Rakesh Jhunjhunwala, also known as the Big Bull, was one of the most renowned stock market investors. The billionaire, who passed away last year, was a visionary investor who not only made a fortune in the stock market but also inspired countless individuals to pursue their financial goals.
Rakesh Jhunjhunwala, after battling health problems for a while, passed away in August last year. According to Forbes, the billionaire had amassed a fortune worth an estimated $5.8 billion. As a young investor, Jhunjhunwala found a mentor in Damani at a time when the stock market index was at 150; it now trades at over 61,000.
Rakesh Jhunjhunwala, the ‘Oracle of Dalal Street’, was close friends with another veteran investor Radhakishan Damani, the founder of DMart. Together, they were known as the ‘Jai and Veeru’ of Dalal Street.
Rakesh Jhunjhunwala had credited Radhakishan Damani for teaching him the nuances of the stock market and helping him to become a successful investor. In earlier interviews, Jhunjhunwala had said that he treated Damani as his mentor.
At a public event in 2020, Rakesh Jhunjhunwala said he learnt a lot from Damani, including the latter’s conviction in India as a bull market, apart from lessons in investing and trading. “I can’t list down what I have learnt from him, I can list down what I have not learnt,” he had said.
Radhakishan Shivkishan Damani, the billionaire investor, is the founder of Avenue Supermarts Limited, the company that operates DMart. He also manages his portfolio through his Investment firm, Bright Star Investments Limited.
Radhakishan Damani is among India's richest with a net worth of $17.1 billion, according to Bloomberg Billionaires Index as of May 1, 2023.
Radhakishan Damani was raised in a Maheshwari Marwari family in single room apartment in Mumbai. He studied commerce at the University of Mumbai but dropped out after one year. After the death of his father, Radhakishan Damani left his ball bearing business and became a stock market broker and investor.
In 1999, Radhakishan Damani operated a franchise of Apna Bazaar, a cooperative department store, in Nerul, but was "unconvinced" by its business model. He quit stock market in 2000 to start his own hypermarket chain, DMart, setting up the first store in Powai in 2002.
Today, D-Mart has over 234 stores in 11 Indian states, making it one of the largest hypermarket chains in the country. Damani's primary source of income is his stake in D-Mart, which is listed on the Bombay Stock Exchange.
Apart from D-Mart, Radhakishan Damani also owns stakes in several companies including VST Industries, United Breweries, and India Cements. In 2020, he became the fourth-richest Indian with a net worth of $16.5 billion.
As of May 1, 2023, Radhakishan Damani’s net worth is estimated to be around $17.1 billion, making him the eighth-richest person in India, and the 101st richest person in the world. The billionaire rarely makes appearances at public events and avoids speaking to the press.
Radhakishan Damani's property portfolio includes the 156-room Radisson Blu Resort in Alibaug, a popular beachfront getaway close to Mumbai, according to Forbes.
According to media reports, one of the biggest property deals of 2023 was made by Damani and his family members and associates. The group purchased 28 apartments worth Rs 1,238 crore in a plush residential property located in South Mumbai.