Shortly before, Radhakrishna Damani came into the limelight with a house worth 1001 crores in Palbara area of Mumbai.
D Mart is the first choice of most people when it comes to buying any home appliance at an affordable price. Established in the year 2002 in Powai area of Mumbai, D-Mart today has 238 stores across the country. Radhakrishna Damani, the founder of retail company D Mart, has now joined the list of 100 richest people in the world. Due to the immense success of the company and Radhakrishna is now ranked 98th with a net worth of Rs 1.42 lakh crore, as per Bloomberg’s Billionaire Index.
Reliance’s owner Mukesh Ambani, Adani Group’s Gautam Adani, Wipro founder Azim Premji, Shapoorji Group’s Pallonji Mistry, HCL Technology’s Shiv Nadar and ArcelorMittal Group’s Lakshmi Mittal are also included in this list of richest people. The Big Bull of the stock market, Rakesh Jhunjhunwala also considers Radhakrishna as his guru. Radhakrishna stays away from limelight most of the time.
He is also known as RD. People also call him Mr. White and White, because white clothes are his first choice. Damani’s net worth is now Rs 1.42 lakh crore, but when he entered the stock market in the 1980s, he had only Rs 5000. According to the Bloomberg Billionaires Index, he is currently the 98th richest person in the world.
Despite being so rich, Radhakrishna leads a very simple life. According to a report, Radhakrishna Damani completely follows the vegan diet. At the same time, Kumbh also goes to bathe in the Ganges with simplicity every year. One of the best examples of his simplicity is that after lunch he goes to eat paan in a small shop near Churchgate in Mumbai Industry. Damani, who lives with a very simple personality, always wears white clothes so that he can get rid of the headache of what clothes to wear every morning. This has been his most important thing in business as well. Before the year 2000, he moved away from the stock market to enter the retail business.
In 1999, he started a franchise called Apna Bazaar in Nerul, Navi Mumbai, but that model was not accepted by anyone. Later in 2002 DMart opened its first store in Powai area of Mumbai and today the company has 238 stores across the country. If we understand the success formula of DMart, then the company has not only made a separate identity in the retail business, but has also strengthened the success.
The company has used a simple fund behind it, it focuses on volume rather than margin. Due to this, the company clears the goods to its supplier in 7-10 days, while other companies in the same segment pay the supplier in 20-30 days. The special thing is that wherever the company opens its stores, that store belongs to DMart only. That is, they do not rent stores. Damani Mart’s profit rose to Rs 115 crore in the first quarter of the current financial year. The company had made a profit of Rs 50 crore in the same quarter a year ago. It is worth mentioning that Damani recently came into the limelight by buying a bungalow worth Rs 1,001 crore in Malabar Hills area of Mumbai.