The whole of India is talking about Mr White and White; the name he got because of his simple attire- a white shirt and a pair of white paints. So let’s start the story of India’s second-richest person.
Education
Radhakishan Damani is a college dropout. Yes, it is true. So if we actually consider his education, he is a 12th pass out. But he went to College of Mumbai for 1 year for his B.Com. And after the first year, he dropped out and never went to college.
Early Days Of Career
Radhakishan Damani started his career with ball bearing business, but fortune had planned something different for him. Because of his father’s death, he had to shut down his business and joined his brother in the stock-broking business. And that’s the moment which turned his life.
Right from the beginning, he was a keen observer. And after understanding how the stock market works, he started investing. He considered legendary value investor Chandrakant Sampat as his Guru, but before following him, he used the strategy of short selling which he learnt by observing Harshad Mehta.
After earning significant amount from short selling, he switched to the long term investment strategy which put him in the list of great value investors in the country. Just to give you a small insight into Damani’s investing spree- he purchased stocks of VST Industries for Rs 85 and with time its value gets as high as Rs 3600.
Entering Into Hypermarket Business
Radhakishan Damani entered into hypermarket business with purchase of a cooperative store chain Apna Bazaar’s franchise. After understanding the ins and outs of the business, he started his own hypermarket store DMart in 2002 in Powai, and that’s where fortune has actually turned for him.
The key to success is planning. He entered into hypermarket business when real estate prices were low. Thus, he purchased many stores and avoided the trap of a big rental outgo and rest is history.
Today, DMart today has a well-established presence in 196 locations across Maharashtra, Gujarat, Andhra Pradesh, Madhya Pradesh, Karnataka, Telangana, Chhattisgarh, NCR, Tamil Nadu, Punjab and Rajasthan and DMart is planning to expand its presence.
So this was the story of India’ second richest person Radhakishan Damani.
Also Read: Top 10 Richest Indians Right Now
