Raise Financial Acquires GreenLife Insurance

New Delhi, May 13 (PTI) Raise Financial Services, the fintech company that operates stock trading platform Dhan, on Wednesday said it has acquired GreenLife Insurance Broking Pvt Ltd (GIBL) through cash-and-stock deal, in a bid to enter the insurance distribution business in the country.

The financial details of the deal were not disclosed.

The acquisition gives Raise access to an Insurance Regulatory and Development Authority of India (IRDAI)-registered insurance broker and marks its expansion into the insurance segment.

Raise said it plans to invest USD 15 million in GIBL to build a technology-led insurance distribution platform focused on product innovation and customer experience, the company said in a statement.

GIBL will operate as a wholly-owned subsidiary of Raise and is expected to launch a new consumer platform for buying and managing insurance products by the end of 2026.

"The adoption of insurance remains low in India due to lack of transparency, instances of mis-selling and the complexity involved in understanding products," Raise Co-founder and Director Raunak Rathi said.


"We are excited to build a consumer-first insurance business that combines GIBL's insurance expertise with Raise's product and technology-led approach," he added.

Founded in 2013 by Subir Mukherjee, GIBL has built an offline insurance distribution network across more than 50 cities and towns, primarily in East and North-East India.

Following the acquisition, GIBL's 25-member team will join Raise and relocate operations to Mumbai.

Mukherjee said the partnership with Raise will provide GIBL with the resources required to scale its insurance business through both digital and offline channels.

The move is part of Raise's strategy to build a broader financial services ecosystem spanning investing, wealth creation and financial protection. Founded in 2021 by Pravin Jadhav along with Alok Pandey, Jay Prakash Gupta and Rathi, Raise also operates platforms such as Upsurge, Fuzz AI, Filter Coffee, and Stratzy.

In April, Raise Financial Services acquired algorithmic trading and investing platform Stratzy in a cash-and-stock deal to strengthen its presence in the capital markets ecosystem.