Raise Financial Services Acquires GreenLife Insurance Broking to Expand Into Insurance Distribution

Raise Financial Services has completed the acquisition of GreenLife Insurance Broking Private Limited (GIBL), an IRDA-registered insurance broker, through an all cash and stock transaction. The company, which operates platforms including Dhan, India's fastest-growing stock trading platform, alongside Fuzz AI, Upsurge, Filter Coffee and Stratzy, is now entering the insurance distribution space.

The fintech company plans to invest USD $15 million in GIBL to establish a direct-to-consumer insurance distribution platform emphasizing product innovation, technology infrastructure and customer experience. This acquisition represents a strategic move to broaden Raise Financial's financial services offerings, allowing the firm to provide clients with an integrated ecosystem spanning investment, wealth management and insurance protection.

All necessary regulatory approvals for the acquisition and change of control have been secured. GIBL maintains partnerships with major insurance providers across both private and public sectors, serving customers in general and life insurance categories.

Established in 2013 by Subir Mukherjee, GIBL has expanded insurance accessibility across East and North-East India, operating in more than 50 cities and towns through its offline distribution network. The company has developed a strong presence as a B2B insurance distributor over the past decade.

Raise intends to develop a hybrid distribution model that merges digital-first customer experiences with advisory support across metropolitan areas and Tier 1 and Tier 2 cities. The 25-member GIBL team has joined Raise and will relocate its operations to Mumbai.

Raunak Rathi, Co-Founder and Director of Raise Financial Services, noted that insurance adoption rates remain constrained by transparency concerns, mis-selling practices and the complexity surrounding insurance products. "We are excited about building a consumer-first insurance business with GIBL that will be focussed on users from Metros, Tier 1 & 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," he said.

Subir Mukherjee, GIBL's founder, highlighted the company's track record in expanding insurance access across North-East India through partnerships and offline distribution supported by technology. "We see strong alignment with Raise's customer first approach and its strength in building and scaling businesses like Dhan & Upsurge with focus on product & technology. Now with Raise we have access to resources that will help us build and scale Insurance to the next level via both online & offline channels," he added.

India's insurance distribution market represents a substantial growth opportunity, supported by increasing financial literacy. The combined entity aims to serve customers across metropolitan and smaller urban markets through its expanded distribution capabilities.