The common narrative is that during the colonial rule, Indian businesses and industries did not flourish, but rather went into a state of decline. This paper seeks to explore various players in Indian business that seemed to have gained and benefitted from the colonial rule. Another contributing factor to this were the two World Wars. The Banias (which remain a relevant business caste even today) not only benefit but also changed their method of earning. The Birlas and Tatas were already prominent figures in Indian business, but owing to colonial rule they seemed to make further leaps and bounds. Lastly, foreign pharmaceutical MNCs and other companies also staked their claim in the bustling business environment that existed in early 20th century India.