The British¬†East India Company (EIC)¬†was a private corporation formed in December 1600 to establish¬†spice trade relationūü§Ě with Asia.¬†Over two decades, it was¬†operated from its Governor‚Äôs homeafter its formation.
The companyūüŹĘ successfully grew and covered nearly¬†half of the global trade of¬†commodities like¬†cotton, silk, indigo dye, tea, and opium.
The Company‚Äôs intentions transformed from a pure trader to that of the¬†rulerūüĎĎ and it fought the¬†battles of Plassey and Buxar,¬†and defeated the Bengali powers‚úä. The company got¬†complete control over Bengal¬†and a military and political power in India.
EIC reached the height of its rule in India by 1803 with an¬†army of 260,000¬†which was more than twice of the size of British Armyūüí™. EIC rule in India¬†started¬†in 1757 and lasted until 1858. After the 1857 Indian Rebellion, the¬†Government of India Act 1858¬†led to the¬†new British Raj.
Later in the time, it needed an emergency loanūüŹ¶ of¬†¬£1 million to avoid bankruptcy.¬†The company had several repetitive financial issues due to which it was¬†dissolved in 1874.¬†