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Today, we’re diving into Radhakishan Damani net worth and financial journey, one of India’s wealthiest retail moguls in 2024.
Quick Facts
| FACT | DETAIL |
|---|---|
| Real Name | Radhakishan Shivkishan Damani |
| Popular Name | Radhakishan Damani |
| Gender | Male |
| Birth Date | July 1955 |
| Age | 69 |
| Parents | Shivkishan Damani (father), Mother (N/A) |
| Siblings | Gopikishan Damani |
| Birthplace | Mumbai, India |
| Nationality | Indian |
| Ethnicity | Marwari |
| Education | University of Mumbai (dropped out) |
| Marital Status | Married |
| Sexual Orientation | Straight |
| Wife/Spouse | Shrikantadevi Radhakishan Damani |
| Children | Manjri Chandak, Madhu Chandak, Jyoti Kabra |
| Dating | N/A |
| Net Worth | $21.2 billion |
| Source of Wealth | Retail, Investments |
| Height | N/A |
What is the Net Worth of Radhakishan Damani in 2024?
As of 2024, Radhakishan Damani‘s net worth stands at an estimated impressive $21.2 billion as of June 23, 2024, making him one of India’s richest individuals.
When compared to other notable figures, he is close in wealth to Dilip Shanghvi with $24.4 billion but surpasses Lakshmi Mittal at $15.4 billion and Rakesh Jhunjhunwala at $5.8 billion.
On a global scale, he is still behind tech giants like Sergey Brin with $139.9 billion and investment mogul Warren Buffett with $134.5 billion. This ranking highlights Damani’s significant impact within the retail sector and his strategic investments over the years.
Radhakishan Damani Finance Overview
Early Life and Career Beginnings
Radhakishan Damani was born in a humble Marwari family in Mumbai. Despite dropping out of the University of Mumbai after just one year, he turned to the stock market following his father’s footsteps.
Initially, he focused on stockbroking and investing, making a name for himself by short-selling stocks during the infamous Harshad Mehta scam in the early 1990s.
The Rise of DMart
In 2002, Damani ventured into retail, founding DMart with a single store in suburban Mumbai.
Over the years, DMart has grown exponentially, boasting over 341 stores across India as of 2023.
The 2017 IPO of Avenue Supermarts, the parent company of DMart, was a significant milestone, boosting Damani’s wealth and solidifying his reputation as the retail king of India.
Key Investments and Business Ventures
Beyond DMart, Damani’s investment portfolio is diverse. He holds significant stakes in companies like HDFC Bank, VST Industries, and India Cements.
In 2020, he acquired a 1% stake in Andhra Paper, further diversifying his holdings. His property investments include the luxurious Radisson Blu Resort in Alibag and a high-value purchase of a house in South Mumbai.
Real Estate Holdings and Luxury Properties
Damani’s real estate investments are substantial. The Radisson Blu Resort in Alibag, a popular beachfront getaway, showcases his interest in luxury properties.
In 2021, he and his brother Gopikishan acquired a house in South Mumbai for over $100 million, adding to their impressive property portfolio.
Impact of IPO and Public Listings
The IPO of Avenue Supermarts in 2017 was a game-changer. It significantly increased Damani’s net worth and placed DMart on the map as a major retail player.
This public listing allowed for rapid expansion and increased market share, contributing heavily to Damani’s financial success.
Personal Life and Philanthropy
Damani is known for his low-profile lifestyle, rarely making public appearances or speaking to the press. He is married with three children: Manjri Chandak, Madhu Chandak, and Jyoti Kabra.
His mentorship to the late billionaire investor Rakesh Jhunjhunwala is well-acknowledged, showcasing his influence in the investment community.
Mentorship and Influence
Damani played a pivotal role as a mentor to Rakesh Jhunjhunwala, one of India’s most renowned investors. H
is guidance and strategic insights have influenced many in the business world, further cementing his legacy.
FAQs About Radhakishan Damani
What are Radhakishan Damani’s main sources of wealth?
His primary sources of wealth include retail (DMart), significant investments in companies like HDFC Bank, VST Industries, and India Cements.
How did Radhakishan Damani start his career?
Damani began his career in the stock market as a broker and investor, gaining prominence by short-selling stocks during the Harshad Mehta scam.
What is Radhakishan Damani’s investment strategy?
Damani is known for his value investing approach, focusing on long-term investments in companies with strong fundamentals.
What properties does Radhakishan Damani own?
His notable properties include the Radisson Blu Resort in Alibag and a high-value house in South Mumbai.
What is the significance of DMart in Damani’s career?
DMart is a major contributor to Damani’s wealth, with over 341 stores across India and a successful IPO in 2017.
Conclusion
Radhakishan Damani’s journey from a stock market broker to one of India’s wealthiest individuals is remarkable.
He stands among the richest retail moguls. For more insights and updates, visit worldofceos.com. Share your thoughts and comments below!
