Raiji played nine first-class matches in the 1940s.
"He (Raiji) passed away at 2.20 am in his sleep at his residence in Walkeshwar in South Mumbai due to old-age," Raiji's son-in-law Sudarshan Nanavati told PTI.
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Raiji played nine first-class matches in the 1940s. The right-hand batsman scored 277 runs, including the highest score of 68.
He made his debut in 1939 for Cricket Club of India side that took on Central Provinces and Berar in Nagpur.
Raiji's Mumbai debut happened in 1941 when the team played Western India under Vijay Merchant's captaincy.
Also a cricket historian and chartered accountant, Raiji, was only 12 when India played its first Test match in 1932 against England at Lord's.
Legendary cricket figures such as Sachin Tendulkar and Steve Waugh paid a visit to Raiji at his residence in January when he celebrated his 100th birthday.
The cremation, it is learnt, will take place at the Chandanwadi crematorium in South Mumbai on Saturday afternoon.
(Inputs from PTI)