Cotton King. Bullion King. Premchand Roychand virtually ruled the city at the end of the 19th century. He came to Bombay as a young man in search of work, and became one of the most successful traders in Bombay.
He reaped enormous profits from the cotton boom that changed Bombay's economy for all times to come. Founder of the Bank of Bombay, people flocked to his Mazgaon mansion when it was illuminated on festive occasions.
The Rajabai Clock Tower in the University of Bombay, named after his mother, was built from a donation by him, as was the library.
He lost all his money in the Backbay reclamation scheme, and others equally ill-advised ventures. However, he managed to rebuild his fortune, though on a more modest scale.