This document summarizes the business and growth of DMart, a value retailer in India. It operates predominantly through an ownership model of stores located in densely populated residential areas. Between 2012-2016, DMart's revenues and profits grew at CAGRs of 40% and 54% respectively, with like-for-like growth above 20% each year. This growth has come from increasing its store count and growing sales volumes, not from price inflation. DMart focuses on the essential product categories of food, FMCG, and general merchandise. It aims to sustain its low-price strategy through high operational efficiency from inventory management, a clustered store network, and regional distribution centers. DMart filed plans to use its upcoming IPO