Raise Financial Services Acquires GreenLife Insurance Broking, Commits $15 Million to Insurance Distribution Push

Raise Financial Services, the parent of stockbroker Dhan, has acquired GreenLife Insurance Broking Private Limited (GIBL) in an all-cash and stock deal, marking its formal entry into the insurance distribution business. The Mumbai-headquartered fintech said on Wednesday that it will invest about $15 million in GIBL to build a technology-led consumer insurance platform by the end of 2026.

The transaction has received all required regulatory approvals. GIBL, an IRDAI-registered insurance broker, will continue to operate as a wholly owned subsidiary within the Raise ecosystem.

Inside the Raise Financial Services and GreenLife Insurance Broking Deal

GreenLife Insurance Broking was founded in 2013 by Subir Mukherjee and has built one of the more recognised B2B insurance distribution networks in East and North-East India. The decade-old broker serves customers across more than 50 cities and towns through a mix of digital and offline channels, with partnerships across major life and general insurance providers in the private and public sectors.

The 25-member GIBL team has joined Raise Financial Services and will relocate to Mumbai as part of the integration. The acquisition is Raise’s third deal in less than two months, following its earlier moves to bring algorithmic trading platform Stratzy and financial media startup Filter Coffee under its umbrella. The company is also working to close its previously announced acquisition of wealthtech platform Infinyte Club.

$15 Million Investment to Build a Consumer Insurance Distribution Platform

Raise plans to deploy approximately $15 million in GIBL to develop a direct-to-consumer insurance distribution platform. The investment will be channelled into product development, technology infrastructure, and customer experience design, with a consumer-facing platform targeted for launch by the end of 2026.

The company said the platform will combine digital-first tools with advisory-led distribution, targeting users in metro markets as well as Tier 1 and Tier 2 cities and towns. The strategy aims to address gaps in transparency and trust that have historically held back insurance adoption in India.

What Raise Financial Services Leadership Said on the GIBL Acquisition

Raunak Rathi, Co-Founder and Director of Raise Financial Services, said the company believes insurance adoption in India remains low due to lack of transparency, instances of mis-selling, and the complexity associated with understanding policies.

“We are excited about building a consumer-first insurance business with GIBL that will be focused on users from Metros, Tier 1 and Tier 2 cities and towns. GIBL’s decade-long deep insurance expertise combined with Raise’s product and technology driven approach gives us an opportunity to reimagine how India engages with insurance,” Rathi said.

GIBL founder Subir Mukherjee said the partnership would help scale operations using Raise’s technology capabilities.

How the GIBL Acquisition Fits Into the Raise Financial Services Ecosystem

Founded in 2021 by Pravin Jadhav, Alok Pandey, Jay Prakash Gupta, and Raunak Rathi, Raise Financial Services operates a diversified set of platforms including Dhan, Upsurge, Fuzz AI, ScanX, Filter Coffee, and Stratzy. The company achieved unicorn status in October 2025 after a $120 million Series B round took its valuation past $1.2 billion.

Its existing product suite spans investing, trading, and wealth-focused digital tools, with Dhan ranking among the leading platforms for new client additions in India. The insurance broking arm now adds financial protection to that lineup, completing a broader fintech stack that includes broking, wealth management, and insurance distribution.

Raise reported revenue of around Rs 904 crore in FY25 and counts Hornbill Capital, MUFG, BEENEXT, and 3one4 Capital among its backers.

India’s Insurance Penetration Gap and the Distribution Opportunity

India’s insurance penetration stood at 3.7% in FY2024-25, well below the global average, despite years of efforts by regulators and private players. The Insurance Regulatory and Development Authority of India (IRDAI) is pursuing its Insurance for All by 2047 mission, focused on policyholder protection and digital access.

Several structural challenges continue to constrain growth, including perceived high costs, trust deficits, mis-selling complaints, and limited financial awareness in smaller towns. Tech-led platforms have emerged as one of the more promising channels to bridge these gaps, with players like PolicyBazaar and a growing crop of aggregators competing for the next wave of policyholders.

What the GreenLife Acquisition Means for the Indian Insurtech Market

For Raise, the GIBL acquisition signals a clear pivot from a specialised brokerage to a full-service financial services group. By layering insurance distribution onto its existing trading, investing, and wealth platforms, the company is positioning itself to cross-sell across a single user base.

The deal also reflects a broader consolidation trend in Indian fintech, where well-funded platforms are buying regulated entities to enter adjacent segments quickly rather than building them from scratch. Execution risks remain significant: integrating multiple acquisitions, competing with established players like Groww and Zerodha in broking, and taking on incumbents in insurance distribution will test Raise’s operational depth.

The insurance platform’s launch by end-2026 will be the first major test of whether Raise’s technology-led approach can translate into measurable gains in policy adoption and customer retention.

For the latest news and blogs on startup funding, acquisitions and business updates in India, subscribe to KnowStartup.

Author

Sachin

Sachin Sidharth is a Digital Marketing professional with a master’s degree in Digital Marketing from Coventry University, UK. He has 10+ years of blogging and online marketing experience. He currently heads Digital Acquisition for a leading London-based Fintech firm. At KnowStartup.com He focuses on writing Digital Marketing guides and manages...

Sachin Sidharth is a Digital Marketing professional with a master’s degree in Digital Marketing from Coventry University, UK. He has 10+ years of blogging and online marketing experience. He currently heads Digital Acquisition for a leading London-based Fintech firm. At KnowStartup.com He focuses on writing Digital Marketing guides and manages KnowStartup's Digital Agency rankings of firms across multiple cities in India. You can reach him on Linkedin.

Read more

• Linkedin