Meet Radhakishan Damani, founder of DMart, who made Rs 1.6 Cr profit per day in 2022, holds 8th position on the Forbes Richest Indians 2023 list, Net worth – Rs 1.25 lakh Cr.

Radhakishan Damani is a name that commands respect in the business world. He is currently listed among the top ten richest people in India, with a net worth of USD 15.3 billion, or around Rs 1.25 lakh crore in Indian currency. 

Damani’s incredible success is a testament to his astute investments, business acumen, and tireless work ethic.

Rags-to-riches

Radhakishan Damani was born in a small village in India and raised in a one-room apartment in Mumbai. However, he did not let his humble beginnings stop him from pursuing his dreams of becoming a successful investor and stock market broker.

Damani dropped out of college and began working in the stock market, slowly building his investment portfolio. He went on to become the largest shareholder of HDFC Bank, the largest private sector bank in India, before launching his own business in 2000.

In 2002, Damani opened the first DMart store, which quickly became a multi-billion dollar entity. The DMart retail store chain has been the driving force behind Damani’s meteoric rise to the top of the Forbes list. 

About Dmart

DMart is a chain of hypermarkets that offers a wide range of products across various categories, including groceries, dairy products, personal care items, home appliances, kitchenware, clothing, and footwear. Customers can shop for products either by visiting one of their physical stores or through their online store, which offers home delivery services. 

The company is known for offering products at affordable prices and has a focus on customer satisfaction. They also provide various discounts and offers to their customers.

One of the keys to DMart’s success is its focus on offering customers high-quality products at low prices. DMart’s business model involves sourcing products directly from manufacturers, eliminating middlemen and reducing costs. This allows DMart to pass on the savings to its customers, who are able to buy products at prices that are significantly lower than those of its competitors.

The numbers

As of the last financial year, DMart reported a net revenue of over Rs 10,300 crore, with a net profit of Rs 589 crore. This comes out to about Rs 1.6 crore per day. DMart’s success is truly remarkable and speaks to Damani’s vision and leadership.

In addition to his business success, Damani has also made headlines for his extravagant purchase of a luxury house on Narayan Dabholkar Road in Malabar Hill, Mumbai. The house reportedly costs Rs 1000 crore, a testament to the incredible wealth that he has amassed through his hard work and dedication.

Beyond his business ventures, Damani is also known for his philanthropic efforts. He has donated generously to various charitable causes, including education, healthcare, and disaster relief. In 2020, he donated Rs 100 crore to the PM CARES Fund to help fight the COVID-19 pandemic in India.

Damani’s success story is an inspiration to many. Despite starting from humble beginnings, he has built an empire that has put him in the upper echelons of the business world. His determination and relentless pursuit of success are qualities that many admire and strive to emulate.

In conclusion, Radhakishan Damani’s story is a testament to the power of hard work, determination, and perseverance.