Vishal Mega Mart is one of the most well-known retail chains in India, especially popular among the middle class for offering food, grocery, fashion, and lifestyle essentials at affordable prices. But do you know who laid its foundation?
The Man Behind the Brand: Ram Chandra Agarwal
Ram Chandra Agarwal founded Vishal Mega Mart in 2001–2002. Despite facing multiple hardships, including physical disability and financial challenges, he built one of India’s fastest-growing retail chains.
Fighting Against All Odds
Born into a low-income household and diagnosed with polio, Ram Agarwal has been on crutches since his teenage years. However, he never let this disability define him.
His journey is a testament to perseverance, resilience, and sheer determination.
The Humble Beginnings: A Photocopy Shop
Ram started his entrepreneurial journey with a small photocopy shop. To support his family after graduation, he took a loan and opened a copying center. This venture taught him the basics of business and ignited his passion for entrepreneurship.
Lal Bazaar Clothing Store: 15 Years of Learning
After a year, he closed the photocopy shop to pursue a bigger dream. He started a retail clothing store in Lal Bazaar, Kolkata, which he ran for 15 years.
During this period, he gained deep insight into the Indian retail apparel market, engaging directly with customers and observing their behavior, which became vital for his future success.
Birth of Vishal Mega Mart
In 2001, Ram made a bold move. He closed his Kolkata store and launched a retail store in Delhi, which eventually evolved into Vishal Mega Mart.
By 2002, he officially launched Vishal Retail, which became a household name with its hypermarket model.
A Massive Setback: The 2008 Economic Crisis
Unfortunately, the 2008 financial crisis hit hard. Vishal Mega Mart suffered losses of ₹750 crore. The once-profitable brand was in distress, and Ram was forced to sell the ‘Vishal’ brand to Shriram Group and TPG Capital for just ₹70 crore, despite it being valued at ₹2,000 crore.
A Comeback Story: V2 Retail
But Ram Chandra Agarwal wasn’t done. He made a remarkable comeback by launching V2 Retail, which is now among India’s fastest-growing retail chains.
As of May 2025, V2 Retail Limited is valued at ₹6,572 crore, with more than 150 stores across India and a solid ROCE of 10.8% and ROE of 10.4%.
The First V2 Store and Growth
The first V2 Retail outlet opened in Jamshedpur, and the company’s revenue crossed ₹100 crore by 2013. His comeback stunned the Indian business community, turning him into an inspiration for aspiring entrepreneurs.
Net Worth & Legacy
While Ram Chandra Agarwal’s exact personal net worth is unknown, his company’s valuation of over ₹6,500 crore speaks volumes about his legacy.
He has proved that even after a huge loss, a strong mindset can rebuild an empire, competing with industry titans like Ratan Tata and Mukesh Ambani.
Family Support: Uma Agarwal & Children
Ram’s wife, Uma Agarwal, is a full-time director at V2 Retail. The couple has two children: Akash and Shreya Agarwal.
- Akash Agarwal is also a full-time director at V2 Retail and is reportedly dating Ines Knani, a speech and language therapist.
- Shreya Agarwal is said to be pursuing her studies at the USC Marshall School of Business in the United States.
There are also rumors that Akash may co-own the Aquatica Water Park Resort in Kolkata, though it’s not confirmed.