Tej Shah, CFA
Prior to joining Marcellus, Tej worked at Mayfield,
a Silicon Valley headquartered venture capital fund.
Prior to joining Marcellus, Tej worked at Mayfield, a Silicon Valley headquartered venture capital fund which manages $3Bn globally and $220Mn in India. Tej spent 2 years as a part of Mayfield India’s investment team covering multiple sectors and being at the centre of India’s evolving venture ecosystem. Prior to Mayfield, Tej was a part of the equity and capital markets team of Ambit Capital where he worked on executing IPOs, QIPs and buybacks. Qualifications: Tej is a Chartered Accountant and and a CFA charter holder. He holds a B. Com degree from Ahmedabad University.
Articles by team Marcellus
Indian Banks Don’t Need More Regulation, They Need More Leverage
Indian banks are often criticized for maintaining higher net interest margins (NIMs) compared to their global peers. However, despite higher NIMs, Indian banks’ average RoE of 6.9% over the past decade lags the average RoE of G7 countries’ banks of 9.2%. More importantly, Indian banks have one of the lowest excess return (RoE less 10-year […]
READ MORE
Portfolio performance and update on fundamentals - June 2025
Global Compounders Portfolio (GCP): June was a constructive month for the portfolio and the broader index. However, the portfolio underperformed the index by approximately 190 bps, as markets were led higher by a sharp rebound in a handful of large-cap semiconductor names—despite elevated valuations. In contrast, our more defensive holdings, including Waste Connections, Berkshire Hathaway, […]
READ MORE
White Collar Jobs Growth & Wage Growth: Twin Drivers of India’s Slowdown
From Diwali 2023 onwards, Indian companies’ earnings growth has decelerated at a rapid rate. Underpinning this deceleration is a sharp conk-off in consumption growth, long the mainstay of the Indian economy. Key drivers of this consumption downturn are a sharp deceleration in white collar job creation alongside a reduction in real wages for white collar […]
READ MORE
Also featured in
India's Wealthy - Affluent, yet Anxious!
Asset Allocation & Multi-Asset Portfolios: Uniquely Planned for the Unique You
Earnings Growth in India - Sliding Nifty vs Rising CCP