Radhakishan Damani grew up in a modest Maheshwari family, a Hindu caste who used to be merchant.

Following ancestors traditions, he studied business at Mumbai University, but gave up after a year. He started a ball bearing business while his brother was a stockbroker. When his father died, he was forced to close his business and began a career as a trader. At the beginning, he learned from brokers who were more experienced than himself. He began to invest and despite heavy losses, he ends up learning from his failures. Over the years, the selfmade man has been respected by his peers, in particular for having predicted the internet bubble in 2000 and the 2008 big crisis.

We can describe his trader career as successful.

Damani is said to have been the largest individual shareholder of HDFC Bank after its IPO in 1995. In 1998, thanks to his speculative earnings, the businessman accumulated a small fortune and left the trading rooms to buy an Apna Bazar franchise (a large distribution brand). Quickly, however, the strategy did not suit him. In 2000, he launched the hypermarket chain, D-Mart, and the holding company Avenue Supermats Limited (ASL). The 1st store was launched in 2002, located in Powai. Damani created his stores to meet the growing needs of the Indian family. Thus, D-Mart offers a wide range of utility products for the home - food, toiletries, appliances, clothing, cooking utensils, etc. - at very competitive prices. Damani dreams big. In 2010, chain already had 25 stores, then 118 in 2017 and finally 216 in 2020.

After IPO in March 2017, company’s growth accelerated further.

First  trading day, share price reached new highs. This is the best performance for a new entrant to India in four years, according to Bloomberg. Today D-Mart has 234 stores across India. Damani does not want to stop there and hopes to expand his network through new stores, already main ones in India. The D-mart model is innovative and unconventional. ASL’s philosophy of owning stores rather than renting them out keeps costs down. Part of its workforce consists of contractual employees which gives it flexibility to manage peak / off-peak hours of stores. Keeping fixed costs low helps offer customers better prices. Damani prefers to use lower gross margins but higher inventory rotations.

Finally, since 2014, ASL has launched a collective shareholding plan creating a strong corporate culture.

Although he devotes most of his time to D-Mart, the businessman does not forget about personal investments. He also holds participation in several leading companies such as India Cements (12.7%). Its real estate portfolio includes a 156-room Radisson Blu Resort in Alibag, a popular resort near Mumbai. He also owns a seaside vacation home near Mumbai. Damani is very low-key by nature, he does not grant any press interviews and makes few public appearances. An anecdote goes that he wears only white to avoid wasting time in the morning. His relatives nickname him Mr White & White. The businessman lives in Mumbai with his wife. He is father of 3 children. The entrepreneur owns 34.3% of Avenue Supermarts Limited and remains the majority shareholder. Damani is India’s 4th fortune.