Vishal Mega Mart is one of the most well-known store chains in India. The brand became a household name whose major share of its customers came from the Indian middle class. This popular hypermarket chain was a one-stop solution for food, groceries, fashion, daily, and lifestyle requirements on a budget.
But did you know who laid the foundation of Vishal Mega Mart? It was Ram Chandra Agarwal who founded the company in 2001-2002. Vishal Mega Mart is the fastest-growing retail market chain in the country, which has faced many ups and downs in the initial years.
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The inspiring journey of Ram Chandra Agarwal’s entrepreneurship and the success story of the retail chain will keep you intrigued
Ram Chandra Agarwal is the founder of Vishal Mega Mart. Though he suffers from Polio, that has never hindered his spirit
Ram Chandra Agarwal’s journey to success is sheer hard work. He comes from a poverty-stricken family, he was handicapped for life when he fell prey to polio. From his teenage years, Ram had been using crutches. But his determination and hard work didn’t let his disability affect his future. Ram completed his schooling and graduation with the support of his parents.
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The Entrepreneurial Journey of Ram Chandra Agarwal began with a small photocopy shop
Ram Chandra Agarwal opened a small photocopy shop to support his family. To aid his family’s financial condition, Ram took out a loan straight after graduation to open his photocopy shop. He learnt the basics of business from his first venture, which helped him identify his business instincts.
He closed the shop after almost a year because he had bigger plans. After this, Ram opened a retail clothing store in Kolkata’s Lal Bazaar. The textile and apparel industry is competitive and challenging, and Ram Chandra Agarwal tried everything to keep his business afloat. He ran his business at Lal Bazaar for 15 years.
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During this period, he learned about Indian consumers and how the retail clothing industry works, which enabled him to understand the target customers. He used to interact with the customers directly and observe the changes in trends and consumers’ preferences.
The birth of Vishal Mega Mart after closing his store at Lal Bazaar, which thrived for 15 years
After 15 years, in 2001, he finally decided to take the big leap. He closed his garment shop in Kolkata and opened his retail business in Delhi. This later gave birth to Vishal Mega Mart. In 2002, Ram Chandra Agarwal opened his retail business, Vishal Retail. His hypermarket idea received enough attention, and after its success, he decided to expand it under the name of Vishal Mega Mart.
Vishal Mega Mart gained fame in the following years and became extremely successful, so Ram took hefty loans from the bank to open more stores and expand his business. The company made headlines and made its way to the Bombay Stock Exchange and the National Stock Exchange on December 18, 2024. Vishal Mega Mart created a surge of 41 percent on its debut trade in India’s hypermarket industry.
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Vishal Mega Mart faced a massive loss of Rs 750 crores and was sold at Rs 70 crores
In 2008, Ram Chandra Agarwal’s plans for Vishal Mega Mart faced a huge setback with the stock market and the economic crisis. His thriving business incurred a loss of Rs 750 crores. Reportedly, when the company found itself on the verge of bankruptcy, Ram Chandra Agarwal had to sell the ‘Vishal’ brand worth Rs 2000 crore to Shriram Group and TPG Capital just for Rs 70 crore.
This was not the end, as Ram Chandra Agarwal bounced back with his new launch, V2 Retail
Ram Chandra Agarwal got a second chance, and he made sure to make the best out of it. He laid the foundation of V2 Retail and came back stronger. Now, V2 Retail is one of India’s fastest-growing retail brands. They have more than 150 stores across India as of this date.
According to a report by Screener, as of May 2025, V2 Retail Limited has a market cap of Rs. 6,572 crores, with ROCE at 10.8 per cent and ROE at a10.4 per cent. V2 Retail’s first store opened in Jamshedpur, and in 2013, the company’s turnover surpassed the Rs. 100 crore mark.
The business world was shocked to see Ram’s journey from selling his business at a loss to building V2. While Ram Chandra Agarwal’s net worth is not known, his retail business is currently reported to be valued at a whopping Rs. 6,572 crore.
Ram Chandra Agarwal proved once again that he is capable of challenging business tycoons like Mukesh Ambani, Ratan Tata in the retail clothing sector.
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Ram Chandra Agarwal’s wife, Uma Agarwal, is V2 Retail’s director
Ram Chandra Agarwal is married to Uma Agarwal. She is now serving as the full-time director of V2 Retail Limited. The couple is blessed with two children, Akash Agarwal and Shreya Agarwal. Akash is also the full-time director of V2 Retail Limited. Shreya Agarwal’s position in the company is not known. However, it was reported that their daughter is studying at the USC Marshall School of Business in the US.
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According to reports, Akash Agarwal is working alongside his father to expand their family business. The young businessman is reportedly dating a speech and language therapist named Ines Knani.
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Ines Knani is often spotted attending Akash Agarwal’s family events and also with his parents, Ram Chandra Agarwal and Uma Agarwal. There have been reports suggesting that Akash also owns or co-owns Kolkata’s famous Aquatica: Water Park Resort Banquet, though there is no confirmation on this yet.
Ram Chandra Agarwal’s journey is truly inspirational. Let us know your thoughts on his journey in the comments below.