Kalyanji Bhagat was born a farmer in the village of Ratadia, Games Wala in , . Kalyanji's family name was Gala and the name Bhagat, a modification of bhakt, was a title given to their family by the King of Kutch for their religiousness.
He arrived as a migrant in in 1941 and initially did odd jobs such as masala ferriwala (spice seller) to managing a grocery store. In the 1960s, when Kalyanji Bhagat was running a grocery shop in Worli, he began the first rudimentary form of matka gambling by accepting bets based on the opening and closing rates of traded on the wholesale market. He used to operate from the compound of his building Vinod Mahal, in Worli. After his death in the early 1990s, his son Suresh Bhagat eventually took over his business
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