The aim of this article is to develop a general narrative of the firms that led the growth of trade in nineteenth-century India, and thus to supply a missing piece in modern Indian business history. The trading firms had several features in common with trading firms globally, especially, a high degree of mobility, institutional adaptation, and occasionally, diversification into banking and manufacturing. But certain aspects of the process were specific to the regions where they operated, such as differences between the ports and the interior trading orders, between cities, and between expatriate and indigenous firms. The article reconsiders these features.