This chapter examines the English East India Company’s (EIC’s) rise to dominance in South Asia from the mid-eighteenth century onwards. The EIC followed Asian precedents by forging its empire through reliance on strategies of define and conquer and define and rule. Company officials first curated indigenous identities to mobilize a uniquely competitive multicultural conquest coalition. They then stabilized their rule through a diversity regime of ecumenical incorporation, which reified religious difference as the primary cleavage on which colonial divide and rule logics would rest. The chapter proceeds in six sections. The first charts the onset of competitive state-building in South Asia following the Mughal Empire’s decline. The second section recounts the EIC’s expansion, before critiquing existing explanations for this. The third to fifth sections advance my substantive explanation for the rise of the ‘Company Raj’. The discussion conforms to the template of emergence, institutionalization, legitimization and consolidation established earlier to explain the rise of the Mughals and the Manchus. The sixth section sums up the chapter’s findings and teases out its broader implications.