Radhakishan Damani remains the only Indian Billionaire who is still getting richer day by day even under lockdown. Even as the deadly coronavirus slithers into every market around the globe, Damani’s assets stay unscathed. Thanks to the nation’s hoarders with millions rushing to stock up on staples right in the middle of the world’s largest isolation effect.
Radhakishan Damani, who runs Avenue Supermarts Ltd has seen a 5% upsurge in his net worth this year to $10.2 billion. Among the 12 richest Indians whose fortunes are monitored by the Bloomberg Billionaires Index, Damani is left as the sole billionaire to see profits under lockdown.
Almost all of his net worth comes from the shares of Avenue Supermarts, which has seen an uprise by 18% this year.
Even coronavirus cannot stop this man from making money
Brought up in a modest one-room apartment in a tenement block in Mumbai city, Radhakishan Damani has seen his treasure accumulate at a time when the stocks had taken a massive blow. More than 32% of the net profit of his billionaire competitors including Mukesh Ambani and Uday Kotak had been sheared due to the pandemic fears.
Damani’s supermarket chain, recognized for its thrifty cost structure has largely profited from the panic created by this pandemic. People are stocking up household essentials crazily after India decided to put its 1.3 billion people under lockdown for no less than 3 weeks. This hysterical buying has turned out to be a boon for Avenue Supermarts.
On top of it, their unique no-frills model and the fact that they operate from areas outside the malls will help them all the more to bridge past the situation. The supermarket chain presents its customers with limited options and it also saves up by negotiating hard with its vendors. It doesn’t even have to bear any advertising costs. This is why the other marts were not able to make the maximum from this situation.
Ultimately, these benefits will continue only until India’s supply chain is healthy and running. Right now, they are fairly managing to restock their shelves.