Meet Vishal Mega Mart's Founder, Ram Agarwal: Once Ran A Photocopy Shop, Owns A Rs. 6,500 Cr Empire

Vishal Mega Mart is one of the most recognised store chains in India. The brand became a household name as a one-stop solution for everyone's daily and lifestyle requirements. While we have all seen the rise and fall of this popular hypermarket chain, let's meet the brain behind the foundation of Vishal Mega Mart, Ram Chandra Agarwal.

Ram Chandra Agarwal founded the company in 2001-2002. And while it is the fastest-growing retail market chain in India today, the beginning of this line was filled with several hurdles. However, problems only make for a great success story, and Ram's journey is definitely inspirational to many. So, let's take a look at Ram Chandra Agarwal's contribution to making Vishal Mega Mart India's top choice for shopping.

Ram Chandra Agarwal's diagnosis with Polio and determination to build one of India's leading business empires

Ram Chandra Agarwal's journey to build Vishal Mega Mart was most definitely not a walk in the park. Thanks to the ever-so-challenging textile and apparel industry, the businessman had to try numerous angles to finally build something that made a home in the lives of several millennials. It was due to this effort by Ram that, even after so many years, Vishal Mega Mart continues to attract consumers to India's top-tier cities. While the company made headlines with its Bombay Stock Exchange and National Stock Exchange numbers in December 2024, it was Ram's relentless efforts that made Vishal Mega Mart surge a massive 41 per cent on its debut trade, creating a stir in India's hypermarket industry.

However, Ram Chandra Agarwal's journey to success has not been easy. He hailed from a poverty-stricken family but with a determination to make a difference. Nonetheless, his first hurdle hit him when he fell prey to polio, making him handicapped for life. The heartbreaking moment for Ram left him in crutches when he was just a mere teen. Nonetheless, he didn't let his disability define his future, and with his parents' constant support, Ram completed his schooling and even pursued graduation, proving that with determination, every door could be unlocked.

Ram Chandra Agarwal started his entrepreneurial journey by opening a photocopy shop after completing his graduation

Ram Chandra Agarwal's family's financial conditions played a pivotal role in his hustle, as his reality inspired and pushed him to start his first business. With determination to support his family, Ram took out a loan straight after graduation to open his photocopy shop. The entrepreneur had learnt the business basics while running his shop and closed it after almost a year because his calling was something bigger. In order to achieve what destiny had in store for Ram, he opened a retail clothing outlet in Kolkata's Lal Bazaar. 

Ram Chandra Agarwal ran his garment shop in Lal Bazaar for the next 15 years before founding Vishal Retail

For fifteen long years, Ram Chandra Agarwal ran the garment store in Lal Bazaar. During this time, he learned several things about Indian consumers and how the retail clothing industry works. This knowledge about consumers' needs enabled him to understand the customer. He would interact with the buyers directly and saw a lot of trends and changes in consumers' tastes. However, it was in 2001 that he decided to take the leap of faith, and closed his garment shop in Kolkata to open his retail business in Delhi.

Ram Chandra kickstarted his journey in Delhi in 2002 with the opening of his retail business, Vishal Retail. However, once his hypermarket concept gained enough attention and success, Ram popularised and expanded it under the name of Vishal Mega Mart. In the following years, he witnessed massive success. Ram soon decided to expand and took hefty loans from the bank to open more stores.

Ram Chandra Agarwal's dream project, Vishal Mega Mart, suffered a massive loss of Rs. 750 crores, was sold for Rs. 70 crores

While the boom in Ram Chandra Agarwal's business gave him hope, it was in 2008 that his dreams came crashing down with the stock market. Vishal Retail suffered a massive loss of Rs. 750 crores, and the company soon found itself on the verge of being bankrupt. However, Ram Chandra Agarwal, undeterred, finalised a deal with Shriram Group and TPG Capital and sold the 'Vishal' brand for Rs. 70 crores. While most thought this was the end of Ram, he started over and came back stronger with V2 Retail. The change was a masterstroke by the business tycoon, and in very little time, he made V2 Retail one of India's fastest-growing retail brands. 

Ram Chandra Agarwal is now the owner of a Rs. 6,572 crore company, V2 Retail Limited

According to a report by Screener, V2 Retail Limited has a market cap of Rs. 6,572 crores as of May 2025, with ROCE at 10.8 per cent and ROE at a solid 10.4 per cent. For the unversed, V2 Retail opened its first store in Jamshedpur, and in 2013, the company's turnover exceeded Rs. 100 crore mark. Ram's switch from selling his business at a loss to building V2 shocked everyone in the business world to the core. Fast forward to 2025, and V2 Retail has nearly 200 stores across India. While Ram Chandra Agarwal's net worth is unknown, his retail business is currently valued at a jaw-dropping Rs. 6,572 crore.

Meet V2 Retail's director and Ram Chandra Agarwal's wife, Uma Agarwal 

Ram Chandra Agarwal had solid support from his home in building a successful business. He is married to Uma Agarwal, who is now the full-time director of V2 Retail Limited. The couple has two children, Akash Agarwal and Shreya Agarwal. While Akash is also the full-time director of V2 Retail Limited, Shreya's role in the company is not known. However, it was reported that she is studying at USC Marshall School of Business, US. Akash Agarwal, on the other hand, is working with his father to expand their family business and is reportedly dating a stunning speech and language therapist named Ines Knani.

Ram Chandra Agarwal is truly an inspiration for the Indian youth. Let us know your thoughts on his journey.

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