Damani controls Avenue Supermarts, a Mumbai-based retailer specializing in low-priced consumer goods. The publicly traded business sells food, clothing and other consumer products in more than 380 D-Mart shops across India. It reported revenue of 507 billion rupees ($6.1 billion) in the year-ended March 31, 2024.
Damani's fortune is derived from publicly traded Avenue Supermarts, the Indian retailer that operates D-Mart retail stores in more than 380 locations, according to its website.
The 59% stake attributed to him is held by a promoter group, which includes Mumbai-based Bright Star, which he owns with his wife, and three trusts in the names his children, according to an October 2024 stock exchange filing. Only the stakes held by his immediate family are included in the net worth calculation.
The billionaire has a history of active investments in publicly traded Indian companies, according to a Bloomberg Quint report. Cash & Other Assets reflects estimated stock holdings as well dividends, insider transactions, taxes and market performance.
A company representative didn't reply to a request for comment.
Radhakishan Damani was born in Mumbai, in 1956, where he was raised in a one-room apartment in a tenement block. He dropped out of commerce college after his first year, and entered the stock market as a broker and trader in the late 1980s.
Damani exited the stock market in 2000 and began building a retail business by buying cheap land in Navi Mumbai. He tested the ground with his first D-Mart store in 2002, seeing slow growth for almost a decade, opening 25 stores in its first 9 years, compared to 21 stores opened by Avenue Supermarts in 2016 alone. Damani operates more than 200 D-Mart-branded stores in 45 Indian cities.
He lives in Mumbai.