Radhakishan Damani, a reclusive investor and billionaire who controls the retail business DMart, is now one of the world’s top 100 wealthiest persons.
Damani, who came from a poor family, is currently the 98th richest person on the Bloomberg Billionaires Index, with a net worth of $ 19.2 billion.The Bloomberg Billionaires Index ranks the world’s wealthiest persons on a daily basis. Mukesh Ambani, Gautam Adani, Azim Premji, Pallonji Mistry, Shiv Nadar, and Lakshmi Mittal are the other Indians in the top 100.
Damani grew up in a Mumbai single room apartment with a Marwari family. He enrolled at the University of Mumbai to study commerce but dropped out after a year. Damani abandoned his ball bearing company and became a stock market broker and investor after his father, who worked on Dalal Street, died.
After the Harshad Mehta Scam made headlines in 1992, he witnessed a significant increase in his earnings due to short-selling profits at the time.
In 2000, he left the stock market to launch his own hypermarket chain, DMart, with the first store opening in Powai in 2002. In 2010, the chain had 25 locations; after that, the company grew quickly and went public in 2017.Damani maintains a modest profile and offers few interviews. Rakesh Jhunjhunwala, an Indian billionaire, was also taught his stock trading tactics by him.
With a net worth of $16.5 billion in 2020, he became India’s fourth richest man. On the global list of billionaires, he was rated #117.