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Former Oura CEO Harpreet Singh Rai joins Loop as President of Healthcare

EntrackrEntrackr · 4m ago
Former Oura CEO Harpreet Singh Rai joins Loop as President of Healthcare
Medial

Former Oura CEO Harpreet Singh Rai joins Loop as President of Healthcare Mumbai-based health and insurance startup Loop has appointed Harpreet Singh Rai as President, Healthcare. Harpreet is the former CEO of Oura, a global health-tracking wearable brand. He was also an early investor in Loop. Harpreet will lead Loop’s healthcare product development. He will work with the company’s medical, product, and engineering teams to improve user experience and help people manage their health better. During his time at Oura (2018–2021), Harpreet helped launch two new versions of the Oura Ring and sold over a million units. Before Oura, he spent nine years managing healthcare and tech portfolios at Eminence Capital and started his career at Morgan Stanley. Harpreet said Loop’s approach to accessible and measurable healthcare stood out to him and he looks forward to making a difference for working Indians. Loop currently serves over 850,000 employees at over 1,200 companies through its combined insurance and primary care model.

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Former Oura CEO sues company for allegedly withholding 5% equity

EntrackrEntrackr · 4d ago
Former Oura CEO sues company for allegedly withholding 5% equity
Medial

Former Oura CEO sues company for allegedly withholding 5% equity Former Oura Health CEO Harpreet Singh Rai has sued the smart ring maker in a California federal court, alleging wrongful termination and breach of contract. Rai says the company removed him to avoid granting him equity worth millions of dollars. Rai’s lawsuit comes at a time when Oura is already grappling with multiple legal battles worldwide. The company is currently embroiled in disputes with Ultrahuman in both the United States and India, and was also sued by its former promoters and early investors in July this year. According to the complaint, Rai was promised a 5% ownership stake if he raised €10 million which is about $11.55 million. He says he crossed the target but was fired without cause before receiving the full set of stock options. Rai joined Oura as president in 2017 as an independent contractor with an annual pay of $100K and around 5% equity. He became CEO in 2018 and led the company through major fundraises including a $5 million round in 2018 and a $28 million Series B round in 2019. According to Rai, his employment agreement required the company to restore his equity to 5% after the Series B with vesting over 42 months. He claims the board assured him the grant would be approved. The lawsuit states that in 2021, as his initial options were close to full vesting, board chair Eurie Kim proposed reducing his stake to 3% with any future increase linked to valuations of $5 billion and $10 billion. A few weeks after Oura launched its third generation ring in October 2021, Rai says he was removed from the company despite never resigning. Rai is also seeking equity compensation worth millions of dollars along with $225 thousand in severance. His attorney Eric Rosen from Dynamis LLP said Rai played a crucial role in Oura’s growth. In May, Oura said Ultrahuman copied its smart ring design and patents, which led to a US order blocking Ultrahuman rings from entering the country. Ultrahuman has filed its own case in Delhi, saying Oura copied its sensor technology and health features. Meanwhile, multiple high-profile promoters of Oura, including Drew Brees, Peter Attia and marketer Gordy Bal, allege that the firm promised them stock options in exchange for investment, advisory work or promotional services, but later refused to honor those agreements. They claim Oura’s CEO approved these deals, only for the company to later assert that its board never authorized the option grants, rendering them invalid. As a result, the disputes have escalated into overlapping lawsuits and arbitration cases.

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