Radhakishan Shivkishan Damani is a reclusive Indian billionaire investor and the founder-chairman of DMart, widely known as India’s “retail king” for building one of the country’s most efficient, value-driven supermarket chains from a single Powai store in 2002 to hundreds of outlets nationwide.

Early life

Born into a Maheshwari Marwari family and raised in a one-room apartment in Mumbai, Damani dropped out after a year of commerce studies at the University of Mumbai before entering business and finance through Dalal Street.

Entry into markets

After his father’s death, he left a small ball bearings business to become a stock market broker and investor, developing a disciplined, value-oriented approach that later shaped his retail philosophy.

The Harshad Mehta era

Damani gained prominence in the early 1990s by short-selling artificially inflated stocks during the Harshad Mehta bubble, cementing his reputation as a contrarian with deep market insight.

Early big bets

By the mid-1990s, he accumulated significant holdings, reportedly becoming the largest individual shareholder in HDFC Bank soon after its 1995 listing, reflecting his conviction-led, long-term style.

From Apna Bazaar to vision

In 1999 he tried operating an Apna Bazaar franchise in Nerul but rejected the model, a key learning that pushed him to craft a tightly controlled, efficiency-first retail format of his own.

Founding DMart

He exited full-time market activity in 2000 to build Avenue Supermarts (DMart), opening the first store in Powai, Mumbai, in 2002 with an everyday-low-price model anchored in cost control and trust.

Slow, steady expansion

DMart expanded carefully: after focusing on Mumbai and the western region, it reached about 25 stores by 2010, proving the format’s unit economics before accelerating expansion.

Landmark IPO

Avenue Supermarts listed in 2017, with the blockbuster IPO validating DMart’s fundamentals and elevating Damani among India’s richest, while keeping the company’s frugal ethos intact.

Scale and footprint

As of 2025, DMart operates well over 380 stores and continues to expand, with Avenue Supermarts reporting ₹507 billion revenue in FY24 and maintaining its value leadership.

The DMart model

DMart’s playbook emphasizes private ownership of store real estate where feasible, tight assortment, vendor-friendly payments, and EDLP (everyday low prices), enabling lower costs and loyal footfall.

Customer-first simplicity

By avoiding flashy discounts and focusing on reliable value, stock availability, and everyday essentials, DMart embedded trust into its brand promise across India’s price-sensitive households.

Financial discipline

Vendor payments are faster than industry norms, strengthening relationships and negotiating power, while minimal overheads and efficient operations sustain margins at low price points.

Leadership style

Damani is famously low-profile, preferring substance over publicity, and is often seen in plain white attire—a symbol of focus, frugality, and clarity of purpose in execution.

Mentor and influence

A respected Dalal Street veteran, he was known as a mentor and influence to top investors, including the late Rakesh Jhunjhunwala, and is revered for clarity of thought and temperament.

Wealth and rankings

Estimates vary by index and date, but recent tallies place Damani among India’s wealthiest; he and family ranked sixth on Forbes India’s 100 richest in Oct 2024 at $31.5B, with 2025 real-time figures around the high-teens.

Holding structure

His Avenue Supermarts stake is held via a promoter group including entities with his spouse and trusts for his children, reflecting a long-term, family-promoter mindset.

Beyond retail

Over the years he has held stakes in companies such as VST Industries and India Cements, and has made portfolio adjustments including 2024 cement-sector transactions noted by market trackers.

Net worth context

Depending on methodology, his 2025 net worth is estimated between roughly $15–19B, with fluctuations tied to Avenue Supermarts’ valuation and broader market conditions.

Key milestones

• 2002: First DMart store in Powai, Mumbai, opens, inaugurating the EDLP model for Indian supermarket retail.
• 2010: DMart crosses ~25 stores after near-decade of cautious, profitability-first growth.
• 2017: Avenue Supermarts IPO becomes a marquee listing, transforming sector sentiment.

Operating stats

Avenue Supermarts reported ₹507B revenue in FY24, while continuing to grow store count and deepen presence, underscoring the scalability of its frugal, SOP-driven model.

Philosophy and values

Damani’s approach blends value investing principles—margin of safety, cost control, and patience—with retail execution that privileges unit-level profitability over blitzscaling.

Personal profile

He maintains a low media profile, resides in Mumbai, and is widely respected for integrity, restraint, and long-termism that consistently shapes DMart’s decisions.

Lessons for entrepreneurs

• Build moats from the ground up: own or lock-in key costs, win supplier trust, and standardize store-level excellence.
• Grow where unit economics prove out: expand carefully, then accelerate boldly once the model is resilient.
• Price as a promise: EDLP builds trust, repeat visits, and lifetime value, especially in price-sensitive markets.

Frequently asked questions

• Who is Radhakishan Shivkishan Damani? An Indian billionaire investor and founder-chairman of DMart, renowned as India’s retail king for his value-driven supermarket model.
• When did DMart start? DMart’s first store opened in Powai, Mumbai, in 2002 under Avenue Supermarts.
• What is DMart’s growth like? From ~25 stores by 2010 to hundreds nationwide, with FY24 revenue of ₹507B and continued expansion.
• Why is DMart successful? Relentless cost control, fast vendor payments, owned real estate where possible, tight assortment, and everyday low pricing.

Closing thought

Radhakishan Damani’s journey—from a one-room home and contrarian stock trades to building DMart into a benchmark of frugal excellence—shows how patience, discipline, and customer trust can compound into an enduring retail institution.