The drinking fountain was erected in 1869, with the £1,400 cost funded by Sir Cowasji Jehangir Readymoney, a successful Parsee businessman and philanthropist from Bombay, as a token of thanks to the people of England for their protection of the Parsees in British India.
The structure was built to the Gothic design of Robert Keirle, who was the architect of the Metropolitan Drinking Fountain and Cattle Trough Association.
Above each basin is a carved marble panel, with one depicting a lion and another a Brahmin bull, topped by a frieze decorated with inlaid stars and a triangular pediment resembling a gable.
Three of the gables have a carved bust, depicting Readymoney, Prince Albert, and Queen Victoria, and the fourth has a clock.
A modern plaque above the basin on the south face of the fountain reads: Further restoration work was undertaken in 2016 and 2017.