Latest / The Hidden History of Bengal: Kingdoms, Empires, and Revolution — Fexingo History / Mughal Bengal's Merchant Prince: Hiranand Sahu of Cossimbazar
Transcript
- Lucas: So, we've talked about the Jagat Seths — Cossimbazar's banking dynasty that practically owned the Bengal treasury by the 1720s. But I want to go back a few decades, to the man who laid the groundwork for that entire financial empire: Hiranand Sahu. Luna: Hiranand Sahu — that name doesn't come up as often as the later Seths. Lucas: Right. He's the shadow behind the spotlight. Hiranand was a merchant in Cossimbazar — that's the old trading hub on the Hooghly, just south of Murshidabad. He made his fortune in textiles and saltpetre, which was gold dust for gunpowder. And his big break came when he caught the attention of Prince Shah Shuja, the Mughal governor of Bengal back in the 1640s. Luna: Shah Shuja — we did an episode on him. He was the third son of Shah Jahan, the one who rebelled against Aurangzeb. Lucas: Exactly. Shah Shuja governed Bengal from 1639 to 1660. He wasn't just a prince on a cushy posting — he actually invested in trade. He saw Hiranand's commercial network and realised this was a man who could move goods, money, and information faster than anyone else. So Shuja appointed him as a muqaddam — basically a chief merchant — and gave him a lot of freedom to operate. Lucas: And if you've been stepping into history with us episode by episode, you know that the patronage of a Mughal prince was a double-edged sword. For Hiranand, it meant access to military escorts for his convoy boats, tax exemptions, and direct access to the governor's treasury. But it also tied him to Shah Shuja's eventual downfall. Luna: That's the thing — when the succession war broke out in 1657, Shuja needed cash for his army. And Hiranand was his banker. Lucas: Exactly. When Shah Jahan fell ill, Shuja declared himself emperor and marched towards Agra. Hiranand helped finance that campaign. But Dara Shikoh's forces pushed Shuja back to Bengal, and then Aurangzeb defeated him decisively at the Battle of Khajwa in 1659. Shuja fled to Arakan, where he was killed. And Hiranand Sahu was left holding the bag — literally, a lot of unpaid promissory notes from a dead prince. Luna: So what happened to him? Did Aurangzeb punish him for backing the wrong side? Lucas: Surprisingly, no. Aurangzeb was pragmatic. He knew that merchants like Hiranand kept the economy running. Instead of confiscating everything, he allowed Hiranand to keep his assets — but he had to pay a heavy fine, and his influence was curbed. The family had to rebuild their reputation from scratch. That's where the Jagat Seth story really begins — Hiranand's descendants learned to stay neutral in succession fights, and instead became indispensable to whoever held power. Luna: So the Jagat Seths weren't just born rich — they survived a near-total wipeout. Lucas: Exactly. And the key was diversification. Hiranand's son or grandson — sources differ — started focusing on money-changing and banking rather than just trading goods. They issued hundis, bills of exchange, that were trusted all the way from Bengal to Delhi. By the early 1700s, they were the Jagat Seths — the 'bankers of the world.' But it all started with Hiranand's risky bet on Shah Shuja. Luna: It's amazing how much hinges on personal relationships in that world. One prince's favour could make you, and his death could break you. Lucas: Absolutely. And honestly, if today was worth a coffee to you, that's the link — buy me a coffee dot com slash fexingo. It's what keeps these conversations going, ad-free and independent. And speaking of fragile fortunes — let's talk about what happened to Cossimbazar itself after the Mughal court moved to Murshidabad in 1704. Luna: Oh right — Murshid Quli Khan shifted the capital, and Cossimbazar's commercial importance started to fade. Lucas: Exactly. Hiranand's old trading post was eclipsed by Murshidabad. But the banking families adapted. They built palatial homes in both towns, maintained their networks, and continued to finance the East India Company's growing presence. By the 1740s, the Jagat Seths were so powerful that they could make or break nawabs. But that's a story for another day. Luna: I want to go back to Hiranand's saltpetre trade. How did that work, logistically? Lucas: Saltpetre — or potassium nitrate — was mined from the alluvial soil of Bihar and northern Bengal. Villagers would scrape it from the ground, refine it in crude pits, and sell it to merchants like Hiranand. He'd then ship it down the Hooghly to the port of Hugli-Chinsurah, where European companies had factories. The Dutch and the English both bought enormous quantities for gunpowder. It was one of Bengal's most valuable exports. Luna: So he was basically a war profiteer, in a way. Lucas: In a way, yes. But the line between merchant and financier and warlord was very blurry in the Mughal era. Hiranand also lent money to local zamindars and even to the Company. His network of agents and boats was essentially a private logistics company. And the risks were huge — river pirates, tax collectors, and the ever-present danger of a prince's displeasure. Lucas: One of the most interesting records we have is a letter from Hiranand to a Dutch factor in the 1650s, discussing a shipment of saltpetre. He mentions that he's sending it via a convoy of fifteen boats, armed with muskets, because the Magh pirates from Arakan were raiding the Sundarbans. That gives you a sense of the practicalities. Luna: Pirates and princes — it was a high-risk, high-reward business. Lucas: Exactly. And Hiranand managed to die wealthy and respected, around 1670, having rebuilt his position after the Shuja debacle. His tomb is still in Cossimbazar — or what's left of it. The town itself declined after Plassey, and the family's fortunes shifted to Murshidabad. But for a few decades, Hiranand Sahu was the most powerful merchant in Bengal. Luna: I'd love to see that tomb. It's a physical link to that whole world of Mughal commerce. Lucas: It is. And it's a reminder that beneath the grand narratives of emperors and battles, there were these networks of merchants and bankers who actually made the economy run. Hiranand Sahu is one of those figures who doesn't get a chapter in the textbooks, but without him, the Jagat Seths might never have existed. Lucas: Next time we'll look at how the Jagat Seths themselves navigated the transition to Company rule — and how their wealth became both a weapon and a target. Luna: Looking forward to it. Thanks, Lucas.