Graphene obtained from thermal exfoliation of graphite oxide are highly wrinkled and have large surface area. Their wrinkled nature is expected to give them excellent catalytic activity. Herein, we demonstrate the use of thermally exfoliated graphene (TEG) as cost effective electrocatalyst for the tri-iodide reduction in dye sensitized solar cells (DSSCs). X-ray diffraction, Raman and Infra red spectroscopy and electron microscopy studies confirm the defective and wrinkled nature of TEG. BET surface area measurement show a large surface area of ∼ 470 m2/g. The counter electrode was fabricated by drop casting a slurry of TEG dispersed in a Nafion:Ethanol solution on fluorine doped tin oxide (FTO) substrates. The use of Nafion prevented film peel off, thus ensuring a good substrate adhesion. Electrochemical impedance spectroscopy reveals that TEG had a catalytic performance comparable to that of Pt, suggesting its use as counter electrode material. As expected, the DSSC fabricated with Nafion solubilized TEG/FTO as counter electrode shows an efficiency of about 2.8, comparable to Pt counter electrode based DSSC which has an efficiency of about 3.4. © 2011 American Institute of Physics.