Harpreet Singh Rai, the former chief executive officer of sleep and wellness wearable company Oura Ring, has joined Y Combinator-backed Indian healthtech startup Loop Health as the president of healthcare.
The move marks a return to full-time startup operations for Rai, who quit Oura in late 2021 after leading the Finnish-origin company through a period of explosive growth.
Loop Health, which offers employer-sponsored health insurance bundled with unlimited primary care, confirmed Rai’s appointment.
'Healthcare's UPI moment'
“I see India going through its UPI moment in healthcare. With the product innovation that is happening, increasing (healthcare) penetration, it's now shifting from consumer to employer-led,” Rai told Moneycontrol in an interview. “This is a unique time to build health infrastructure in a country that’s leapfrogging legacy systems.”
Rai, who is based in the US, will oversee the company’s entire healthcare stack, including product, telehealth, diagnostics, and clinical services, and will spend close to half his time in India.
At Oura, Rai took the company from under $1 million in revenue to a $200 million run rate, shipped its second and third-generation products and helped turn it into a multi-billion dollar business.
He said he has stayed close to the Loop team for several years and began formally advising and working with them on the ground earlier this year before committing full-time.
“I’ve known Mayank (Kale) and the founders since their early Y Combinator days. After spending time with the team in India in April, I felt like it was the right time to make it formal,” Rai said.
Loop Health was founded in 2018 by Mayank Kale, Amrit Singh, and Ryan Singh.
According to market intelligence platform Tracxn, the company has raised $40.9 million across five funding rounds. Its investors include Elevation Capital and General Catalyst.
Growing ambitions
Rai’s appointment marks a significant step forward in Loop Health’s ambitions to evolve into a preventive healthcare provider. With Rai now driving its healthcare strategy, the company is looking to grow beyond the scope of a B2B insurance platform and into a more comprehensive, consumer-centric care experience.
Loop offers a tech-enabled health insurance platform for businesses, bundling coverage with digital-first care. Its services include video or phone consultations, at-home blood tests, answers to health queries and access to dedicated medical advisers via chat.
The company positions itself as a preventive care-focused provider, claiming that its model helps reduce insurance claims, lower employer premiums, and improve employee productivity through early intervention and continuous care.
“Our mission is to add 20 years to the Indian lifespan,” Rai said. “We want to make the healthcare experience something people actually engage with — not just when they’re sick.”
While Loop primarily serves employer-sponsored groups, Rai brings B2B and B2C experience. In addition to leading Oura’s consumer business, he also helped build its B2B revenue stream, including partnerships with employers, sports scientists, and researchers — a segment that grew to nearly $20 million in run rate during his tenure.
Asked if wearable-based care could take off in India the way it has in the US, Rai struck a cautious note. “Even globally, wearable-driven care is just beginning. India is early but growing fast. I don’t see Loop building a wearable right now but we’ll look to partner as the ecosystem matures,” he said.
For now, his focus will be on improving the digital healthcare experience in India, which still relies heavily on “pen-and-paper claims and offline workflows”.
“Ultimately, healthcare is a consumer experience,” he said. “Whether the payer is the employer or the individual, you have to build for trust, access, and engagement. That’s what I’m here to do.”
Rai declined to comment on the ongoing lawsuit between Oura and India-based fitness wearable startup Ultrahuman, citing his departure from Oura in 2021. But he added, “It’s amazing to see a hardware player like Ultrahuman emerge from India — it shows the kind of talent and physiological science expertise the country is now bringing to the global table.”
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