IIT Madras

Department of
Management Studies
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Dr. Thillai Rajan A.
Faculty Profile

Dr. Thillai Rajan A.

Professor
Fellow (Ph.D.) (2000) — Indian Institute of Management Bangalore
M.Sc. (Hons.) (1994) — Biological Sciences, B.I.T.S., Pilani
B.E. (Hons.) (1994) — Chemical Engineering, B.I.T.S., Pilani
thillair[at]iitm[.]ac[.]in +91-44-2257 4569 Office: DoMS 202

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

Ventures and Other Organizations

  • Principal Investigator: Centre for Research on Start-ups and Risk Financing (CREST), IIT Madras (Feb 2021)
  • Convenor and Founder: Innovation, Venturing, and Entrepreneurship in India Network (iVEIN), a PAN IIT – IIM consortium (2020)
  • Co-Founder: Geonomics Research & Technologies Private Limited (www.idip.co.in) (From April 2018)
  • Co-Founder: YNOS Venture Engine CC Private Limited (www.ynos.in) (From April 2017)
  • Co-ordinator: IITM-MSME Incubation Venture Fund

Fellowships & Visiting Faculty

  • Leadership for Academicians Program (LEAP), IIT Bombay and NTU Singapore (2019)
  • Associate, Mossavar-Rahmani Centre for Business and Government, Harvard Kennedy School (2017 – 2021)
  • International Research Affiliate, Coller Institute of Venture, Tel Aviv University (Jan 2017)
  • Senior Fulbright Fellow, Centre for Business and Government, Harvard University (2010)
  • Visiting Fellow, Macquarie Graduate School of Management, Sydney (2008)
  • Chevening Gurukul Fellow, London School of Economics (2005)
  • Visiting faculty, Centre for Public Policy, IIM Bangalore (2004 – 2009)

Industry Positions

  • Member of the Board, CloudAdic Intelligent Solutions Private Limited (Since 2015)
  • Member of the Board, Rural Technologies Business Incubator (RTBI) (Since 2012)
  • Director and Member of the Board, Merkel Haptic System Private Limited (Since 2012)
  • Advisory Trustee, Socio Economic and Education Development / Hand in Hand Trust (Since 2011)
  • Founder and Member of the Board, Pluto Education (Money-wizards) Private Limited (Since 2011)
  • Operations Manager, Infosys Technologies Limited (2002 – 2005)
  • Manager, IL&FS Investment Managers (2000 – 2002)
  • Assistant Manager, IL&FS Limited (1999)
  • Sales Engineer, Thermax Limited (1994 – 1995)

Teaching & Research Interests

MBA Program

  • Financial Management
  • Cost Accounting
  • Real Options
  • Strategic Financial Decision Making
  • Infrastructure Finance

Ph.D. & Undergraduate

  • Research Seminar
  • Empirical Research in Finance
  • Accounting and Finance for Engineers

Books & Reports

Books:

  • Shifting Orbits: Decoding the Trajectory of the Indian Start-up Ecosystem, Universities Press (2021). ISBN: 978-93-89211-95-5
  • Thoduvaanam Thedi (தொடுவானம் தேடி), Ideas for Business Success, Vaanavil Publications (2020). ISBN: 978-81-9478-2759
  • Fuel for Start-Ups: Perspectives on the Indian Venture Capital Industry, Studera Press (2018). ISBN 978-93-85883-56-9
  • Sigaram Thedi (சிகரம் தேடி), A guidebook for first generation entrepreneurs, Kizhakku Pathippakam (2012). ISBN: 978-81-8493-747-3
  • Selections from the Inbox, English Edition (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 (2002). ISBN 81-7054-348-7

Reports (India Venture Capital & Private Equity):

  • Muscle to the Mind: Enhancing the success of micro women entrepreneurs (2019)
  • India Venture Capital and Private Equity Report 2018: HOWZAT: Success and Impact of Start-Ups.
  • India Venture Capital and Private Equity Report 2017: The State and the Start-Up.
  • Venture Intelligence India Private Equity Impact Report 2017.
  • Incorporating the life cycle approach into WASH policies and programmes: A systematic review (2017).
  • India Venture Capital and Private Equity Report 2016: Inspiration and Momentum for the Gladiators.
  • Evidence on top-down and bottom-up approaches in improving access to water, sanitation (EPPI-Centre, 2016).
  • India Venture Capital and Private Equity Report 2015: The alchemy of judgment and objectivity.
  • India Venture Capital and Private Equity Report 2014: The fuel for wealth creation.
  • India Venture Capital and Private Equity Report 2013: Convergence of patience, purpose, and profit.
  • India Venture Capital and Private Equity Report 2012: Stimulus for the New and the Nascent.

Selected Journal Publications

  • Guest Editor, Special Issue on “Start-ups, Innovation and Venturing,” Journal of Indian Business Research, 2022.
  • Rani, N., Ramesh, K., & Thillai Rajan, A. (2021). Angel Investors: Do They Clone or Contrast? Indian Journal of Finance.
  • Delhi, V. S. K., et al. (2021). WASH for all: A systematic review... Development Policy Review.
  • Samhita Mangu, Thillai Rajan A., & Akash Deep (2021). Comparison of toll and annuity PPPs. Built Environment Project and Asset Management.
  • Denila Jinny Arulraj & Thillai Rajan A. (2020). Firms’ Financing Choices and Firm Productivity. International Journal of Global Business and Competitiveness.
  • Kuruva Ramesh & Thillai Rajan A. (2020). What affects investment duration, exit type, and returns in venture investments? The Journal of Alternative Investments.
  • Kuruva Ramesh & Thillai Rajan A. (2020). Corporate Tax Havens and Venture Capital Investment. Journal of Taxation of Investments.
  • Akshaya Ayyangar, et al. (2019). Target segmentation in WASH policies... Journal of Development Effectiveness.
  • Ganesh Devkar, A. Thillai Rajan*, et al. (2019). Provision of Basic Services in Slums. Development Policy Review.
  • Sriharini Narayanan, A. Thillai Rajan*, et al. (2017). Delivering basic infrastructure services to the urban poor. Utilities Policy.
  • Josephine Gemson & A. Thillai Rajan (2017). A Choice between Staging and Syndication... Journal of Structured Finance.
  • A. Thillai Rajan & Vikram Kapur (2017). The role of Ventures in Strengthening the Fabric of the City. Coller Venture Review.

Case Studies

  • Sustainability as an imperative and an opportunity: the case of Infosys Limited (2013).
  • Soliton Technologies - Financing Growth in Uncertain Times (2011).
  • Financial Closure of Bengaluru International Airport Limited (2011).
  • Can we have global models for Corporate Community Relations? The Case of IBM India (2008).
  • The pug goes red: Vodafone acquires Hutch in India (2007).
  • PPP in Greenfield Airport Development: A Case Study of Cochin International Airport Limited (2008).
  • BSNL: Ringing in change, connecting India (2006).
  • Life Insurance Corporation of India - Coping with Uncertainty (2001).

Popular Media Articles

  • Skilling and reskilling for the DeepTech ecosystem, DataQuest (Mar 2022).
  • Is the new economy creating new jobs? The Hindu (Feb 2022).
  • Key takeaways from the start-up awards, The Hindu BusinessLine (Feb 2022).
  • Some zing and freshness in recent IPOs, The Hindu BusinessLine (Oct 2021).
  • How the legal form of a start-up impacts funding, The Hindu BusinessLine (July 2021).
  • What angel investors want when investing in start-ups, The Hindu BusinessLine (May 2021).
  • Why more of India needs to Stand up, The Hindu BusinessLine (April 2021).
  • Indian start-ups becoming increasingly attractive for overseas angel investors, The Hindu BusinessLine (March 2021).
  • Long-Term Positive Impact Of Covid On Indian Education, Outlook (March 2021).
  • Budget 2021 and Investment in Infrastructure in Tamil Nadu, Thittam (March 2021).
  • Should Indian startups take on global Internet giants? The Hindu (Oct 2020).
  • Grassroots women entrepreneurs need help, The Hindu Business Line (July 2020).
  • The Transparency Catalyst, Swarajya (Feb 2020).
  • A cost-effective way to power generation, The Hindu (Oct 2019).
  • Indian landscape for venture funding, Silicon India (April 2019).
  • The home run: From venture launch to exit, The Hindu Business Line (Feb 2019).
  • Inside the minds of venture investors, Forbes India (Sep 2016).
  • Right pitching key to fund-raising, The Hindu Business Line (Feb 2016).
  • There is a method to the valuation madness, The Hindu Business Line (Jan 2016).

Conferences

  • The incorporation of life cycle approach in WASH policies and programmes, Global Evidence and Implementation Summit, Melbourne (2018).
  • Characteristics of successful interventions in civic infrastructure and amenities, Global Evidence Summit (2018).
  • Real Options in Desalination sectors, Real Options Annual International Conference, Oslo (2016).
  • Impact of Private Sector Participation on Access and Quality of Services, Making Impact Evaluation Matter conference, Manila (2014).
  • Venture funding for social innovations: Impact and relevance, TISS Mumbai (2014).

Awards & Honors

  • Winner for best case study: Business Ethics and Corporate Governance track, International Case Study Conference 2012.
  • Emerald Literati Network Highly Commended Awards: 2012 (Journal of Indian Business Research), 2011 (Journal of Financial Management of Property), 2011 (Energy Systems Management).
  • Fulbright – Nehru Senior Research Fellowship (2009 – 10).
  • Awards (2009): P. K. Das Memorial Best Faculty Award, Outstanding Young Management Teacher Award, Dewang Mehta Award.
  • Awards (2008): Young Management Researcher Award, Dr. Harisingh Gour Award for Teaching Excellence, Young Faculty Recognition Award (IITM), Excellence in Online Education (U21 Global).
  • Endeavour Executive Award (2008), Govt of Australia.
  • British Council Chevening Gurukul Scholarship (2005).

Competitive Grants

  • Publication grant for 2018 India Venture Capital Report (ACSYS India & ICICI Bank).
  • Developing an Integrated Database of Infrastructure Projects in India (IIT Madras Exploratory Research).
  • Smart Cities and Urban Planning exploratory study (IIT Madras Socially Relevant Projects).
  • Training program for Micro and Marginal Women Entrepreneurs (CSR Funding).
  • DFID supported Evidence Summary on Interventions for Improving Civic Infrastructure (2017).
  • 3-year support from ICICI Securities Limited for India Venture Capital and Private Equity Report (2016).