Only This Billionaire Gets Richer Under CO.VID-19 Lockdown, See How He Does It

Aadhya Khatri - Apr 09, 2020

And he has all the hoarders who rushed to supermarkets to stock essential supplies before lockdown to thank for the new fortune

While the economy takes a big hit as a result of CO.VID-19 outbreak and billionaires see their net worth declines, there is one Indian tycoon who is actually cashing on in this pandemic. And he has all the hoarders who rushed to supermarkets to stock supply to thank for the new fortune.

Radhakishan Damani, the man behind Avenue Supermarts Ltd, saw his net worth increase by 11% in 2020 to $10.7 billion. This singles him out as the man with most gains among India’s 12 richest. Avenue Supermarts’ shares have also surged by 24% this year.

lockdown Radhakishan Damani billionaire — Radhakishan Damani, the man behind Avenue Supermarts Ltd, saw his net worth increase by 11% in 2020 to $10.7 billion

Damani grew up in a one-room flat in a tenement block in Mumbai but that upbringing does not stop him from being one of India’s richest. When fear spreads and costs other billionaires like Uday Kotak and Mukesh Ambani at least one-fourth of their net worth, Damani actually gains big.

As the government’s lockdown order caused panic buying, his chain – famous for the thrifty cost structure, saw sales of household essentials sky-rocketing. In a country with 1.3 billion people, that means a large fortune for Radhakishan Damani.

According to Arun Kejriwal, director of a Mumbai-based investment advisory firm, people, driven by fear, started to hoard supply during the lockdown. The chain’s no-frills model also puts it in the perfect position to gain while others lose.

lockdown India billionaire Damani — When fear spreads and costs other billionaires like Uday Kotak and Mukesh Ambani at least one-fourth of their net worth, Damani actually gains big

Another tycoon who saw his net worth grew during the pandemic is Cyrus Poonawalla, founder of Serum Institute of India, a vaccine manufacturer. He is now worth $8.9 billion.

Even after the lockdown order is lifted, D-Mart is expected to see yet another surge in sales. The key here is its no-frills model which cut all the luxurious additions to offer buyers prices as cheap as possible.

The only potential problem for Avenue Supermarts now is the supply chain. With the lockdown order disrupting the stream of goods coming to the chain’s stores, we might one day see their shelves empty.

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