Cowasjee Readymoney’s pioneering path from profit to purpose
Subscribe to enjoy similar stories. The name Readymoney evokes an almost magical ability to conjure wealth at will. For the British Empire, hungry for capital to fuel its global mercantile ambitions in the 19th century, Cowasjee Jehangir emerged as a dependable financier, bridging the gap between opportunity and execution.
The origins of the name trace back to Cowasjee’s grandfather, Hirji Jeevanji, founder of the Readymoney group, who adopted the moniker, which later became the family surname. Read this | Jagannath Nana Shankarshet: A forgotten visionary amidst colonial chaos Long before instant transfers and digital banking, Cowasjee’s financial ingenuity revolutionized how money moved swiftly across the vast expanse of the British Empire. He devised an innovative solution to the 18th-century colonial finance conundrum: the slow and perilous movement of money through conventional banking channels.
His method involved a network for rapid cash credit disbursement based on informal yet rigorous vetting of business creditworthiness—a ground-breaking system that pre-empted modern financial practices. The mid-19th century was marked by colonial greed and booming global trade in cotton. When the American Civil War (1861–1865) disrupted the global supply chain, Cowasjee demonstrated remarkable foresight.
Leveraging connections with Indian growers, he ensured a steady supply of cotton to Western markets. The demand was such that people ripped off their mattresses to sell the cotton stuffing inside. However, unlike many traders who succumbed to the volatility of “white gold," Cowasjee focused on long-term, steady profits, navigating through the price surges with a disciplined approach.
Read more on livemint.com
