This Indian billionaire is racing towards the world's top 50 adding nearly $10 billion to his net worth in the last 10 months

• Radhakishan Damani’s net worth has grown by $9.7 billion this year to date.
• The development coincides with DMart crossing market capitalisation of ₹3 lakh crore.
• The majority of gains reported by Damani’s net worth have come from his stake in DMart.

Radhakishan Damani, the founder of Avenue Supermarts (DMart) is now the 63rd richest man in the world with a net worth of $24.6 billion.

Billionaire entrepreneur Damani entered the elite club of the world’s 100 richest people last month. According to Bloomberg Billionaire Index, he was at 97th spot with a networth of $19.3 billion.

His net worth has grown by $9.7 billion this year to date.

The development comes as DMart is now among the top 15 most valued businesses in India along with Reliance Industries, Tata Consultancy Services (TCS), Infosys, State Bank of India (SBI) and others.

The retail giant had crossed the market capitalisation of ₹3 lakh crore on Tuesday (October 12) as its share prices closed at ₹4737.75. The company’s share prices have further increased to ₹5,112 today, taking the market cap to a whopping ₹3.32 lakh crore.

Damani had founded DMart in 2002. He, along with his family members, owns about 65.2% stake in the retail giant. The majority of gains reported by Damani’s net worth have come from his stake in DMart, whose shares have grown over 83% in the last one year.

Damani, through his investment vehicle Bright Star Investment Limited, has also invested in Trent, Sundaram Finance, Blue Dart Express, Metropolis Healthcare, 3M India and Andhra Paper Limited.

As per the Bloomberg Billionaire Index, Damani is the richest Indian in the retail industry.

DMart reported a consolidated operating revenue of ₹7,649 crore in the July to September quarter of finance year 2022. This is the highest quarterly revenue reported by the retail giant in its journey so far.Though the company’s net profit declined ₹115 crore.

The company’s performance has somewhat been consistent in revenue terms, keeping aside the April and June quarter. Despite the increase in COVID-19 cases during the second wave of April and May, DMart reported a revenue of ₹5,031 crore with net profit of ₹1145 crore.


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