Prahalad was born in Tamil Nadu, India, and obtained a BSc in physics at the University of Madras (now Chennai). He was then a manager at Union Carbide for four years, before returning to his studies at the Indian Institute of management for a Masters degree. By 1975 he had completed his doctoral thesis in multinational management at Harvard Business School, receiving a DBA.
After a short return to the Indian IOM, he was recruited by the Michigan School of Business Administration, where he received their highest rating as Distinguished University Professor.
He left behind a collection of outstanding work, of which the latest was an attempt to improve the lot of the four billion people who live on a dollar a day. His ideas are set out in his book The Fortune at the Bottom of the Pyramid (2006), which centres on poverty in India.