Mr. K.R. Cama had a multi-faceted personality. He had a keen merchantile instinct with a grand civic vision. He extended his support to scholarly inquiry in the humanties and the sciences. He was conversant with art, painting, music, ten languages, branches of modern science, particularly astrology, chemistry, botany. This Institute was started in memory of this good citizen of Bombay. With generous donations of Mr. Damodardas Gordhandas Sukhadwalla, a well known Hindu philanthropist of Rs. 1,00,000/- this Institute was established with free reading room and Library in 1916, consisting of Cama’s personal library among other collections.

The Institute’s Library comprising an amalgamation of several private collections of some of the most distinguished scholars of their time is much loved and well known by scholars world wide. It is considered the main and most comprehensive source of information on Zoroastrianism. This treasure trove comprises of the collections of such eminent scholars as Mulla Firuz, Maneckji Limji Hateria, Sir Jivanji J. Modi,   Sir Dorab Tata, Dastur  Dr. Darab Sanjana, Jameshji Unvala and Tehmurasp Anklesaria.