Dr. Thillai Rajan A.
Professor
Fellow (Ph. D.), Indian Institute of Management Bangalore, 2000.
M.Sc. (Hons.) Biological Sciences , B.I.T.S., Pilani, 1994.
B.E. (Hons.) Chemical Engineering, B.I.T.S., Pilani, 1994.
+91-44-2257 4569
thillair[at]iitm[.]ac[.]in
Office : DoMS 202
Areas of Interest
Teaching
MBA Program- Financial Management
- Cost Accounting
- Real Options
- Strategic Financial Decision Making
- Infrastructure Finance
- Research Seminar
- Empirical Research in Finance
- Accounting and Finance for Engineers
Selected Journal Publications
- Guest Editor, Special Issue on “Start-ups, Innovation and Venturing,” Journal of Indian Business Research, Vol. 14:1, 2022. Guest Editorial: 14(1): 1-3, 2022. DOI: 10.1108/JIBR-03-2022-365
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Rani, Niroopa, Kuruva Ramesh, and Thillai Rajan Annamalai. 2021. “Angel Investors: Do They Clone or Contrast?” Indian Journal of Finance 16(January): 8–26. DOI: 10.17010/ijf/2022/v16i1/159878
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Delhi, V. S. K., Devkar, G., Narayanan, S., Devaraj, R., Ayyangar, A., & Thillai Rajan, A. (2021). WASH for all: A systematic review of Physiological and Sociological Characterization Framework segmentation in WASH policies, programmes, and projects. Development Policy Review, DOI: 10.1111/dpr.12585
- Samhita Mangu, Thillai Rajan Annamalai, and Akash Deep (2021), Comparison of toll and annuity PPPs: A case study of highway projects in India, Built Environment Project and Asset Management. DOI: 10.1108/BEPAM-12-2019-0138
- Denila Jinny Arulraj and Thillai Rajan Annamalai (2020), Firms’ Financing Choices and Firm Productivity: Evidence from an Emerging Economy, International Journal of Global Business and Competitiveness, 15: 35–48. DOI: 10.1007/s42943-020-00008-2
- Kuruva Ramesh and Thillai Rajan Annamalai (2020): What affects investment duration, exit type, and returns in venture investments? The Journal of Alternative Investments Spring 2021, 23 (4) 47-60; DOI: 10.3905/jai.2021.1.123
- Kuruva Ramesh and Thillai Rajan Annamalai (2020): Corporate Tax Havens and Venture Capital Investment, Journal of Taxation of Investments, 37 (3), Spring Issue: 79 – 91
- Akshaya Ayyangar, Sriharini Narayanan, Reeba Devaraj, Venkata Santhosh Kumar, Ganesh Devkar & Thillai Rajan Annamalai (2019): Target segmentation in WASH policies, programmes and projects: a systematic review, Journal of Development Effectiveness, DOI: 10.1080/19439342.2019.1595090
- Ganesh Devkar, A. Thillai Rajan*, Sriharini Narayanan, and M. S. Elayaraja (2019). Provision of Basic Services in Slums: A review of the evidence on top‐down and bottom‐up approaches. Development Policy Review 37 (3): 331-347. DOI: 10.1111/dpr.12355
- Sriharini Narayanan, A. Thillai Rajan*, Paul Jebaraj, and M.S. Elayaraja (2017). Delivering basic infrastructure services to the urban poor: a meta-analysis of the effectiveness of bottom-up approaches. Utilities Policy 44: 50-62
- Josephine Gemson and A. Thillai Rajan (2017). A Choice between Staging and Syndication as Tools to Control Risks When Private Equity Invests in Infrastructure, Journal of Structured Finance, Summer Issue, 1-17
- A. Thillai Rajan and Vikram Kapur (2017). The role of Ventures in Strengthening the Fabric of the City: The case of Chennai. Coller Venture Review, Issue 5: 18-28
- A. Thillai Rajan and Vikram Kapur (2017). Chennai, 1998–2015: From the Epicenter of Small Business to Venture. Coller Venture Review, Issue 5: 30-31
Conferences
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The incorporation of life cycle approach in WASH policies and programmes: A systematic review, Global Evidence and Implementation Summit, Melbourne, 24 Oct 2018Characteristics of successful interventions in civic infrastructure and amenities: A rapid evidence summary, Global Evidence and Implementation Summit, Melbourne, 22 Oct 2018
- Real Options in Desalination sectors, 20th Annual International Conference Real Options Oslo, Norway, June 2016
Impact of Private Sector Participation on Access and Quality of Services: Systematic review of evidence from the Electricity, Telecommunications and Water supply sectors, Making Impact Evaluation Matter conference, 1-5 Sep 2014, ADB Headquarters, Manila, Philippines. - Venture funding for social innovations: Impact and relevance. National conference on Social Entrepreneurship and Sustainable Development, 08 – 10 January 2014, Centre for Social Entrepreneurship, Tata Institute of Social Sciences, Mumbai
Books and Reports
Books
- Shifting Orbits: Decoding the Trajectory of the Indian Start-up Ecosystem, Co-Edited with Srivardhini K. Jha, Joffi Thomas, and Rohan Chinchwadkar, Universities Press (India) Private Limited, Hyderabad, 2021. ISBN: 978-93-89211-95-5
- Thoduvaanam Thedi (தொடுவானம் தேடி in Tamil), Ideas for Business Success, Vaanavil Publications, Chennai 2020. ISBN: 978-81-9478-2759
- Fuel for Start-Ups: Perspectives on the Indian Venture Capital Industry (2018). New Delhi: Studera Press. ISBN 978-93-85883-56-9
- Sigaram Thedi (சிகரம் தேடி in Tamil), A guidebook for first generation entrepreneurs, Kizhakku Pathippakam, Chennai, 2012. ISBN: 978-81-8493-747-3. Based on the weekly Tamil column on “First Generation Entrepreneurs” in Nanayam Vikatan, Dec 2011 – May 2012
- Selections from the Inbox, An Anthology of the funniest and heart-warming emails of the decade, English Edition, Mumbai, 2002. ISBN 81-87853-33-6
- The old, the new, & all in between - A process study of the pioneering power sector reform in Orissa, Classical Publishing Company, New Delhi 2002. ISBN 81-7054-348-7
- Muscle to the Mind: Enhancing the success of micro women entrepreneurs. Published by Indian Institute of Technology Madras, 2019
- India Venture Capital and Private Equity Report 2018: HOWZAT: Success and Impact of Start-Ups. Report available at: https://www.ynos.in/thought-leadership
- How effective are interventions which seek to improve access and quality of civic infrastructure and amenities? What are the key characteristics of successful interventions in urban areas? – A Rapid Evidence Summary (2017) London: EPPI Centre, Social Science Research Unit, Institute of Education, University of London. Report available at: https://assets.publishing.service.gov.uk/media/5b2b926ced915d586b99f726/13A._Civic_Amenities-Evidence_Summary_Report_final__1_.pdf
- India Venture Capital and Private Equity Report 2017: The State and the Start-Up: An analysis of government policy and support for Start-Ups. Report available at: https://www.ynos.in/thought-leadership
- Venture Intelligence India Private Equity Impact Report 2017. Report available at: https://www.ynos.in/thought-leadership
- Incorporating the life cycle approach into WASH policies and programmes: A systematic review (2017). 3ie Systematic Review 35. London: International Initiative for Impact Evaluation (3ie). Report available at: http://www.3ieimpact.org/media/filer_public/2017/03/31/sr35-life-cycle-wash.pdf
- India Venture Capital and Private Equity Report 2016: Inspiration and Momentum for the Gladiators: A study and analysis of the startups. Report available at: https://www.ynos.in/thought-leadership
- What is the evidence on top-down and bottom-up approaches in improving access to water, sanitation and electricity services in low-income or informal settlements? A Systematic Review (2016). London: EPPI-Centre, Social Science Research Unit, UCL Institute of Education, University College London. https://eppi.ioe.ac.uk/CMS/Portals/0/PDF%20reviews%20and%20summaries/SANITATION%202016%20Annamalai.pdf
- India Venture Capital and Private Equity Report 2015: The alchemy of judgment and objectivity: An analysis of valuation and structuring in venture investments. Report available at: https://www.ynos.in/thought-leadership
- India Venture Capital and Private Equity Report 2014: The fuel for wealth creation – An analysis of capital providers to the venture capital and private equity funds. Report available at: https://www.ynos.in/thought-leadership
- Impact of private sector involvement on access and quality of service in electricity, telecom, and water supply sectors. A systematic review of the evidence in developing countries. (Sep 2013). Report available at: http://eppi.ioe.ac.uk/cms/Default.aspx?tabid=3423
- India Venture Capital and Private Equity Report 2013: Convergence of patience, purpose, and profit: An analysis of impact investments in India. Report available at: https://www.ynos.in/thought-leadership
- India Venture Capital and Private Equity Report 2012: Stimulus for the New and the Nascent. Report available at: www.doms.iitm.ac.in
- Impact of changes in the transparency of infrastructure procurement and delivery on infrastructure access, costs, efficiency, price, and quality – A systematic review of the evidence in developing countries. Study funded by the Department of International
- Development, Government of UK and supported by the EPPI-Centre, SSRU, Institute of Education, University of London. (June 2012). Report available at: http://www.dfid.gov.uk/r4d/PDF/Outputs/SystematicReviews/Infrastructure-2012Annamalai-report.pdf
- India Venture Capital and Private Equity Report 2011: Fuelling growth and economic development. Report available at: http://www.dealcurry.com/publication.php
- India Venture Capital and Private Equity Report 2010: The contours of smart capital. Report available at: http://www.indiavca.org/ivca_pe_vc_reports.aspx
- India Venture Capital and Private Equity Report 2009: On top of the world, still miles to soar. Report available at: http://www.indiavca.org/ivca_pe_vc_reports.aspx
Experience
Academic
- Mar 2015 - Till Date - Professor, Management Studies, IIT Madras
- Jun 2010 - Mar 2015 - Associate Professor, Management Studies, IIT Madras
- Dec 2005 – Jun 2010 - Assistant Professor, Management Studies, IIT Madras
- Leadership for Academicians Program (LEAP), Indian Institute of Technology Bombay and Nanyang Technological University, Singapore, Feb 25 – Mar 22, 2019
- Associate, Mossavar-Rahmani Centre for Business and Government, Harvard Kennedy School, Harvard University, Jan 2017 – Feb 2021
- International Research Affiliate, Coller Institute of Venture, Tel Aviv University, Jan 2017
- Senior Fulbright Fellow, Centre for Business and Government, Harvard University, Jan – Jun 2010
- Visiting Fellow, Macquarie Graduate School of Management, Sydney, May – June 2008
- Chevening Gurukul Fellow, London School of Economics, Sep – Dec 2005
- Visiting faculty, Project Analysis and Finance, Centre for Public Policy, Indian Institute of Management Bangalore, 2004 – 2009
- Visiting faculty, Corporate Finance, T.A. Pai Management Institute, Oct-Dec 2000
- Member of the Board, CloudAdic Intelligent Solutions Private Limited (Since Feb 2015)
- Member of the Board, Rural Technologies Business Incubator (RTBI) (Since 2012)
- Director and Member of the Board, Merkel Haptic System Private Limited (Since Sep 2012)
- Advisory Trustee, Board of Trustees, Socio Economic and Education Development / Hand in Hand Trust (Since Sep 2011)
- Founder and Member of the Board, Pluto Education (Money-wizards) Private Limited (Since Sep 2011)
- Aug 2002 – Dec 2005 - Operations Manager, Infosys Technologies Limited
- Jan 2000 – Aug 2002 - Manager, IL&FS Investment Managers
- Jun 1999 – Dec 1999 - Assistant Manager, IL&FS Limited
- Aug 1994 – Jun 1995 - Sales Engineer, Thermax Limited
- Principal Investigator, Centre for Research on Start-ups and Risk Financing (CREST), a proposed Centre of Excellence, IIT Madras, Feb 2021
- Convenor and Founder, innovation, Venturing, and Entrepreneurship in India Network (iVEIN), a PAN IIT – IIM consortium, 2020. The partner institutes included IITM, IITB, IIMB, IIMC, and IIMK
- Geonomics Research & Technologies Private Limited (www.idip.co.in). Co-Founder. From April 2018.
- YNOS Venture Engine CC Private Limited (www.ynos.in). Co- Founder. From April 2017
- Co-ordinator, IITM-MSME Incubation Venture Fund
Awards & Honors
- Winner for the best case study in Business Ethics and Corporate Governance track, International Case Study Conference 2012, December 14-15, Hyderabad.
- Emerald Literati Network Highly Commended Award, Journal of Indian Business Research, 2012
- Emerald Literati Network Highly Commended Award, Journal of Financial Management of Property and Construction, 2011
- Emerald Literati Network Highly Commended Award, International Journal of Energy Systems Management, 2011
- Fulbright – Nehru Senior Research Fellowship, 2009 – 10
- P. K. Das Memorial Best Faculty Award, 2009
- Outstanding Young Management Teacher Award, The Association of Indian Management Scholars’ International, 2009
- Dewang Mehta Award for Best Teacher in Financial Management, 2009
- Young Management Researcher Award, The Association of Indian Management Scholars’ International, 2008
- Dr. Harisingh Gour Award for Teaching Excellence in Management, November 2008
- Young Faculty Recognition Award, IIT Madras, 2008.
- Excellence in Online Education Award, U21 Global, 2008
- Finalist in Hidden Successes, MIT – IFMR International Research Competition on India’s Urbanization, 2008
- Endeavour Executive Award, 2008, Department of Education, Science and Training, Government of Australia
- Broad Outlook Learner – Teacher (BOLT) Award, Air India, 2007
- Ramaswamy P. Aiyar Best Young Teacher Award, Association of Indian Management Schools (AIMS), 2007
- Best Case Study Award (Third place), 19th Annual Convention of Association of Indian Management Schools (AIMS), Kolkata, 2007
- British Council Chevening Gurukul Scholarship in Leadership and Excellence, 2005
Case Studies
- Saji Mathew and Thillai Rajan A. (2013). Sustainability as an imperative and an opportunity: the case of Infosys Limited, Emerald Emerging Markets Case Studies, 3(2): 1-16. DOI: 10.1108/EEMCS-10-2012-0189
- Thillai Rajan A. (2011). Soliton Technologies - Financing Growth in Uncertain Times. Emerald Emerging Markets Case Studies, 2(6): 1- 18. DOI: 10.1108/20450621211275174
- Thillai Rajan A. and Josephine Gemson (2011). Financial Closure of Bengaluru International Airport Limited, Emerald Emerging Markets Case Studies, 1(4): 1 – 22. DOI: 10.1108/20450621111187353
- Thillai Rajan A. and Gaurav Sawhney (2008). Can we have global models for Corporate Community Relations? The Case of IBM India. Metamorphosis – A Journal of Management Research. 7(1): 93 – 115.
- Thillai Rajan A., Mukund, S.P., & Siddharth, R. (2007). The pug goes red: Vodafone acquires Hutch in India. Metamorphosis – A Journal of Management Research. 6(2): 184 – 211
- Thillai Rajan A. (2008). PPP in Greenfield Airport Development: A Case Study of Cochin International Airport Limited, in Policy, Management and Finance of Public-Private Partnerships, Ed. by Akintoye, A., and Beck, M., Wiley Blackwell Publishing: 97-122.
- Thillai Rajan A., Kamal Sharma, and Mithun MZ (2006). BSNL: Ringing in change, connecting India. ICFAI Journal of Business Strategy, 3(3): 65 – 83
- Thillai Rajan A. & J.Ramachandran (2001). Life Insurance Corporation of India - Coping with Uncertainty, in World Class in India - A Case Book of Companies in Transformation, Ed. By Sumantra Ghoshal & Others, India: Penguin Books: 68-100
Competitive Grants
- Publication grant for the 2018 India Venture Capital Report from ACSYS India (2018)
- Publication grant for the 2018 India Venture Capital Report from ICICI Bank Limited (2018)
- Developing an Integrated Database of Infrastructure Projects in India under the Exploratory Research Projects scheme of IIT Madras (2018)
- Funding for an exploratory study on Smart Cities and Urban Planning under the Socially Relevant Projects program of IIT Madras (2018)
- Funding for implementing a training and development program for Micro and Marginal Women Entrepreneurs from CAMS under the Corporate Social Responsibility program (2017)
- DFID supported Evidence Summary on Interventions for Improving Civic Infrastructure and Amenities under their SARH Systematic Review program for South Asia Region (2017)
- 3-year support from ICICI Securities Limited under their Corporate Social Responsibility program for the publication the annual India Venture Capital and Private Equity Report (2016)
Popular Media
- Skilling and reskilling for the DeepTech ecosystem, DataQuest, March 02, 2022.https://www.dqindia.com/skilling-and-reskilling-for-the-deeptech-ecosystem
- Is the new economy creating new jobs? The Hindu, February 25, 2022. https://www.thehindu.com/opinion/op-ed/is-the-new-economy-creating-new-jobs/article65081411.ece
- Key takeaways from the start-up awards, The Hindu BusinessLine, February 25, 2022. https://www.thehindubusinessline.com/data-stories/data-focus/key-takeawaysfrom-the-start-up-awards/article65080414.ece
- Some zing and freshness in recent IPOs, The Hindu BusinessLine, October 08, 2021
- How the legal form of a start-up impacts funding, The Hindu BusinessLine, July 20, 2021
- What angel investors want when investing in start-ups, The Hindu BusinessLine, May 08, 2021
- Why more of India needs to Stand up, The Hindu BusinessLine, April 10, 2021
- Indian start-ups becoming increasingly attractive for overseas angel investors. The Hindu BusinessLine, March 23, 2021
- Long-Term Positive Impact Of Covid On Indian Education, Outlook, URL: https://www.outlookindia.com/website/story/opinion-long-term-positive-impact-of-covid-on-indian-education/377497, March 17, 2021
- Budget 2021 and Investment in Infrastructure in Tamil Nadu – A review, Thittam (Tamil Edition of Yojana), Published by Ministry of Information and Broadcasting, Government of India, March 2021.
- Should Indian startups take on global Internet giants? The Hindu, October 09, 2020
- Grassroots women entrepreneurs need help, The Hindu Business Line, July 04, 2020
- How should start-ups play the game in a post-Covid world? The Hindu Business Line, June 09, 2020
- The Transparency Catalyst, Swarajya, February 2020. Page 46 – 50.
- The many questions entrepreneurs have, The Hindu Business Line, January 07, 2020
- A cost-effective way to power generation, The Hindu, October 16, 2019
- More highways should be built by States, The Hindu Business Line, September 13, 2019
- Indian landscape for venture funding, Silicon India – STARTUP CITY, April 2019
- The home run: From venture launch to exit, The Hindu Business Line, February 05, 2019
- How funding from multilateral agencies aids road projects, Mint, January 28, 2019
- What should start-ups go after for better venture returns, The Hindu Business Line, January 22, 2019
- Honey, show me the money! The Hindu Business Line, January 08, 2019
- Investors’ exit expectations: What entrepreneurs need to know, The Hindu Business Line, December 25, 2018
- How to know which door to knock for investment, The Hindu Business Line, December 11, 2018
- The importance of getting venture funding, The Hindu Business Line, November 27, 2018
- The Conundrum of PPP road projects, Mint, November 15, 2018
- Sanitation for All, Thittam (Tamil Edition of Yojana), Published by Ministry of Information and Broadcasting, Government of India, November 2018.
- Entrepreneurship: Beyond self-employment to innovation, The Hindu Business Line, March 06, 2018
- Public sector financial institutions: Keeping venture capital firms in funds, The Hindu Business Line, February 20, 2018
- Venturing where angels fear to tread, The Hindu Business Line, February 06, 2018
- Seizing the high tide moment, The Hindu Business Line, January 23, 2018
- Funding Bling! Venture Capital and Private Equity Investments in Indian Fashion, India Business of Fashion Report 2017, Images Yearbook, Volume XIV, No.1
- VC impact: The picture beyond the pixels, The Hindu Business Line, May 16, 2017
- Trends in Start-Up Ecosystem and Financing, FICCI Blog, Feb 20, 2017
- Tasting success in fund raising, The Hindu Business Line, February 7, 2017
- The odds against entrepreneurial fund raising, The Hindu Business Line, January 24, 2017
- Angel investors and their stripes, The Hindu Business Line, Jan 10, 2017
- Why start-ups need the kid glove treatment, The Hindu Business Line, Dec 27, 2016
- States need to buck up, The Hindu, Dec 20, 2016
- The start-up show: Lets’ applaud the play, The Hindu Business Line, Dec 13, 2016
- Inside the minds of venture investors, Forbes India, Sep 21, 2016 https://www.forbesindia.com/article/iit-madras/inside-the-minds-of-venture-investors/44325/1
- Right pitching key to fund-raising, The Hindu Business Line, Feb 9, 2016
- There is a method to the valuation madness, The Hindu Business Line, Jan 26, 2016
- VC investment: Adapt, not avoid, complexity, The Hindu Business Line, Jan 12, 2016
