From the US to India: ISB Alumnus Thomas Hyland’s Journey in Finance, Startups & Impact

Why It Matters

Hyland’s trajectory shows that world‑class education coupled with immersive local experience can turn foreign talent into catalysts for India’s high‑growth, impact‑driven economy.

Key Takeaways

• ISB MBA helped Hyland shift from Goldman Sachs to Indian impact investing.
• Co‑founded Aspada, investing in agriculture, healthcare, and financial inclusion across tier‑2/3 regions.
• Ground‑level diligence—visiting farms and clinics—proved essential for impact success.
• India's startup scene now draws young founders solving deep‑sector problems with tech.
• International students gain world‑class education and networks by studying at ISB.

Summary

Thomas Hyland, a former Goldman Sachs analyst, left the United States after a two‑year backpacking stint across Asia to explore India’s emerging markets. Enrolling in ISB’s PGP class of 2010, he leveraged the school’s network and curriculum to transition into impact investing, co‑founding Aspada—a pioneering fund that moved beyond micro‑finance into agriculture, healthcare, and education.

At Aspada, Hyland’s team made roughly 20 investments, targeting tier‑2 and tier‑3 regions with supply‑chain enhancements for small farmers, primary‑care hospital networks, and financial‑inclusion platforms. He emphasizes that on‑the‑ground diligence—riding trains, sharing tea with villagers, and inspecting farms—was critical to validating business models, a practice he contrasts with more tech‑centric, office‑based due diligence.

Hyland recalls the moment he landed in Kolkata and felt “home” within seconds, highlighting the cultural immersion that shaped his approach. He describes ISB’s intensive 12‑week program as a “roller coaster” that taught him Indian business etiquette, from understanding “time‑pass” to navigating festival calendars, while also providing world‑class faculty and a global peer network.

The conversation underscores ISB’s role as a conduit for international talent seeking to participate in India’s rapid economic expansion. For investors and entrepreneurs, Hyland’s story illustrates how combining rigorous finance training with deep local engagement can unlock scalable, socially impactful ventures in a market poised to become a leading global growth engine.

Original Description

In this episode of Impact Chronicles, we feature our alumnus Thomas Hyland from the PGP Class of 2010, who Co-founded Aspada after his graduation.

Believing in India’s potential for impact and growth, Thomas made the unconventional move from the United States to India. What began as exploration soon turned into deep immersion in India’s startup and investment ecosystem. He is working at the intersection of finance, entrepreneurship, and impact to build and back businesses tackling real challenges across sectors.

Choosing to pursue his management education at ISB was also a deliberate step, not just for a world-class education, but as a way to anchor himself in India and be part of its growth journey.

Join us as he is in conversation with DNV Kumara Guru, Senior Director – Alumni Engagement at ISB on understanding India, investing in inclusion, and engaging deeply with its informal economy.

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