D-Mart IPO: Part A

D-Mart was established by Damani in 2002 with the first store in Powai, Mumbai, a then emerging sub-urban area . Damani, a reputed investor and trader, utilized the fortune he had created by trading and investing in the Indian stock market to start a retail store. According to his friends, Damani talked little but was a terrific listener; he made his billions by listening to people’s views and gauging the pulse of the stock market. He was known for turning down interview requests and was rarely seen in events widely covered by the media. Damani was also popularly known as Mr. White and White for his penchant for wearing white colored clothes.

In the first 9 years of setting up D-Mart, Damani took time to understand the business and adopted a conservative approach toward expansion. Industry experts said he initially focused on visiting wholesalers and worked on building long-term relationships with them. Damani created the company single-handed by personally monitoring every aspect of the business. He handpicked most of the top management team himself and instilled in them an entrepreneurial mindset..