It was created 6 August 1857 for Sir Jamsetjee Jejeebhoy,[1] a prominent Parsee merchant and philanthropist who was the first Parsi and first Indian to be knighted (1842) and the first to be made a baronet (1857).
When Sir Jamsetjee Jejeebhoy was made a baronet, it was realised that the Parsee custom was for a change of names for each generation.
In 1915, the Imperial Legislative Council passed the Sir Jamsetjee Jejeebhoy Baronetcy Act, providing that all the male heirs should take these names and no other.
The third baronet was appointed a Companion of the Star of India (CSI) and as a justice of the peace, served on the council of the Governor of Bombay.
He had one son, Cursetji (1878–1893), who predeceased him at a young age, and was succeeded by his younger brother Cowasji, the fourth baronet, who came to be known as the leader of the Parsi community in Bombay.