Hiranand Shahu

Hiranand was the founder of the Indian House of Jagat Seth – Banker of the World. Starting as a trader in Patna he expanded his business by installing his seven sons in different parts of North India. His success was so great that even legend were told about him.

He was an Oswal Jain from Nagaur in Marwar who came to Patna in 1652, the great commercial center at the time. Hiranand started as a banker and trader of saltpeter, one most sought commodity by the Europeans and he soon prospered. He also had banking activities that included advancing loans to Europeans and discounting bills of exchange that they received from other places.

Hiranand’s business success was so amazing that even legend about him was made. According to a story Hiranand traveled through forest and stopped to rest at one point. He fell asleep and was awaken by a strange sound that he followed and discovered an old palace with dying man inside. He took care of the man, who was incredibly rich, and out of gratitude towards Hiranand the man left him his entire wealth. Hiranand later visited the palace several times and carried the wealth in installments. As every legend has a bit of truth this one testifies about incredible business success of Hiranand. He was succeeded by his eldest son Manick.