Cowasjee Readymoney’s path from profitability to purpose

The origins of the name can be traced back to Cowasjee’s grandfather Hirji Jeevanji, founder of the Readymoney Group, who adopted the name, which later became the family surname.

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Long before the advent of instant transfers and digital banking, Kauvaj’s financial ingenuity revolutionized the way money moved rapidly across the territories of the British Empire. He devised an innovative solution to an 18th-century colonial financial conundrum: the slow and dangerous flow of money through traditional banking channels.

His approach involved a network of fast cash credit payments based on informal but rigorous scrutiny of a business’s creditworthiness—a groundbreaking system that predated modern financial practices.

The mid-nineteenth century was characterized by colonial greed and a booming global cotton trade. When the American Civil War (1861-1865) disrupted global supply chains, Kauvage showed remarkable foresight. Using his contacts with Indian growers, he secured a steady supply of cotton for Western markets.

Demand was so great that people were tearing out mattresses to sell the cotton filling inside. However, unlike many traders who succumbed to the volatility of “platinum”, Kauvaj focused on long-term, stable profits, responding to price spikes with discipline.

Born in Navsari, Gujarat in the early 19th century to a Parsi family with roots in the opium trade, Cowasjee Jehangir had a keen eye for identifying unmet needs.

Early in his career, he introduced an innovative practice of providing instant cash as unsecured loans to traders in Mumbai while leveraging his extensive network in various ports to recover payments from trading partners. This approach quickly evolved into a complex, trust-based payment system that spans geographies and cultures. At the heart of the system is a rigorous credit review process that ensures default rates are kept to a minimum.

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After receiving a basic school education, Kauvage began his career at the age of 15 as a warehouse clerk for Duncan Gibb & Co. He quickly rose through the ranks and became a highly sought-after agent for two European companies. By 1846, he was an independent broker, laying the foundation for his extraordinary financial legacy.

From business pioneer to philanthropic visionary

Kauvaj’s network-driven approach was well ahead of its time and soon attracted the interest of the British, especially as their opium trade with China expanded significantly. With this momentum, he expanded his trading business to Guangzhou Port and gained huge wealth from the opium and cotton trade.

In recognition of his intelligence, Britain appointed him Commissioner of Income Tax in 1866, entrusting him with the task of crafting a new tax. His appointment as a Justice of the Peace soon followed, cementing his status as a prominent figure in Bombay’s Parsi community.

Kaurvaji’s success inspired a wave of Parsi entrepreneurs to venture into finance, helping to make Bombay a financial powerhouse of the era. However, his ambitions went far beyond business. Kauvaj is comparable to the legendary American financier and philanthropist George Peabody, and was nicknamed “Indian Peabody” during his lifetime.

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As his business empire flourished, so did his philanthropy.

Kaurvaji donated large sums of money to charities in London and Mumbai, winning awards such as " Companion of India’s Most Exalted Star and a British Jazz Bachelor. These honors reflect his lasting legacy as a financial innovator and benevolent visionary.

Bombay bears the indelible mark of Kaurvaji Jahangir’s philanthropy, which was rooted in the Parsi ethos of inclusive community welfare and harmonized with the capitalist pursuit of profit. He funded the construction of iconic landmarks such as the Bombay University Conference Hall, Sir Redmani Hospital, Cowaji Jehangir and Sir Kawaraji Jehangir Public Hall (now NGMA). Beyond this, his generosity extended to libraries, schools, fountains, asylums, boys’ homes, places of worship, and important infrastructure improvements, including roads and sanitation in the rapidly expanding city.

His philanthropic vision was not limited to India. The Readymoney Fountain in London’s Regent’s Park, carved from 10 tons of Sicilian marble, is a testament to his enduring commitment to civic betterment.

Kaurvaji balanced a prosperous financial empire with a devotion to public welfare, and his legacy remains deeply engraved in the cultural and civic fabric of Mumbai. This legacy is immortalized through a statue at the Department of Civil Engineering, University of Mumbai.

with guiding principles Create wealth and build societyKaurvaji’s life is a powerful reminder of the transformative ways in which true business innovation can meet human needs. Today, his descendants have carried on that vision and built a thriving healthcare business that upholds the enduring values ​​of Readymoney’s bloodline.

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Cowasjee Jehangir’s story is proof that innovation, trust and vision can shape not just business but society as well.