5] businessman and the founder of DMart.[6] He also manages his portfolio through his Investment firm, Bright Star Investments Limited. On 19 August 2021, he was ranked #98 richest person in the world by Bloomberg Billionaire Index.[7]
Radhakishan Damani
Personal details
Born
12 July 1955 (age 67)[1]
Bikaner, India
Children
3[2]
Residence(s)
Altamount Road, Mumbai[3]
Occupation
Businessman, investor[4]
Known for
Career
Founder of DMart Shivkishan Damani[8] was raised in a Marwari family in single room apartment in Mumbai. He studied commerce at the University of Mumbai but dropped out after one year. 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.[9][10][11] He made profits by short-selling stocks that were inflated by illegal means by Harshad Mehta in the 1990s.[12] Damani was reportedly the largest individual shareholder of HDFC Bank after it went public in 1995.[13] In the year 1992, after the Harshad Mehta Scam came to limelight, he saw a major rise in his income due to the short-selling profits during the time. In 1999, he operated a franchise of Apna Bazaar, a cooperative department store, in Nerul, but was "unconvinced" by its business model.[14][15] He quit stock market in 2000 to start his own hypermarket chain, DMart, setting up the first store in Powai in 2002. The chain had 25 stores in 2010, post-which the company grew rapidly and went public in 2017.[13][16][17]
Today he has 234 DMart stores across India.[18] Damani keeps a low profile and rarely gives any interviews. He has also taught his Stock Trading Techniques to Indian Billionaire Rakesh Jhunjhunwala.[citation neede
In 2020, he became the fourth richest Indian with a net worth of $16.5 billion. He was ranked #117 on the global list of billionaires.[19][20] He was ranked #87 on the global list(Forbes) of billionaires 2022 with a net worth of $18.9 billion .d]
Investments
Damani also holds stakes in a range of companies, from tobacco firm VST industries to cement producer India Cements. Damani picked up a 1% stake in Andhra Paper.[21] Damani also picked up 15% stake in India cements in May 2020 taking his investment in India Cements to 19.89%.[22] Damani publicly holds 6 stocks in his investment portfolio and total value of his stock portfolio is approx Rs 1,02,077cr(Approx US$13 Billion) in 2021.[23]
Personal life
He is married and has three children.[20]
Comments
Post a Comment