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He has a B-Tech degree from IIT Delhi in 1971 & MBA degree from University of Chicago in 1976.

Rakesh is a Senior Advisor to the Carlyle Group for Consumer and Retail. He serves on the Board of Oriental Trading Company and serves as a Senior Advisor to Life Line Screening Company. He is Chairman of Spherenomics LLC which since 2001 has focused on Indo US cross border business opportunities in a principal capacity. Rakesh has served as CEO of several multibillion dollar consumer companies. Within Financial Services, he was the Vice Chairman of Fingerhut companies and founded Metris Credit Card Company.