Introduction-
Rishi Shah is an Indian-American based businessman who was born in 1986 in Oak Brook, Illinois. His father’s name is Dr. Upendra Shah, a doctor, and an endocrinologist, and his mother’s name is Sonal Shah.
Education-
Rishi Shah completed his schooling at Hinsdale Central High School and then went to Northwestern University for further studies. But he dropped out of his college in between to start his career in the business field.
Professional Career-
He founded the American-based health start-up and is now the former chairman and CEO of Outcome Health which he co-founded.
Rishi Shah came up with the idea for a new business plan for Context Media in the Northwest in 2006 with classmates Derek Moeller and Shradha Agarwal. They disseminated health education content to clinics and waiting rooms and generated revenue through advertising revenue from the pharmaceutical company. Context Media successfully grew revenues by 2,965% from 2010 to 2015 to $63.5 million with Shah as CEO, ranking the 6th fastest growing company in Chicago in 2016. Context Media then rebranded itself as Outcome Health in 2017.
In the same year 2017, the company revenue suddenly raised over $500 million from investors led by Goldman Sachs, Pritzker Group, and CapitalG at a $5.6 billion valuation. However, this is the largest single funding round since Groupon in 20111 when it again suddenly raised $950 million in its 5th funding round. According to Forbes magazine the estimated Shah’s net worth at $3.6 billion based on his 80% stake in Outcome Health.
Nin 2017 the investors of outcome health took an action against the company and their CEO and co-founders in November by claiming fraud and breach of contract and alleging that outcome health misled the investor’s advertisers with their manipulated information. In January 2018, Outcome Health announced that the lawsuit had been settled and the founders had reinvested $159 million of their $225 million investment dividend into the company. And because of the settlement, the company’s CEO Shah resigned from his position as CEO and chairman as part of the settlement.
Recently in April 2023, Rishi Shah and two other Outcome Health former executives were accused and found guilty of multiple counts of committing fraud, bank fraud, money laundering, and wire fraud.
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