Chhatris or cenotaphs, commonly associated with the Rajput nobility, were extensively commissioned by merchants in the Shekhawati region of Rajasthan from around 1830 to 1950. A study of these chhatris allows an insight into how the chhatri, as a mortuary monument, along with other painted buildings from the region, reflected and consolidated the identity of the merchant community after their engagement and prosperity in the colonial economy. This article discusses one of the most celebrated merchant chhatris from the Shekhawati region, the Ram Gopal Poddar Chhatri (1872 ce ) from Ramgarh. Through an analysis of the chhatri’s paintings and inscriptional evidence, while situating its commissioning within the history of a quintessential merchant town, this article sheds light on how these mortuary monuments established the nouveau elite status of merchants by referencing established mythological themes like the avatars of Vishnu, and markers of ‘taste’ like the ragamala paintings. Also discussed are motifs that become markers of merchant identity, such as the image of the saint Dadu Dayal, as well as depictions of merchant ships protected by divinities like Rama.