Piruz Khambatta, Chairman and CEO of Ahmedabad-based Rasna, the ₹2,000-crore soft drink concentrate maker, says he has spent four decades building his business around Ashoi, the Zoroastrian principle of righteousness, purity and integrity in thought, word and deed.
In an era dominated by startup valuations and quarterly targets, the Khambatta offers a different model: one in which integrity is not a constraint on ambition but one of its strongest accelerants. Tata, Godrej, Wadia, Shapoorji Pallonji, the Poonawallas and Rasna have helped build companies and institutions collectively estimated to be worth nearly $400 billion.
“The most enduring institutions are often those that combine wealth creation with social purpose,” Khambatta says In his new book, Ashoi: The Zoroastrian Art of Success and Immortality.
He argues that the same principles that shaped some of India’s most trusted business houses can help millions of Indians build enduring wealth and self-sustaining enterprises.
The premise rests on one of the most striking anomalies in Indian business history. The Parsis account for just 0.004 per cent of India’s population, roughly one person in every 24,000 Indians.
At the launch of the book in the Crystal Room of Mumbai’s Taj Mahal Palace on May 9, Union Minister for Parliamentary Affairs and Minority Affairs Kiren Rijiju described the Parsi way of doing business as “an enigma” and said the book could offer millions of Indians a guide to balancing economic success with sustainability.
Speaking to businessline, Khambatta framed the book around a single question: “What are you building that will still matter when you are gone?”
The Parsi Operating System
Khambatta describes Ashoi not as a religious text but as an operating system. At its core lies the Zoroastrian triad Humata, Hukhta, Hvarshta, Good Thoughts, Good Words and Good Deeds.
In practical terms, it asks three questions before any decision: Is my intention honest? Am I speaking truthfully? Will my action help rather than harm?
Applied consistently over decades, Khambatta argues, these principles create something more durable than capital: reputation.
“Making a million is not success,” he said. “If your success is defined only as money, that is the starting of all evils.”
In his view, real success begins with becoming a better decision-maker, a more purposeful individual and a more useful citizen.
Wealth follows as a consequence
The book distils 50 principles from Zoroastrian texts and Khambatta’s own entrepreneurial journey. But he stresses that readers need not be Parsi, or religious at all, to apply them. “One does not need to be Parsi to use these ideas, just as one need not be Japanese to learn from Ikigai or a Roman emperor to benefit from Stoicism,” he said.
Trust as an Economic Asset
The most commercially relevant insight in Ashoi is Khambatta’s treatment of trust. In most management literature, trust is treated as a soft value. Khambatta treats it as hard economics. Consumers buy Tata Salt, Godrej products and Rasna not simply because of product attributes, he argues, but because they trust the names behind them. That trust lowers transaction costs, attracts talent, strengthens customer loyalty and allows companies to expand into new categories.
Tata has moved from steel and salt to software and hospitality. Godrej has extended from locks to appliances and consumer products. Rasna has remained one of India’s most recognisable beverage brands across generations.
“Trust is not a soft virtue,” Khambatta said. “It is a hard economic asset—one that appreciates every time you use it and disappears the moment you compromise it.”
Wealth as Stewardship
The Parsi contribution to India extends far beyond private wealth. The Tata Group alone generates annual revenues equivalent to several percentage points of India’s GDP, while around two-thirds of Tata Sons is owned by philanthropic trusts that fund education, healthcare, scientific research and social development.
This blend of commercial scale and public purpose lies at the heart of the Parsi legacy. Wealth, in this framework, is not merely accumulated but stewarded. Companies, hospitals, schools, research centres and charitable trusts become vehicles for creating social capital alongside financial capital.
“The most enduring institutions are those that combine wealth creation with social purpose,” Khambatta said.
The ₹100 Crore Startup Corpus
Khambatta used the launch to announce a ₹100 crore startup corpus to be set up with an upcoming Zoroastrian Chamber of Commerce. Open to founders across communities, the fund will provide equity capital—not grants or interest-free loans—along with mentorship from experienced entrepreneurs and professionals.
“We are not giving grants or interest-free loans. We are investing as partners, because the goal is to build successful businesses, not dependency,” Khambatta said.
The model draws inspiration from the Jain International Trade Organisation, whose investment platform has mobilised more than ₹260 crore into the startup ecosystem over the past seven years.
A Blueprint for India’s Next Millionaires
Khambatta draws a parallel between Ashoi and classics such as Think and Grow Rich and The Millionaire Next Door. His ambition is to create an Indian playbook rooted not in shortcuts or speculation, but in ethical discipline, long-term thinking and institution building.
Drawing on the Zoroastrian ideas of Asha (truth and cosmic order) and Ameretat (immortality), the book argues that a life is measured not by how long it lasts, but by what it leaves behind.
For Khambatta, the lesson of the Parsi experience is straightforward: build with integrity, steward wealth responsibly and create institutions that continue to serve society long after their founders are gone.
Or, in his own words: “What are you building that will still matter when you are gone?”