Vellayan Subbiah from India named EY World Entrepreneur of The Year 2024
He is the fourth Indian winner in the award's 24-year history, underscoring India's exceptional entrepreneurial ingenuity
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Chennai: Vellayan Subbiah, Executive Vice-Chairman of Tube Investments of India (TII) and Chairman of Cholamandalam (Chola) Investment and Finance Co. Ltd., was named the EY World Entrepreneur Of The Year 2024 at an award ceremony held in Monaco's Salle des Etoiles. Vellayan was selected from among nearly 5,000 program participants that included 51 winners across 47 countries and jurisdictions competing for the global title. He is the fourth winner from India in the award's 24-year history and his win also makes India the only country among EY regions to win the global entrepreneurship award four times, with three winners in the last decade alone. In the past decade, three winners have been named from India: Uday Kotak in 2014, Kiran Mazumdar-Shaw in 2020, and now Vellayan in 2024. Narayana Murthy won the award in 2003.
Vellayan is a transformative business leader with an ambition to change the trajectory of India, his companies and his people. His professional journey, which began as an engineer and then a strategic consultant, shifted towards entrepreneurship when he started taking over leadership roles in his family’s business nearly 15 years ago. Vellayan first successfully navigated Chola through the fallout of a troubled partnership amid a global recession, ultimately becoming the company’s Chairman and growing its market capitalization 60x over the course his tenure.
Starting in 2018, he took on leadership of TII, a 70-year-old manufacturing company, and began to transform the entire business through investment reallocation and acquisitions. Since taking over he’s helped TII’s share price grow 13x. TII’s subsidiary, CG Power has just commenced building India’s first outsourced semiconductor and test facility. Beyond his great business success, Vellayan has been unwavering in his commitment to sustainability and community welfare, driving initiatives that have propelled his companies towards significant environmental and social milestones and set new standards for corporate responsibility.
Carmine Di Sibio, EY Global Chairman and CEO, said, “Vellayan possesses all of the qualities one looks for in an entrepreneur. The impressive growth of the businesses he’s led have been remarkable, but his story goes far beyond numbers. His humble and personable approach to leadership and his philosophy of enabling others to 'enter a better life' are the embodiment of what it means to be EY World Entrepreneur Of The Year. He also has an exemplary track record on giving back through education scholarships, health innovations and environmental stewardship. Congratulations to Vellayan, a truly deserving world winner.”
Vellayan Subbiah, Executive Vice-Chairman of Tube Investments of India (TII) and Chairman of Cholamandalam (Chola) Investment and Finance Co. Ltd., said, “I am deeply honored and grateful to be recognized as the EY World Entrepreneur Of The Year. As part of a fourth-generation family business, the spirit of entrepreneurship runs deep within me. I am inspired by those who came before me and those who will follow. I firmly believe that by approaching challenges as opportunities and committing ourselves to a path of self-improvement, there is no limit to what we can achieve. Thanks to my incredible colleagues who have made it all possible and I hope to further the legacy of past winners by continuing to elevate others throughout my entrepreneurial journey.”
Reflecting on the Vellayan’s achievements, Rajiv Memani, Chairman and CEO, EY India, said, "I am thrilled and immensely proud to witness an Indian entrepreneur win on the global stage. Vellayan has grown and transformed his businesses to remarkable scale through a customer-centric approach, innovation and long-term sustainability at the core. He is a business leader driven by a purposeful vision of nation-building and transformative change, deeply rooted in Indian spirituality that also steers his entrepreneurial ambitions.”
The EY organisation hosts the annual World Entrepreneur of the Year event to celebrate the accomplishments of visionary leaders who are transforming industries, growing the economy and answering the call to address global challenges. The annual gathering brings together founders, CEOs and business leaders for a series of networking opportunities and workshops, culminating with the winning announcement.
The EY World Entrepreneur of the Year 2024 was chosen by an independent panel of judges against four criteria: entrepreneurial spirit, purpose, growth and impact. This year’s panel included a diverse and esteemed group of entrepreneurs from all over the world, chaired for the second consecutive year by Hernan Kazah, Co-founder and Managing Partner, Kaszek Ventures.
