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Recognized as the ‘Retail King’ of India, Radhakishan Damani is the founder and chairman of the retail chain business DMart. Forbes has recognized him as one of the richest billionaires of 2025, with a net worth of $17.7 billion. He has proved that age is just a number by working towards his dream of starting his own business at the age of 45 and being an inspirational figure in the retail industry. Let’s take a look at the success journey of the retail king who did not come from a wealthy family but has become a billionaire through his investment mindset.
Success story of Radhakishan Damani
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Commonly referred to as RK Damani, Radhakishan Damani is a renowned Indian business leader, successful investor, and the founder of Avenue Supermarts Limited, managing Dmart under it. Under his guidance, Dmart has become India’s largest retail chain offering a range of grocery and household products at low prices. Additionally, RK enables his control over investments through his company Bright Star Investments Ltd. RK is known for his sharp investment strategies and ability to scale businesses strategically, which has recognized him as a key asset in India’s retail industry.
Early Life
Raised in a humble Maheshwari Marwari family in a single-room apartment in Mumbai, Damani’s dream to create a successful future led him to an entrepreneurial journey. Damani left the University of Mumbai after studying there for one year to join his father’s ball-bearing business.
After his father’s death, he delved into the stock market to gain experience. Damini made impressive profits during the 1990s scam of Harshad Mehta. He married Shrikantadevi and, in 2002, founded DMart by establishing a store in Powai, Mumbai.
Establishment of Dmart and beyond
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- Damani had a successful career in the stock market and investments in consumer retail. Therefore, he ventured into the retail industry by launching DMart in 2002. To create a retail business that could offer high-quality products at affordable prices, he established a single store in Powai, Mumbai.
- Dmart faced several early challenges from its establishment in the highly competitive retail market with players like Big Bazaar and Subhiksha. Dmart, as a differentiator, adopted the strategy of owning the properties where its stores were being established, unlike other retailers who rented the properties. This resulted in reduced long-term operation costs.
- In 2013, Dmart had 65 stores across Maharashtra and Gujarat, becoming the third-largest retail company by revenue after Reliance and Future Group. In 2016, Dmart was operating with 112 stores, expanding to Andhra Pradesh, Karnataka, Chhattisgarh, Madhya Pradesh, and Telangana.
- Damani has been determined to follow this simple yet efficient concept of business model, ‘High Volume-Low Margin’, that led the company to maintain profits while even lowering prices. The company maintained its profitability by operating on a large scale, and focusing on offering a limited range of high-demand products, built a loyal customer base.
- In 2016, the business launched its e-commerce venture, called Dmart Ready, offering groceries and household products online to its customers.
- Before going public, Dmart was operating in 4 states with targeting a limited market. In 2017, after going public, the company began its rapid expansion by operating 400+ stores across the country in recent times, which helped Dmart to cater to a large customer base and gain a stronger presence in the retail industry across India.
- Besides, the company is known for its efficient inventory management and strategic high-demand areas. This combination of cost control, effective expansion, and operational efficiency has enabled Dmart to become India’s leading retail chain with a strong competitive edge in the market.
Understanding the business model of Dmart
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Dmart’s business model revolves around the concept of ‘Everyday Low Prices’. This model is successfully executed due to the company’s efficient supply chain management, which eliminates the interventions of middlemen by directly sourcing products from manufacturers, enhancing long-term cost savings. Dmart offers a range of private label brands with quality products at lower prices, including various categories such as food, personal care, household essentials, etc, promoting its brand, boosting its profitability. By focusing on those products moving quickly off the shelves, Dmart reduces holding costs and minimizes the risk of obsolescence. Dmart enjoys several benefits by owning its real estate assets rather than renting, saving a large accumulated capital for the long term. Thus, due to the strategic mindset of exceptional Damani, Dmart has captured its huge market share in the country.
Strategies practiced by Dmart for successful growth:
- Low Price – Bulk Purchasing
- Strong supply chain management
- Opting for ownership rather than renting
- Efficient inventory turnover
- Strategic store locations
- Cost-effective operations
- Quick adoption of innovative technologies
- Prioritizing customer needs and experience
Growth of Dmart
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Revenue: In 2021, the business had a revenue of about 23,787 INR Cr, which increased to 30,535 INR Cr in FY22. Moving to FY23, the business earned the revenue of 41,833 INR Cr and 49,533 INR Cr in FY24. In 2025, the revenue increased to 57,790 INR Cr.
Number of Stores: In FY21, Dmart had 234 stores established, which were increased by the addition of 50 more stores in FY22, for a total of 284 stores. In FY23, around 40 stores were newly established, and in FY24, 41 new stores were established, bringing the total to 365 stores in FY24. In FY25, the total number of stores was 415, with the addition of 50 new stores.
Revenue share: In 2025, Dmart had 57.73% of revenue from food products, which was 56.95% in 2024. Around 20% of revenue from FMCG products is, same as its preceding year. And the rest of 22.26% revenue was earned from general merchandise and apparel, which accounted similar amount to its previous year.
Competitors of Dmart in 2025
Reliance Retail: Reliance’s subsidiary company, Reliance Retail, founded in 2006, is India’s largest retail chain in terms of revenue.
Big Bazaar/ Smart Bazaar: Founded in 2001 by Future Group, Big Bazaar is India’s oldest and largest hypermarket chain. In 2022, Reliance took over the ownership of this company and rebranded it as Reliance’s Smart Bazaar.
Big Basket: Owned by Tata enterprises, Big Basket was founded in 2011, is amongst the leading Indian online grocery platforms.
JioMart: Jiomart is amongst the leading e-commerce grocery platforms, launched in 2019 by Reliance Retail.
Hypercity: Founded in 2004, Hypercity is part of Future Group, offering telecom, restaurant, pharmacy, consumer finance, quality products, etc, services under one roof at great prices.
Flipkart: Initiated in 2018, Flipkart Grocery is amongst the leading e-commerce grocery platforms in India.
Zepto: Founded in 2021 by Aadit Palicha and Kaivalya Vohra, Zepto is among the leading quick commerce applications in metro cities.
Blinkit: Founded in 2013, Blinkit is the leading application for instant groceries and other necessary products owned by Zomato Ltd.
Awards and Achievements
- Dmart’s IPO was an outstanding success on the National Stock Exchange [NSE] in 2017, attracting larger investor interest and rapidly boosting the company’s visibility in the market.
- It was ranked in 33rd position on the Bombay Stock Exchange [BSE] in the 2019 list of companies by market capitalization, mirroring its strong financial performance and significant growth.
- In 2025, Dmart successfully established over 400 stores and exceeded a revenue of over 50,000 INR Crores.
Future Plans of Dmart
Dmart is focusing on cluster-based growth by expanding its network by establishing 40-60 stores annually, with an aim to achieve 70 stores per year. Its e-commerce, known as Dmart Ready, will focus on enhancing service levels in major cities and reducing the delivery period to under 12 hours in urban cities. It is also focusing on D2C brands, expanding its product offerings, and reaching customers directly. On the sustainability side, Dmart is focusing on integrating eco-friendly practices into its operations.
Final Thoughts: Success story of Radhakishan Damani
RK Damani has proved that ‘Nothing is Impossible’, at the age of 45, when people in recent times start thinking of their retirement, he started working to fulfill his dreams. Due to his strategic mindset, Dmart is able to expand across the country and maintain its inventory turnover. Constantly assessing the customer taste and preference has positioned Dmart as a retail leader in India. Recognized as the 8th richest person in India by Forbes in 2025, Damani is often looked at as an inspirational pillar of the retail industry, embracing retail investments and empowering its industry.
