Jain merchants thrived through Mughal India and beyond
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In Ahmedabad, India, the Jhaveri family built a successful business starting in the late 1500s, initially by supplying fine jewelry to Mughal emperors.
The family migrated from Osian in Rajasthan when Ahmedabad was becoming a major trading center after the Mughal conquest of Gujarat. Shantidas Jhaveri established a beneficial relationship with emperors like Jehangir, who granted the family privileges in exchange for jewelry and luxury goods like pineapples and turkeys.
This relationship shifted under Aurangzeb, who initially destroyed a Jhaveri temple but later recognized the family’s importance. As the Mughal empire faced financial strain during its Deccan campaigns, governors increasingly relied on merchants like the Jhaveris to fund military efforts, sometimes resorting to violence when loans went unpaid. Over time, the Jhaveris and other Gujarati merchants gained political influence, even supporting rival administrators and kingdoms.
Today, the Jhaveri family, now known as the Lalbhais, continues to be prominent in Ahmedabad, owning businesses like Arvind Limited and supporting the Ahmedabad Education Society. Sudev Sheth, author of Bankrolling Empire, argues that the family’s continued success stems from their ability to adapt to changing economic conditions and manage succession effectively, lessons that still apply to modern Indian businesses.
