Merit Blade

Gerard Aungier invited all communities but it was only the Konkanis (and to a lesser extent the Bhatias) that took up his offer & came to Bombay. 11 Konkani families hailing from Goa & the Konkan are responsible for developing trade & business in the city. Konkanis are an ancient Hindu trading community operating along the Western Coast & Peninsular India comprising groups like the Gauda Saraswat Brahmins, Daivadnya Brahmins (also known as Sonars/Sheths) & the Vaishya Vanis. In the late medieval/early modern era Konkanis utilised Bombay and Goa as free trade ports for global trade connecting with the Maratha hinterland like Desh and Malwa. They also ran a Merchant's Republic in the South Canara town of Basrur which drew the attention of the Portuguese & the Maratha King Shivaji. These 11 families were hereditary owners of the Walkeshwar temple till the GSB Temple Trust was established. The Konkanis dominated trade in Bombay City till the 1860s. Famous Merchant Princes from this clique include the first one Narayana Shenvi Dabholkar (also a diplomat & witness to the coronation of Shivaji), Rama Kamati (Rama Kamat Lotlikar), the Gulgules (also having a branch in Kota & Gwalior) & lastly the famous Jagannath Sunkersett. These families played the leading role in the development of markets & trade in the city especially laying the first market of the city at Bhuleshwar & it's surrounding markets focused on grains especially rice, fruits & vegetables, silk & cloth, bullion, jewellery & diamonds, timber, furniture & opium. They also established banking networks that had a presence within Coastal, Peninsular & Central India as well as in Yemen & Portuguese & British territories. Their domination in trade continued till the 1860s when a combination of factors (their supposed support to 1857 Revolt, mass migration of Vanis & Shravaks following earthquakes in Sorath and Kutch and social issues with Marathi Brahmins following the Vishnu Wagh Case) led to their displacement as the dominant factor in the city's economy. The Cotton Boom of the 1860s & 1870s created a new set of elites who have dominated the city & nation's economy since then. All mainstream narratives of the development of trade & enterprise in Bombay often begin from this period overlooking the past (probably in an attempt to preserve the status quo). It should be noted here that while the Konkanis were always prized diplomats owing to their warm relations with multiple political powers & mastery of various languages, their relationship with the British had it's ups & downs. Rama Kamat Lotlikar's enormous wealth was confiscated in an elaborate scheme (that included the then Governor of Bombay Charles Boone) based on forged documents alleging his support to Kanhoji Angre. He was imprisoned & he died in prison after 8 years in 1720. After his death he was proved innocent & his family was paid compensation (more on the case in comments). Similarly Jagannath Sunkersett was imprisoned for being a supporter & financier of the Peshwa claimant Nana Saheb in 1858. However, the charge could never be proved. Goa also provided a similar business environment & the Mhamai Kamat of Goa who are referred to by the Portuguese as the richest family/trading house in the early 1700s having large business interests in the Middle East, Europe and the Americas. The information I presented can be read in detail in the writings of Suryanath U Kamath, Sanjay Subrahmanyam, Mumbai che Varnan (Description of Bombay) by G.N. Madgaonkar & the writings of Shenoi Goembab. In the early medieval period Bombay was settled by the Pathare Prabhus & the Yadav prince Bimbadev. I would recommend the translation of the Mahikavitichi Bakhar by @SDahisarkar for this period. For trivia about Bombay I would suggest following the work of @dhavalkulkarni & @BharGo8 Attached a short video in Konkani by @shreekashimath & @YouthofGsb on Rama Kamati.