Raise Financial Services announces acquisition of GreenLife Insurance Broking to foray into Insurance distribution

Raise Financial Services, an emerging player in India’s capital markets ecosystem, operates platforms such as Dhan, one of the country’s fastest-growing stock trading platforms, along with Fuzz AI, Upsurge, Filter Coffee, and Stratzy.

As part of the transaction, Raise plans to invest $15 million in GIBL to build a direct-to-consumer insurance distribution platform with a strong focus on product innovation, technology, and customer experience.

The move marks a strategic expansion of Raise’s broader financial services ecosystem, enabling the company to offer customers a more integrated financial journey spanning investing, wealth creation, and financial protection.

The acquisition of GIBL, along with the subsequent change of control, has received all necessary regulatory approvals.

Founded in 2013 by Subir Mukherjee, GIBL has built strong partnerships with major private and public sector insurance providers across life and general insurance segments.

Over the past decade, the company has played a key role in driving insurance adoption across East and North-East India, covering more than 50 cities and towns through its offline distribution network, while establishing itself as a niche B2B insurance distributor.

With India’s insurance distribution market offering significant long-term growth potential driven by rising financial awareness, Raise plans to build a hybrid distribution model that combines digital-first consumer experiences with strong advisory-led support across metro, Tier 1, and Tier 2 markets.

Following the acquisition, GIBL’s 25-member team has joined the Raise ecosystem and will relocate operations to Mumbai.

Commenting on the acquisition, Raunak Rathi said:“We believe insurance adoption remains low in India due to a lack of transparency, instances of mis-selling, and the complexities surrounding its understanding and importance. We are excited to build a consumer-first insurance business with GIBL, focused on users across metros, Tier 1 and Tier 2 cities and towns. GIBL’s decade-long expertise, combined with Raise’s product- and technology-driven approach, gives us an opportunity to reimagine how India engages with insurance.”

Subir Mukherjee added: “At its core, GIBL has focused on expanding access to insurance across North-East India through partnerships and offline distribution powered by technology. We see strong alignment with Raise’s customer-first philosophy and its proven ability to scale businesses like Dhan and Upsurge through innovation and technology. With Raise, we now have access to the resources needed to scale insurance distribution to the next level through both online and offline channels.”