The establishment of the Sir Kikabhai Premchand College of Commerce was a landmark in the growth and development of the Sarvajanik Education Society. This new institution of higher education in Commerce, started by the Society in 1946, owed its existence to the generous donation of Rs.1,00225/- by Sir Kikabhai Premchand, the then president of the society, and to the untiring efforts of some of the leading members of the society. In 1945 Sir Kikabhai Premchand, who had been greatly impressed by the educational activities of the Society, donated 100 ordinary shares of the Fort Gloster Jute Manufacturing Co. Ltd. and 50 shares of the Hukamchand Jute Mills Ltd. of the market value of Rs.1,00225/- on the conditions that the society should start a commerce college within two years, i.e. by June 1947, that the college should be named after the person named by Sir Kikabhai, that the amount of the donation should be utilized towards the construction of a building for the commerce college and that a minimum amount of Rs.3,00,000/- should be collected by the society for starting and maintaining the college.

The Managing Committee of the Society accepted the donation and began to make arrangements for starting the Commerce College. An application was sent to the University of Bombay in August 1945. The Local Inquiry Committee appointed by the University for the purpose visited Surat on 23rd December 1945 and the Senate of the University recommended to the Government in March 1946 the affiliation of the Commerce College for teaching of courses leading up to Intermediate commerce classes for two years.

The college was named as Sir Kikabhai Premchand College of Commerce and it started working from June 20, 1946 with a total number of 181 students. Shri Y. D. Keskar, who had worked as professor of commerce for a number of years at the H. L. College of Commerce, Ahmedabad, was appointed the first Principal of the College.

To begin with the College was housed in a spacious bungalow at Athwa Lines opposite the Police Headquarters. The opening ceremony of the College was performed by Hon'ble Shri B. G. Kher, Prime Minister, Government of Bombay, on July 3, 1946.

The Hostel students were accommodated first in a bungalow on the Kentish Road behind the College building, but the demand for hostel admissions having increased the very next year, a bungalow called 'Green Gate’ situated near the College was hired for the purpose and about Rs.12000/- were spent in remodelling it to suit the needs of hostel life.

This spacious plot situated to the north-east of the M. T. B. College was allotted to Sir K. P. College of Commerce for its building and on 22nd March 1948, the Sarvajanik Education Society got the foundation stone of the building laid by his Excellency Raja Sir Maharaj Singh, C. I. E., the Governor of Bombay and an old friend of Sir Kikabhai Premchand.

Earlier on December 8, 1947, a Local Inquiry Committee, appointed by the Bombay University in connection with the application of the College for extension of affiliation, had visited the College and had recommended the extension of affiliation for teaching courses leading upto B. Com. degree. So from June 1948, the College provided Instruction in all the three optional subjects at the Intermediate Commerce level and Advanced Accountancy and Auditing, Cotton Economics and Statistics at the B.Com. level. The introduction of the teaching of Statistics as an optional subject proved to be of great value to the students owing to the paucity of statisticians.

Thus by 1956, when it was ten years old, the College had progressed well in all respects. It imparted instruction up to B.Com. and M.Com. Degree levels with Accounting and Auditing, Statistics, Banking, Co-operation, Economics of Cotton, Higher Statistics, Advanced Accounts, Costing and Industrial Management as optional subjects. The strength of the students had reached the figure 700 and their performance in curricular and extra-curricular activities was equally brilliant. In the year 1958, the college got permanent affiliation with Gujarat University.

In June 1959 Principal Samant left for taking up University Professor's post at the Sardar Vallabhbhai Vidyapeeth and Prin. A. R. Desai was appointed in his place, who worked as principal upto 1974 and then he was appointed as Honorable Vice-chancellor of South Gujarat University for two terms, i.e. 6 years.

Though the College building had now sufficient number of class-rooms, it lacked adequate Library and Reading Room facilities for serious academic work. The University Grants Commission sanctioned a grant of Rs.49,000/- for the purpose and the Society put up a Library Extension Block, thus completing the western wing of the First Floor of the College Building at a cost of Rs.80,866/-. Another addition to the College building was the Non-Resident Students' Recreation Centre built at a total cost of Rs.88,460/-. For this also the University Grants Commission sanctioned a grant of Rs.35,000/-. The Centre provided good accommodation to the students for recreation and refreshments, and was declared open on August 11, 1962 by Shri Hitendra K. Desai, Minister for Law and Revenue, Gujarat State.

Continuing the journey of providing valuable education to its students, the college was granted ‘B’ grade in NACC accreditation First Cycle in 2003. After reaching one milestone, the college continued its pursuance towards excellence, and finally became NAAC Accredited ‘A’ grade college in the Second Cycle in 2014. Further, due to the relentless desire not just to maintain, but to surpass its own standards of education and learning, the college once again secured “A’ grade in the Third cycle in 2021.

The college offered B.Com. with specialisation in 'Advanced Accounting and Auditing', 'Banking' and 'Statistics'. It also offered a variety of optional subjects like Salesmanship and Publicity, Financial Management and Banking and Insurance in the first year. It also offered Indirect Taxation as an optional subject in the Third Year until 2024-25. The post graduate students were offered specialisation in 'Advanced Accounting and Auditing' and 'Statistics' till 2025-26. The college was the first, to introduce Self-financed M.Com.(Honours) Integrated Programme in the South Gujarat Region in 2009-10 which was discontinued in the year 2024-25 as it was taken over by Sarvajanik University. The college also ran a Diploma Course in Tax Management.

With the advent of National Education Policy 2020, the college adopted the same policy of offering three programmes in U.G. viz. B. Com with Major subject Accountancy, B.Com. with Major subject Banking and B.Com. with major subject Statistics. Also, it introduced a basket of courses such as Minor, Multi-Disciplinary, Ability Enhancement Course, Skill Enhancement Course, Bhartiya Gyan Parmpara, and Value-Added Course from academic year 2023-24.

The college has been the recipient of the Rashtirya Uchhtar Siksha Abhyan (RUSA) 2.0 Component 9 Grant to the tune of Rs. 2 Crore. The college has since proven its credentials by securing 3-star rating for two consecutive years in the Gujarat State Institutional Ratings Framework carried out by Government of Gujarat.